Altcoins
Can Ripple’s XRP Rebound After July’s Disappointing Rally? It’s Now XRP vs. Altcoins
Considering the current market scenario, it is very clear that not all projects are flying to the moon. Some are struggling, facing challenges and stagnation. According to analysts, XRP is one of the worst performing altcoins in the market. The question remains, will it ever recover?
XRP has had a rough time over the past year and is still down about 18.4%. This performance pales in comparison to other altcoins. For example, Solana is up 63%, Dogecoin is up 82.75%, Toncoin is up 370%, and Chainlink is up 77.4%.
According to Crypto Crusader analyst, Despite its underperformance, XRP saw a significant price movement in July, which many believe would mark a turning point. Historically, XRP has seen substantial highs during bullish periods, but it remains uncertain whether it can replicate this pattern. According to him, XRP only has two major market cycles to analyze, making it difficult to accurately predict future performance.
He said that upcoming developments and community initiatives could potentially turn the tide for these altcoins. Key initiatives include decentralized identity infrastructure, oracles for over-collateralized stablecoins, multipurpose tokens, and the EVM sidechain. These efforts aim to expand institutional DeFi on the XRP ledger, which previously had minimal activity.
Recent integrations, such as Ripple’s partnerships for tokenization and the introduction of tokenized gold in 2024, are expected to boost DeFi on the XRP Ledger. The analyst concluded and stated that many altcoins are down over 90% from their highs, and this is just ahead of an anticipated alt season. XRP’s relisting on major exchanges suggests strong future performance.
What’s next for XRP?
July 25, RLinda on Tradingview said that amid rising trading volumes and high local prices, XRP is seeing increased whale accumulation. Key technical levels to watch are resistance at $0.6378 and $0.7440, with support at $0.5712 and $0.5100. If XRP fails to break the resistance, it could test the support levels before any further price increase.