Continuing on a bullish run for Ripple, July has ended as the token’s best month of the year with XRP now targeting a run to $0.9 this year. Indeed, the asset has continued to impress investors. Subsequently, experts have noted that it could set the stage for a massive run in 2024.
The token has increased more than 38% in the last 30 days, according to CoinMarketCap. That has continued today, with a 6% increase leading XRP above the $0.65 level. Moreover, its performance in July is Ripple’s best since it increased 17% in February of this year.
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Ripple Looks to Carry July Gains to $0.9 This Year
Ripple has dominated the crypto market this month. It has already outperformed several Top 100 assets, and looks to just be getting started. A closed-door meeting with the US Securities and Exchange Commission (SEC) scheduled for August 1st now has traders anticipating a potential settlement of its years-long lawsuit.
This seems to be pushing Ripple up, as July ends as the asset’s best month this year, with $0.9 emerging as a target for XRP. A potential SEC settlement would be monumental or that cause. Indeed, crypto analyst Ali Martinez took to X (formerly Twitter) to discuss its potential.
“XRP has been consolidating within a symmetrical triangle for 6 years,” Martinez said. “A bullish breakout could occur if XRP surpasses $0.90,” he added. Such a movement would certainly set the table for a $1 surge over the year’s second half.
Also Read: Ripple’s XRP Outperforms Top 100 Cryptocurrencies: Here’s Why
XRP has impressed with a monumental recovery in the last 25 days. The asset fell to a 17-month low of $0.38 on July 5th, and has enjoyed a massive reversal. This has also been supported by impressive whale activity.
The last five weeks have seen wallets holding more than 10,000 XRP reach a six-month high. On-chain analytic firm Santiment reported the correlation between those Ripple whales and XRP price. The firm called the correlation between wallet and the tokens’ market value as “undeniable throughout 2024.”
The next point of contention will come at the start of August. Although the SEC’s Sunshine Act meeting will take place, Ripple will unlock 1 billion XRP tokens. Worth more than $627 million, it will see the supply skyrocket. How the market reacts to that will heavily influence its performance next month.