XRP Ledger Excels In July With Strong Network Growth, What’s Next?
Highlights
- The XRP Ledger network growth outperformed other market players during the last month of June.
- Ripple recently partnered with OpenEden to bring tokenized US Treasury bills to XRPL.
- The XRP/BTC pair is trading at a crucial support level, losing which can create major havoc.
Ripple’s native cryptocurrency, XRP, has demonstrated significant strength recently, with its price soaring to $0.65 earlier this week. Consequently, the XRP Ledger has also shown impressive performance, emerging as one of the top performers in July.
Can XRP Ledger Deliver the Same Performance In August?
Blockchain analytics firm Santiment reported that the XRP ledger emerged as one of the best-performing networks in July while registering significant network activity. Interestingly, the XRP price ended the month with 35% gains outperforming Bitcoin which has 15% gains.
XRP’s outperformance comes amid robust network growth and strong whale activity. Social dominance for XRP has reached a high point, although the asset has recently experienced a mild retracement.
The month of July concluded with a sharp market downturn, transforming many FOMO-driven buyers into panic sellers. Furthermore, the Fed keeping interest rates unchanged has turned out to be a sell-the-news event in the crypto market. However, the Bank of England decided to pivot after four long years of monetary tightening by announcing a 25 bps rate cut yesterday.
As a result, the XRP price collapsed over 12% from its weekly high of $0.65 and is currently trading at $0.5725. As the rumors of the Ripple SEC Settlement gained traction, more than 500 million XRP, worth $294 million have been unlocked. This might put further selling pressure on XRP going ahead.
The XRP Ledger continues to be a preferred destination offering efficiency and security for key financial projects. A day before, the Ledger announced that it would roll out tokenized US Treasury bills (T-bills) in a partnership with tokenization platform OpenEden. The goal here is to provide a boost to the DeFi space by integrating real-world assets (RWAs) into the XRPL ecosystem.
Also Read: XRP Ledger Offers Tokenized US Treasury Bills With This New Partnership
XRP Action Ahead
Currently, the immediate resistance for XRP on the upside is $0.60 Popular market trader Peter Brandt shows that the XRP/BTC chart is forming a head-and-should pattern and trading at the neckline support of 0.0000082. If the altcoin fails to hold this, it could crash all the way to 0.00000020.
This chart pattern is a multi-year complex H&S.
If this chart penetrates the lower support line then all @X accounts with XRP initials attached will slowly disappear to never again be seen again pic.twitter.com/tJEJSEvKv8— Peter Brandt (@PeterLBrandt) August 1, 2024
Also Read: Grayscale Ethereum ETF Outflows Surge Over $2 Billion, More Pain Ahead?
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