XRP's August Surge May be Reversed in September
XRP's recent price surge of 28.5% in August was its best performance for that month since 2021, breaking a nine-year trend of losing value during this period.
According to data from SoSoValue, US spot XRP funds took in $153.55 million in August, with most of the buying happening in the final two weeks of the month.
The influx of money into exchange-traded funds (ETFs) is a significant factor in XRP's price rise, but it may not be sustainable in September.
Historically, XRP has followed a pattern where August's gains are reversed in September, with five out of six years seeing the price drop after a strong August.
This year's data also suggests that sellers who had held onto their XRP since March were selling during the rally, which could indicate that the price may be due for a correction.