Is XRP’s bull run over? Will August be a nightmare for bears?
After ending the past three weeks with a bullish outlook, Ripple Labs-backed XRP is likely to end the first week of August with a bearish sentiment. The large-cap altcoin, which has a fully diluted valuation of around $57.6 billion and an average daily trading volume of around $2 billion, has faced a huge resistance level of around 64 cents over the past year.
Notably, the 64 cents resistance level is a nostalgic touch for the XRP global community as it was the capitulation level after the U.S. Securities and Exchange Commission (SEC) accused Ripple of securities law violations in the fourth quarter of 2020.
A successful and sustained close above the resistance level of around 64 cents will push the XRP exchange rate to near all-time highs against the U.S. dollar. This bullish scenario will only happen after the ongoing litigation ends in a favorable manner for Ripple and the U.S. XRP market.
The Fed’s decision to keep its benchmark rate at 5.50% has triggered a sustained pullback in cryptocurrencies, with XRP prices falling more than 12% in the past three days. The next two months will be challenging for the altcoin and turbulent for the entire cryptocurrency industry market.
The Ripple team remains committed to building the XRPL network to compete with other first-layer blockchains in the industry. On Thursday, the Ripple team announced that tokenization platform OpenEden Labs will introduce tokenized U.S. Treasury bills (T-bills) to XRPL and has allocated $10 million.
Recently, Ripple announced that it is working with Fenasbac Next, Brazil’s largest accelerator project, to promote blockchain innovations in fund management, asset tokenization, payments, and lending on the XRP ledger.
