Jakarta, Pintu News – According to historical data, July is expected to be a bullish month for the price of Ripple , which continues to consolidate amid the downward trend of the crypto market.
Despite the sluggish market, crypto analysts like CasiTrades remain optimistic that the altcoin could reach new record highs in this market cycle.
Check out the full analysis below!
Data from Cryptorank suggests that July could be the next bullish month for Ripple (XRP) prices. This is based on the fact that this altcoin has registered significant gains in every July over the past five years.
Unlike July, the months of April to June have had mixed results for Ripple (XRP) over the past five years. For April, three of the last five months have been bearish for the altcoin, despite recording a 174% gain in April 2021.
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Crypto analysts such as Dark Defender and CasiTrades have suggested that the Ripple (XRP) price consolidation could be coming to an end. In a post on X, Dark Defender stated that the altcoin’s consolidation is almost over and this is the last consolidation of the monthly structure.
Once this consolidation is complete, the crypto analyst flagged that market participants can expect Wave 5, which will send the native crypto Ripple to new heights. He highlighted $2.22 and $2.30 as key resistances to look out for, while $1.88 and $1.63 are key support levels.
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Interestingly, crypto analyst Egrag Crypto predicts that Ripple (XRP) could reach double digits at the peak of its cycle July 21. He refers to the previous bull run as a reason why July could mark the peak of this cycle. The analyst believes the price of Ripple could reach $27 at that time.
Meanwhile, CasiTrades also predicts that the price of Ripple (XRP) could soon reach $6 as the Wave 2 correction nears its end. The analyst also raised the possibility of the altcoin rallying to as high as $9.50 and $12 if it reaches the 2,618 and 3,618 Fibonacci extension levels.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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