Price Prediction for XRP: Will July Create a Record Price Rise?

After months of price movement within a range, XRP may be gearing up for a significant bullish run. Analysts on the YouTube channel Discover Crypto state that technical indicators and whale activity suggest a breakout for XRP between July and September. While XRP's price has remained range-bound for several months, this trend of underperformance may soon come to an end. XRP approaches key resistance levels In the past three months, XRP has traded within a narrow range from $2.00 to $2.40. According to Nicky Valdez (Deezy) of Discover Crypto, this price consolidation phase has formed a symmetrical triangle, a technical pattern that often precedes a decisive move in either direction. Deezy believes that a breakout is likely to occur when the asset reaches 75% to 95% of the length of the triangle. This opens up the opportunity for a potential bullish trend from early July to mid-September. The immediate resistance level is still at $2.40. If XRP closes above this level and holds, analysts expect the price to rise to $2.64. If the bullish momentum continues, the price could further rise to $3.40, the previous all-time high of XRP. XRP is currently trading at $2.19, up 0.3% over the past day, bringing the weekly gain to 1.6%. Other technical indicators support this outlook. XRP is currently hovering around the 100-day and 200-day simple moving averages, both of which converge near the $2.22 level. A confirmed close above these levels could signal the beginning of a broader bullish trend. The behavior of whales indicates accumulation. On-chain data shows that the supply of XRP has significantly decreased on many centralized exchanges over the past 24 hours. Joshua Jake explains that this is a sign that large holders may be transferring their tokens to cold storage. While some moves may reflect internal restructuring, the scale and timing across different platforms indicate positive accumulation. Historical data suggests that outflows from such exchanges often occur prior to bullish trends, further reinforcing the bullish case. XRP alongside the bullish trend of Bitcoin in 2024 The current market structure of XRP is being compared to the behavior of Bitcoin before the bullish trend at the end of 2024. At that time, Bitcoin fluctuated between $70,000 and $75,000 for several weeks, while its MACD indicator flashed multiple bearish signals. Nevertheless, BTC remained within the range before breaking out to new highs above $100,000. Joshua notes that XRP is showing similar MACD divergence patterns while still holding above key support zones. This suggests that XRP may be consolidating before a breakout, following the path that Bitcoin took less than a year ago. June is a historical turning point for Altcoin. Analysts also point out that June is a significant month in history for the performance of altcoins. Over the past six years, June has marked the bottom or a major trend change for the altcoin market in general. This year seems to follow a similar pattern, with altcoins stabilizing and some starting to show signs of recovery. The total market capitalization of altcoins (Total3) shows that June is a local low in the years 2019, 2020, 2022, 2023, and 2024. If history repeats itself, XRP may benefit from the revival of altcoins across the market as we enter the second half of the year. Bitcoin's dominance remains an important factor Despite the increasing bullish sentiment around XRP, analysts warn that Bitcoin's dominance remains high, currently at around 65.7%. This level of dominance reflects that Bitcoin is占ing a large portion of the market capitalization, limiting the recovery potential of altcoins. A reduction in Bitcoin's dominance may be necessary for XRP and other altcoins to achieve significant bullish. The broader market context and the influence of institutions Analysts also discussed macroeconomic factors and institutional behavior. The inflow of funds into Bitcoin ETFs reached a record level, with BlackRock's iShares iBIT ETF raising $436 million in just one day, part of a larger total inflow of $588 million. This reflects Wall Street's sustainable demand for digital assets, which may ultimately spill over into alternative cryptocurrencies like XRP. More than 245 companies currently hold Bitcoin on their balance sheets, collectively owning $88 billion in asset value. Analysts suggest that as institutional trust in cryptocurrencies grows, altcoins with strong use cases and clear legal standing, such as XRP, may attract new interest.