The digital currency climbed by an amazing 47.6% following a successful July that saw Ripple’s legal struggle with the SEC end in a crucial court decision upholding XRP’s nonsecurity classification. There was a tangible sense of expectancy as investors pondered if XRP might continue its rapid ascent into August and establish a new standard.
However, a shocking development now threatens to change the narrative.
XRP is on the verge of a historic decline in August 2023, in contrast to its record-breaking success last month. The token, which just experienced its second-best-ever July in terms of pricing, might end up having its worst August ever. A 25.4% price decline is expected this month, breaking the previous low of 23% established in August 2018 for XRP, according to statistics from CryptoRank.
To make matters worse, since the beginning of the month, XRP’s market capitalization has already dropped by a significant $10 billion, sitting at a total of $27.49 billion. As the month comes to an end, speculation around the coin is on whether XRP can avoid breaking its unfavourable August record.
Looking ahead to September, historical data shows that XRP usually ended the first month of the fall season with negative returns, ranging from -1% to an astounding -30% back in 2015. The XRP price surged by an amazing 46.2% in September of last year, surprising predictions and closing the month on a high note. This September, however, was an aberration.
