Popular altcoin XRP rose as high as $0.65 earlier this week and became one of the best-performing assets in July, gaining 35%. However, the price of XRP experienced a 12% decline with the new month and is currently trading at $0.5725.
On the other hand, an exciting development is happening in the XRP Ledger network. XRP Ledger will launch tokenized US Treasury bills in collaboration with OpenEden. Ripple's main network, XRP, has shown notable strength recently, rising to $0.65 earlier this week. This price increase made XRP Ledger one of the best-performing networks in July. However, investors are wondering whether XRP Ledger will achieve the same success in August.
According to blockchain analysis company Santiment, XRP Ledger was one of the top-performing networks in July, with high activity observed on the network. The price of XRP closed the month with a 35% gain, surpassing Bitcoin's 15% increase. This successful performance is attributed to strong network growth and effective whaling activities. However, although XRP's influence on social media has reached high levels, there has been a slight pullback recently. At the end of July, the cryptocurrency market experienced a sharp decline and many buyers turned into panic sellers due to the FOMO effect. The US Federal Reserve's decision to keep interest rates unchanged had a negative impact on the cryptocurrency market. In contrast, the Bank of England's announcement of a 25 basis point interest rate cut after four years of monetary tightening provided a certain support to the cryptocurrency market.
The price of XRP is currently trading at $0.5725, down over 12% from its weekly high of $0.65. Although speculation regarding the Ripple – SEC settlement remains supportive for the altcoin, the unlocking of 500 million XRP worth $294 million has increased the selling pressure on XRP.
Going forward, the immediate upside resistance level for XRP lies around $0.60. Popular analyst Peter Brandt noted that a head-and-shoulders formation has formed on the XRP/BTC chart and is trading at the neckline support located at 0.0000082 BTC. If XRP fails to hold this support, the price could potentially drop to 0.00000020.
Despite the negatives, XRP Ledger remains a preferred platform for important financial projects due to its efficiency and security. XRP Ledger recently formed a partnership with OpenEden to launch tokenized US Treasury bonds. This initiative aims to make the network stand out in the DeFi space by integrating real-world assets (RWAs) into the XRPL ecosystem.
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