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XRP About to Set Historic Record in August, But There's a Catch

Mon, 08/28/2023 - 15:40
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Gamza Khanzadaev
XRP price history is about to get rewritten, but it may not be what the community has been waiting for
XRP About to Set Historic Record in August, But There's a Catch
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After a triumphant July that saw Ripple's legal battle with the SEC culminate in a pivotal court ruling affirming XRP's nonsecurity status, the digital asset soared by an impressive 47.6%. The anticipation was palpable as enthusiasts wondered whether XRP could sustain its meteoric rise into August, setting a new precedent.

However, an unexpected twist is now threatening to paint a different picture.

New XRP Token, XRP+, Unleashed as Part of Smart Contract Revolution on XRPL

In contrast to its record-breaking performance last month, XRP finds itself on the brink of a historic downturn in August 2023. The token, which celebrated its second-best July ever in terms of pricing, faces the possibility of recording its worst August performance to date. CryptoRank data warns of a looming 25.4% price drop for this month, surpassing the previous record set back in August 2018, when XRP experienced a 23% monthly plunge.

XRP monthly returns by CryptoRank

Adding to the woes, XRP's market capitalization has already tumbled by a substantial $10 billion since the month's commencement, currently resting at a total of $27.49 billion. As the month draws to a close, the question of whether XRP can evade renewing its unfortunate August record becomes a focal point of intrigue surrounding the token.

XRP market cap to USD by CoinMarketCap

Almost Billion XRP Withdrawn from Crypto Exchange in Past Two Days, Price Drops 2.34%

Turning an eye toward September, historical data indicates that XRP has frequently concluded the first month of fall with negative returns, ranging from -1% to a staggering -30% back in 2015. However, the previous September showcased an outlier: 2022 saw the XRP price surging by an impressive 46.2%, defying expectations and ending the month on a high note.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.