Ripple’s XRP token is following the general market trend of slowly recovering from its June sell-off. XRP has rallied 2% in the last 24 hours and 0.8% over the previous week. The asset continues to glow red in the 14-day and monthly charts, having fallen 3.2% and 7.4%, respectively.
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The latest market rebound could be due to investors re-entering spot Bitcoin ETFs. Increased withdrawals from BTC ETFs in June caused a slump in the market as a whole. The latest market recovery may have also been boosted by favorable events surrounding Ethereum, such as the SEC ending its inquiry and the potential for an ETF.
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Will Ripple’s XRP rally 20% this month?
According to the data on CoinCodex, XRP will hit $0.64 on July 5, 2024. The platform does not expect XRP’s price to hold above $0.60 for long as it predicts a correction soon after. According to CoinCodex, the asset’s price will drop to $0.57 by the end of this month, which is about a 20% rally from current levels.
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Changelly presents a comparable image of Ripple’s XRP as well. On July 4, 2024, the platform projects that XRP will reach $0.63, but it also expects a swift fall to roughly $0.54.
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One of the primary barriers to the price of XRP is the ongoing SEC vs. Ripple suit. The financial regulator is bringing charges against the fintech startup for allegedly selling unregistered securities. XRP may not make any major movements until the lawsuit has concluded.