While many altcoins, including XRP, are crashing in price, Cryptorank data shows that Ripple’s associated digital currency might close July on a positive note. Notably, XRP is up 38.9% in the third quarter (Q3) so far, which is impressive considering it has a 10.9% monthly average growth rate.
XRP defies market slump with strong Q3 performance
XRP’s historical data also fuels confidence that the coin could close the month as one of the best, if not the best, in recent years.
For instance, in the last five years, XRP has always closed the month of July in the green zone. July 2020 and 2023 were the top months, with closing performances of 48.1% and 47.6%, respectively.
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This year, XRP is on track to finish July on a bullish note if it sustains the current bullish performance it started the year with. This is despite a significant 10.57% plunge in the last 24 hours, to trade at $3.08. The coin has climbed to $3.46, fueling hopes of more gains before Bitcoin dominance rose to 61.21%.
Other developments on the crypto market responsible for the downward price movement include a massive sell-off on Upbit, South Korea’s largest crypto exchange.
A total of $175 million was dumped on the market, triggering severe liquidations and profit-taking moves.
Market volatility fails to shake XRP’s long-term outlook
Despite recurring volatility, XRP continues to maintain resilience, with its eyes still set on $4. As U.Today reported, technical indicators suggest bullish potential for the coin, with market participants continuing to show interest in the asset.
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With trading volume soaring by 141.92% to $17.18 billion in the last 24 hours, XRP has the potential to register a rebound on the broader crypto market. If XRP’s volume flips their annual peak, it could positively impact liquidity, driving prices higher.
Meanwhile, the move by Nature’s Miracle Holding, a NASDAQ-listed company, to invest $20 million in XRP treasuries could spark bullish momentum. The development signals institutional adoption and adds to the list of traditional entities that have already embraced XRP.