A storm seems to be brewing in the market after Ripple Labs-backed XRP ended the past three weeks on a bullish note. Entering the first week of August, the large-cap altcoin may face an onslaught of bearish sentiment. XRP has a fully diluted valuation of around $57.6 billion and a stable daily trading volume of around $2 billion, however, its price has struggled to break through the 64 cents resistance level over the past year.
This resistance level is not only a technical challenge for the global XRP community, but also carries a historical memory. In the fourth quarter of 2020, after the SEC filed securities law charges against Ripple, the price of XRP fell to this level. Therefore, successfully and continuously standing above 64 cents is not only a technical breakthrough for XRP, but also a powerful response to the legal haze.
XRP medium-term bearish sentiment
However, the reality does not seem optimistic. The Federal Reserve decided to maintain the benchmark interest rate at 5.50%, which triggered a continuous correction in the cryptocurrency market. The price of XRP has fallen by more than 12% in the past three days. Analysts predict that XRP will face severe challenges in the next two months, and the entire cryptocurrency industry market will also be turbulent.
Cryptocurrency analysts note that XRP prices could slide further in the coming weeks, targeting a liquid range between 46 and 52 cents.
A growing ecosystem
Despite the bleak market outlook, the Ripple team has not stopped. They are still actively building the XRPL network to compete with other first-layer blockchains in the industry. Recently, Ripple announced a partnership with the tokenization platform OpenEden Labs to introduce tokenized T-bills to XRPL and allocated $10 million for this purpose. In addition, Ripple has also established a partnership with Fenasbac Next, the largest accelerator project in Brazil.
These measures have undoubtedly injected new vitality into the future development of XRP. However, in the current market environment, whether these efforts can be transformed into actual price increases still needs time to verify. For enthusiasts, maintaining a cautiously optimistic attitude and paying close attention to market dynamics and Ripple's subsequent development will be the key to coping with current challenges.
(Personal opinion, not a recommendation)
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