XRP Price May Face August Correction Before Potential September Rebound
XRP's price has been in a long-term downtrend since July last year, plummeting over 70% from its peak of $3.60.
According to historical data, XRP tends to weaken in August and then recover some losses in September. The pattern is observed in the years 2014, 2018, and 2022, where XRP rose in July, fell in August, and rebounded in September.
In 2014, XRP's price dropped by 5.69% in August after a 36% gain in July, but it eventually recovered from October to December with a gain of 495%. A similar move was seen in 2018, where XRP fell by 23% in August and then surged by 73% in September.
This year's path also resembles past mid-cycle periods. With XRP currently trading around $1.08, it may face renewed selling pressure in August after a modest gain of 3.91% in July. The market is focusing on whether the potential rebound in September will remain a short-term technical recovery or signal a trend reversal.
Past data also shows that rebounds can be limited, with XRP often giving back part of its gains and requiring more time to rally strongly.