Ripple’s native cryptocurrency has proven main energy lately with the XRP worth surging all the way in which to $0.65 earlier this week. As a end result, the XRP Ledger has additionally main energy making it among the finest performers within the final month of July.
Can XRP Ledger Deliver the Same Performance In August?
Blockchain analytics agency Santiment reported that the XRP ledger emerged as one of many best-performing networks in July whereas registering important community exercise. Interestingly, the XRP price ended the month with 35% positive aspects outperforming Bitcoin which has 15% positive aspects.
XRP’s outperformance comes amid strong community progress and powerful whale exercise. Social dominance for XRP has reached a excessive level, though the asset has lately skilled a light retracement.
The month of July concluded with a pointy market downturn, reworking many FOMO-driven patrons into panic sellers. Furthermore, the Fed conserving rates of interest unchanged has turned out to be a sell-the-news occasion within the crypto market. However, the Bank of England determined to pivot after 4 lengthy years of financial tightening by saying a 25 bps charge lower yesterday.
As a end result, the XRP worth collapsed over 12% from its weekly excessive of $0.65 and is at the moment buying and selling at $0.5725. As the rumors of the Ripple SEC Settlement gained traction, greater than 500 million XRP, price $294 million have been unlocked. This may put additional promoting stress on XRP going forward.
The XRP Ledger continues to be a most popular vacation spot providing effectivity and safety for key monetary initiatives. A day earlier than, the Ledger introduced that it might roll out tokenized US Treasury payments (T-bills) in a partnership with tokenization platform OpenEden. The objective right here is to offer a lift to the DeFi house by integrating real-world belongings (RWAs) into the XRPL ecosystem.
Also Read: XRP Ledger Offers Tokenized US Treasury Bills With This New Partnership
XRP Action Ahead
Currently, the rapid resistance for XRP on the upside is $0.60 Popular market dealer Peter Brandt reveals that the XRP/BTC chart is forming a head-and-should sample and buying and selling on the neckline help of 0.0000082. If the altcoin fails to carry this, it might crash all the way in which to 0.00000020.
This chart sample is a multi-year advanced H&S.
If this chart penetrates the decrease help line then all @X accounts with XRP initials connected will slowly disappear to by no means once more be seen once more pic.twitter.com/tJEJSEvKv8— Peter Brandt (@PeterLBrandt) August 1, 2024
Also Read: Grayscale Ethereum ETF Outflows Surge Over $2 Billion, More Pain Ahead?
Bhushan Akolkar
Bhushan is a FinTech fanatic and holds a superb aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and typically discover his culinary expertise.
Disclaimer: The offered content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.
