XRPL Shines with Remarkable Network Growth in July – What Exciting Developments Are on the Horizon?
Ripple’s XRP has demonstrated notable strength recently, with its price surging to $0.65 and the XRP Ledger exhibiting robust performance. The XRP Ledger emerged as one of the best-performing networks in July, registering significant network activity and outperforming Bitcoin with a 35% gain in the month. This outperformance is attributed to robust network growth and strong whale activity. Although the XRP price experienced a mild retracement, it ended the month with significant gains.
Can XRPL Repeat Same Feat
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However, the market downturn at the end of July, coupled with the Federal Reserve keeping interest rates unchanged, resulted in a 12% collapse in the XRP price from its weekly high. Additionally, the unlocking of more than 500 million XRP, worth $294 million, following rumours of the Ripple SEC settlement, might lead to further selling pressure on XRP.
Despite these challenges, the XRP Ledger remains a preferred platform, offering efficiency and security for key financial projects. Notably, the recent partnership with tokenization platform OpenEden to roll out tokenized US Treasury bills aims to integrate real-world assets (RWAs) into the XRPL ecosystem, potentially providing a boost to the DeFi space.
Price Action and Market Trends
Looking at XRP’s immediate action, the cryptocurrency faces resistance at $0.60, and the XRP/BTC chart shared by an analyst Peter Brandt showing XRP forming a head-and-shoulder pattern, currently trading at the neckline support level. Failure to hold this level could lead to a significant downturn in XRP’s value.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
