The XRP price experienced a 9.12% dip in the last 30 days as the asset faces volatility, which pulled it away from the $3 level. Despite this setback, XRP’s historical data suggests that the altcoin could reclaim $3 and hit a new target of $3.50 this September.
Historical XRP data points to strong September gains
Cryptorank data shows that in the last four consecutive years, XRP has always closed the month in the green. Although it preceded that four-year streak with three years of straight losses, XRP has recorded more gains in September than losses.
XRP Monthly Returns Chart | Source: Cryptorank
You Might Also Like
The highest growth figures were recorded in 2013 when the coin spiked by 94.4%, followed by 2018 with a 73.2% growth rate. Other notable years of growth were in 2016 and 2022, with 46.9% and 46.2% growth rates, respectively.
Overall, XRP has an average growth rate of 14.1% in the month of September. That figure suggests that a repeat of history could see XRP reach $3.50 in the cryptocurrency trading at $2.96, representing a 1.29% decrease over the market.
As of press time, the XRP price was changing hands at $2.96, representing a 1.29% decrease in the last 24 hours. The asset slipped from a peak of $3.03, exiting the $3 zone after traders moved in for profit.
If XRP registers 14.1% growth, the XRP price may trade around $3.38. Other market forces and events could make it climb as high as $3.50.
XRP’s RSI and technical indicators show mixed signals
Meanwhile, the asset’s Relative Strength Index (RSI) shows it has been overbought. This has triggered a significant pullback by investors. Notably, the coin’s trading volume has also declined by 32.45% and is currently at $4.42 billion.
You Might Also Like
XRP investors will have to hope history will repeat itself for the asset to rally and reclaim the $3.50 target.
As reported by U.Today, XRP’s technical indicators suggest that the current sideways movement of the price is temporary. Notably, the Bollinger Bands indicate that bears might be caught in a trap as the price surges unexpectedly.