Ripple’s native token turned the tables in August, although the month saw a few dips to a multi-year low of just under $1.00.
Now, though, the XRP Army has refocused on September, which is expected to be highly volatile. Some even called it XRP’s “most loaded month” in history.
The August Gains
Following a very modest gain of 2.11% in July, XRP went into August with little hope for a turnaround. After all, all four previous editions were in the red, with the asset dumping by as much as 26.6% in August 2023.
The month indeed began on the wrong foot, as by the middle of it, XRP had slipped below the key psychological support of $1.00 on a few occasions. While some bears speculated about another potential leg down toward $0.80 or even lower, the trend changed in an instant.
On August 19, the entire crypto market came to life, led by bitcoin’s massive surge from under $65,000 to $80,000 within less than 48 hours. XRP was a little late to the party, but once it joined, it couldn’t be contained. For 72 hours, that is. Perhaps due to returning ETF inflows or whales going on a big accumulation spree, XRP skyrocketed by 70% from Wednesday to Saturday and touched a multi-month high of $1.70.
However, it was quickly halted there and retraced in the following weeks. Ultimately, it ended the month at just under $1.40, which is still a 30% surge in its worst-performing month in history.
What’s Next, September?
Unlike all August editions between 2022 and 2025, all Septembers within the same period were in the green, some in a modest manner (0.42% increase in 2023), and some in a highly impressive fashion (46.2% in 2022).
This one is expected to be volatile, to say the least. RippleXity called it “the most loaded month in XRP’s history.” Aside from the highly anticipated FOMC meeting scheduled in two weeks, which is likely to impact all financial markets, the US Senate will return on September 14 and vote on the CLARITY Act the following day.
The legislation is expected to influence most altcoins, and the voting in two weeks is likely to set the course for what might occur by the end of the year.
The month will also end with another major XRP-related event. Evernorth’s shareholders will vote on whether the XRP treasury company will become public on Nasdaq as XRPN. It currently holds nearly 475 million tokens.
In terms of price action, many analysts are convinced that the cross-border token has exited its bear phase and is now well-positioned for major gains.
The post XRP Enters Its ‘Most Loaded Month’ in History After 30% August Surge appeared first on CryptoPotato.
