Ripple‘s mainnet asset XRP demonstrated significant strength recently, with its price rising to $0.65 earlier this week. This price increase highlighted XRP Ledger as one of the best performers in July. However, investors are curious whether XRP Ledger can maintain this impressive performance in August.
XRP Keeps Up with Increased Activity on XRP Ledger
According to blockchain analysis company Santiment, XRP Ledger was one of the top-performing networks in July, recording extremely high network activity. Moreover, XRP’s price closed the month with a 35% gain, surpassing Bitcoin’s 15% rise. This outstanding performance is attributed to strong network growth and robust whale activity. Although the altcoin’s dominance on social networks reached its highest point in recent months, XRP has faced a slight pullback recently.
At the end of July, the cryptocurrency market experienced a sharp decline, turning many FOMO-driven buyers into panic sellers. The Fed’s decision to keep interest rates unchanged resulted in a sell-the-news event in the cryptocurrency market. On the other hand, the Bank of England announced a 25 basis point rate cut after four years of monetary tightening, which was supportive for the cryptocurrency market to some extent.
XRP’s price is currently trading at $0.5725, down over 12% from the week’s high of $0.65. Although rumors of a Ripple – SEC settlement continue to support the altcoin, the unlocking of over 500 million XRP worth $294 million has increased the selling pressure on XRP moving forward.
Looking ahead, the immediate upward resistance for XRP is around $0.60, and popular analyst Peter Brandt noted that the XRP/BTC chart has formed a head and shoulders pattern, trading at the neckline support corresponding to 0.0000082 BTC. If XRP fails to hold this support, it could potentially drop to 0.00000020.
XRP Ledger Continues to Grow Through Deals and Partnerships
Despite the negative conditions becoming apparent for XRP during the period, XRP Ledger continues to be a preferred platform for significant financial projects due to its efficiency and security. Recently, XRP Ledger announced a partnership with tokenization platform OpenEden to launch tokenized US Treasury bills (T-bills).
This initiative aims to integrate real-world assets (RWAs) into the XRPL ecosystem and highlight the network in the DeFi space.
