XRP's Monthly Forecast Predicts Potential Price Surge in September, According to X
The cryptocurrency XRP is looking to replicate its historical positive performance in September, with analyst predictions pointing towards potential notable gains.
In the past four years, September has been a favourable month for XRP, as the price recorded a gain of 46.2% in September 2022 - its largest over this period. Remarkably, the XRP price has closed the last three Septembers in the green, a trend that the cryptocurrency is aiming to replicate this year.
Crypto analyst Egrag Crypto predicts that the XRP price could rally to around $3.40, potentially breaching the psychological $3 level. If the XRP price successfully breaches the $3.40 mark, it could potentially rally by over 200% and reach $6.12, according to the same analyst.
At the time of writing, the XRP price is trading at around $2.85, up in the last 24 hours, according to data from CoinMarketCap. If the price closes above $3.077, it could increase the chance of breaching the $3.40 mark, as suggested by Egrag Crypto.
The news source follows a strict editorial policy focusing on accuracy, relevance, and impartiality. It's important to note that the name of the analyst predicting that the XRP price could reach $3.40 around month-end is not specified.
Historical data also supports the potential for XRP to record double-digit gains this month. According to Cryptorank data, the average monthly return for XRP in September is 13.8%. So far this month, the XRP price has recorded a gain of nearly 3%.
Moreover, the Federal Reserve is expected to make a 25 basis points (bps) rate cut at the September 17 FOMC meeting, with a 99.7% chance according to CME FedWatch data. This could potentially be a favourable environment for cryptocurrencies, including XRP.
Additionally, the XRP ETFs are expected to receive the SEC's nod in October, which could further boost the cryptocurrency's potential for growth.
As always, it's crucial to conduct thorough research and consider professional advice before making any investment decisions.
Read also:
- Peptide YY (PYY): Exploring its Role in Appetite Suppression, Intestinal Health, and Cognitive Links
- Toddler Health: Rotavirus Signs, Origins, and Potential Complications
- Digestive issues and heart discomfort: Root causes and associated health conditions
- House Infernos: Deadly Hazards Surpassing the Flames
