XRP Price Rallies 35% in July: What’s Next for the XRP Ledger?
Ripple’s native cryptocurrency XRP, has recently demonstrated significant strength, with its price surging to $0.65 earlier this week. This impressive rally has also propelled the XRP Ledger into the spotlight, making it one of the top-performing networks in July.
Can XRP Ledger Sustain This Momentum in August?
According to blockchain analytics firm Santiment, the XRP Ledger emerged as one of the most successful networks in July, recording substantial activity. XRP itself ended the month with a remarkable 35% gain, outperforming Bitcoin’s 15% rise.
This impressive performance has been fueled by robust network growth and increased activity from large holders, or “whales.” XRP’s social dominance has also reached new highs, although the asset has experienced a slight pullback recently.
The month of July ended with a sharp market correction, leading many buyers who acted on FOMO (fear of missing out) to become panic sellers. Additionally, the Federal Reserve’s decision to keep interest rates unchanged turned into a “sell-the-news” event in the crypto market. Meanwhile, the Bank of England announced a 25 basis point rate cut, marking a pivot after four years of monetary tightening.
Following these events, XRP’s price dropped by over 12% from its weekly high of $0.65, currently trading at $0.5725. With rumors of a Ripple SEC settlement gaining traction, more than 500 million XRP, valued at $294 million, have been unlocked. This could lead to further selling pressure on XRP in the near future.
Despite these challenges, the XRP Ledger remains a favored platform for financial projects, offering both efficiency and security. Recently, the Ledger announced a partnership with the tokenization platform OpenEden to introduce tokenized US Treasury bills (T-bills). This initiative aims to enhance the DeFi space by integrating real-world assets (RWAs) into the XRPL ecosystem.
XRP’s Outlook
In the immediate term, XRP faces resistance at the $0.60 level. Noted market trader Peter Brandt has pointed out that the XRP/BTC chart is forming a head-and-shoulders pattern, currently trading near the neckline support of 0.0000082. If this support level fails to hold, XRP could potentially drop as low as 0.00000020.
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