Crypto Analyst Predicts XRP At $0.75 In July Despite Year-Long Slump

Must read

XRP Price

In a stark contrast to the performance of the broader crypto market, XRP continues to face significant challenges, according to statements from pro-XRP lawyer Bill Morgan. Despite a discouraging decline in the value of the crypto asset relative to Bitcoin (BTC) and 88% of the top 100 cryptocurrencies, Morgan maintains a bullish outlook on the asset.

In a post on X, Morgan outlined the struggles XRP has faced, particularly over the last year—a period that brought legal clarity and was expected to boost investor confidence in XRP. Morgan noted, “There were some who told us last month that XRP price had turned the corner in its steady decline against the BTC price. It has not and the decline over the last 6 months has been nearly -84%.”

This decline has positioned XRP as one of the underperforming cryptocurrencies, being outshone by 88% of the top 100 coins in market performance. Morgan shared critical data to underscore the gravity of the situation, citing that the XRP to BTC exchange rate stands at 0.000007383 BTC, reflecting a dramatic decrease of -83.93% over the past six months.

Additionally, he pointed out that the cryptocurrency is trading below its 200-day simple moving average, a typical indicator of long-term market trends. Despite these bleak indicators, Morgan remains undeterred.

When asked about his steadfast belief in XRP, Morgan responded metaphorically, comparing his faith in the digital currency to a nearly completed bridge that “can’t carry traffic until it’s fully built.” This statement suggests his view that digital asset’s potential will be fully realized only once the XRP Ledger is fully developed and the ongoing legal battle with the US Securities and Exchange Commission (SEC) is completely settled.

XRP Price Could Rally To $0.75 In July

One of the crypto analysts who is still extremely bullish on XRP is Egrag Crypto. In his latest analysis on X, he pointed out that the monthly candle formation is showing a highly promising pattern, indicating a significant price surge in the near future.

Egrag noted that the previous month’s candle displayed a 75% Inverted Hammer Formation at its base. In technical analysis, this pattern is considered a strong bullish signal, suggesting that sellers are exhausted and buyers are gaining strength, paving the way for a potential upward price movement. Egrag’s analysis emphasizes this formation as a key indicator that XRP is set for a notable price increase.

XRP price analysis
Price analysis, 1-month chart | @egragcrypto

Building on the bullish candle formation, the analyst predicts that the cryptocurrency could soon reach the $0.75 mark, with July 2024 being a crucial month. He confidently states the formation “is an amazing sign that $0.75 is coming in no time, and July 2024 is going to be the month of fireworks!”

Addressing the community, Egrag encouraged patience and optimism, using the metaphor of “THOR’S HAMMER” smashing through all resistance to describe the anticipated market movement. At press time, XRP traded at $0.5286, marking a 0.65% decrease over the past 24 hours.

XRP price
XRP price remains below the 200-day EMA, 1-day chart | Source: XRPUSD on

Featured image created with DALL·E, chart from

Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with and, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it’s a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

More articles

Latest article