XRP's price may be on the brink of a bullish rally, according to historical data and crypto analysts. Over the past five years, XRP has seen strong gains each July.
Rellew's crypto analysis shows that despite the market's bearish performance, particularly between April and June, July has been a month of outstanding growth for Ripple’s XRP.
Out of the past five years, July has seen significant gains for XRP, with double-digit gains recorded in four of those years.
The crypto behemoth has the potential of attaining a new all-time high in this current market cycle, according to crypto analysts.
What is the possibility of XRP reaching a new all-time high?Many analysts, such as CasiTrades, believe that XRP could reach a new all-time high in this current market cycle as the consolidation period of the altcoin is now coming to an end.
After this consolidation, XRP could enter a bullish “Wave 5,” says Dark Defender, with target prices ranging from $3.75 to $5.85—new ATHs for the token.
However, the altcoin is not without risk as it may possibly drop below the $2 mark before the start of the rally.
According to Egrag Crypto, a major liquidation event could drag the price of XRP down to as low as $1.4. But if the correction is short-lived, the price of XRP could rise above $2.22 and $2.30 to target new highs.
With each passing day, traders and investors are waiting for the much-anticipated bull run of XRP in the month of July.
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