XRP Price Forecast: Analyst Anticipate Reaching $0.75 in July Despite Extended Slump
XRP has been facing significant challenges amid broader crypto market, according to pro-XRP lawyer Bill Morgan. Despite XRP’s value declining relative to Bitcoin (BTC) and 88% of the top 100 cryptocurrencies, Morgan maintains a positive outlook on the asset.
According to the post on X, Morgan outlined the struggles XRP has faced, particularly over the last year—a period in which legal clarity was expected to boost investor confidence in XRP. He highlighted that XRP’s price decline against BTC over the last 6 months has been nearly -84%, positioning it as one of the underperforming cryptocurrencies in the market.
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XRP is currently trading below its 200-day simple moving average, which is a key indicator of long-term market trends. Despite these indicators, Morgan remains optimistic, likening his faith in XRP to a bridge that will only carry traffic once fully built. This suggests that XRP’s potential will be fully realized once the ongoing legal battle with the US SEC is settled, and the XRP Ledger is fully developed.
XRP Price Could Surge To $0.75 In July
One analyst, Egrag Crypto, is extremely bullish on XRP and noted a highly promising pattern in the monthly candle formation, pointing to a potential price surge. Egrag emphasized a 75% Inverted Hammer Formation in the previous month’s candle as a strong bullish signal, suggesting a potential upward price movement.
Based on this, the analyst predicts that XRP could reach the $0.75 mark, with July 2024 being a crucial month for this anticipated price movement. Egrag encouraged patience and optimism within the community, referring to “THOR’S HAMMER” to describe the expected market movement.
At the time of writing, XRP traded at $0.5286, marking a 0.65% decrease over the past 24 hours.
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