XRP has alerted bulls to take more caution this month as it appears to be mimicking its historical June pattern which maintained steady declines for seven consecutive years.
While it is barely three days into June, latest data from CryptoRank shows that XRP is already projecting a massive loss for the month as XRP continues to plunge deeper since the month began.
XRP already down 7% in June 2024
Unlike the previous month, market analysts are already having negative expectations for XRP in the new month, as the asset appears to be mimicking June’s track record which has been extremely weak.
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The data shows that XRP has finished June with losses in eight of the past 12 years, making the month one of XRP’s weakest-performing months on a seasonal basis.
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Since 2018, June has consistently delivered negative returns for XRP, particularly in seasons when the asset delivered negative returns for May; this often causes bigger June losses in such years.
It appears that this year will not be an exception as XRP is already down 7.23% this month while the previous month also closed on a negative note.
XRP mimics negative June pattern
Although it is currently uncertain if XRP would break this negative pattern this month, it is quite unlikely that the asset will trend on a different path as it has recently lost its multi-month support around $1.25.
While it is believed that past performance does not often guarantee future results for crypto prices, the consistency of the trend has made June more concerning for investors.
It is important to note that XRP is already coming off with a negative performance as it projects a massive 7.23% decline for June. As of the time of writing, the asset is trading at $1.22.