Cryptocurrencies have been dealing with quite a lot of issues during Q2 of 2024 after a very promising beginning of the year. The third quarter is not over yet, but performance levels have been relatively low as well. The end of July and the beginning of August might be able to provide investors with a respite from these issues, though, and let their portfolios pick up speed. One of the surprises of this month is XRP, who appears set to continue rallying. Analysts seem convinced that the most likely XRP prediction is that its price will be significantly higher by the end of the year.
The overview
XRP has been able to outperform the larger crypto market trends due to its rally, recording significant gains in the span of twenty-four hours, according to data released on July 17th. This way, it succeeded in reaching a three-month-high, an extraordinary feat in today’s relatively slow-paced crypto market environment. One of the critical factors of this growth is the underbought RSI level, which definitely gave the coin a much-needed boost. Whale interest is another crucial factor, as engagement from these investors has always been associated with notable changes in price action and values.
The rebound
Despite its success, it’s important to remember that XRP has not acted alone and is not the only coin experiencing growth right now. There’s a larger trend underway that seeks to help cryptocurrencies regain their strength. XRP has just succeeded in making a more favorable impression and was fortunate to capitalize on the growth much more than other coins, including well-established industry names. On July 17th, the price jumped by almost 7%, reaching the $0.618 milestone.
This is particularly notable as many investors had, in fact, predicted that the probability of sell-offs was much more elevated. The reason for that is that a now-defunct exchange has just started reimbursing its clients that lost considerable amounts of capital between 2011 and 2014. The repayment of these fees, amounting to several billions worth of fiat currency, has naturally sent ripples into the environment, leading to the loss of some trading positions. The XRP/USD pair, however, seems to remain unimpacted by this effect and has even climbed by more than 62% based on measurements completed on July 5th.
The crypto market
When looking at the crypto market, it is easy to see that while many other digital assets are enjoying a successful run during this period, they have nonetheless fallen short of expectations. The average rebound recorded in the crypto market rose by only 24.50%, considerably less than XRP’s performance during the same timeframe. All of this is naturally very good news for XRP holders, who can benefit from the rally. Since the chances of an interest rate cut in September seem to become less of a possibility and more of a certainty, more and more investors are likely to be drawn to the possibility of giving cryptocurrencies a try, including XRP.
Retail interest is also becoming more commonplace since business owners have become aware of crypto trading and its possible benefits that cannot be replicated in the case of other asset classes. The internet searches regarding XRP have also reached a three-month high based on data gathered between June and July 17th. The rising price is also very likely to draw the attention of entrepreneurs seeking to introduce XRP as a new asset in corporate portfolios. There are indications that most internet users will also be more exposed to XRP and news about it, which will inevitably lead to new customers joining its ranks.
Research shows that the number of retail investors holding between 100 and 1,000 tokens has been on the rise, as the price rise is increasing the potential of a bullish narrative. It is quite possible that this may be one of the most significant breakouts in the history of crypto, as well as one of the most unique since the price appears to have consolidated in a triangle pattern over the course of seven years.
The future
Predictions are the lifeblood of the trading environment, but that doesn’t mean that investors should base their entire strategies on them. However, they are an important indicator, especially when paired with historical trends, so that you have a better idea of what’s in store for you. XRP’s 50-day moving average is currently going on an upward trend, indicating a bullish tendency is in the making and will most likely continue to be the predominant trend in the near future. The 200-day moving average has also been shown to slope up. The trend is strong and first started on August 18th.
These market indicators show that the sentiment remains very bullish, and if it remains consistent, then growth over the next few years can amount to as much as 5%, with XRP being around $0.8 by 2030. One of the most important things for price action is naturally the engagement and interest coming from investors. Whales are starting to become more aware of XRP at the moment and are entering the market in increasing numbers. The fact that the wealthiest cohort of investors is showing interest in the crypto can only signal that it is becoming more relevant and, therefore, more profitable.
The amount of XRP held by entities with coin balances ranging between 100 million and 1 billion tokens has increased, with the amount owned by those occupying the 10 million to 100 million areas decreased. The supply held in the wallets of those with more than a billion tokens remains flat, suggesting that those in the lower cohort are attempting to move into the upper one. This is a sign of confidence and trust in the market and investments among large players, which the regular individual investor must also take into account.
To sum up, the crypto market has started making its way up again, consolidating and helping prices grow. XRP has performed the best out of all the assets, and investors have become aware of this. From now on, it seems like nothing can get in the way of a strong, bullish rally.
