Bank

Strong

DeFi

<p>Ripple’s native cryptocurrency, XRP, has demonstrated significant strength recently, with its price soaring to $0.65 earlier this week. Consequently, the XRP Ledger has also shown impressive performance, emerging as one of the top performers in July.</p> 
<h2 id="can-xrp-ledger-deliver-the-same-performance-in-august">Can XRP Ledger Deliver the Same Performance In August?</h2> 
<p>Blockchain analytics firm Santiment reported that the XRP ledger emerged as one of the best-performing networks in July while registering significant network activity. Interestingly, the <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener">XRP price</a> ended the month with 35% gains outperforming Bitcoin which has 15% gains.</p> 
<p>XRP’s outperformance comes amid robust network growth and strong whale activity. Social dominance for XRP has reached a high point, although the asset has recently experienced a mild retracement.</p> 
<figure id="attachment_210704" aria-describedby="caption-attachment-210704" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210704" src="https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-Growth.jpeg" alt="" width="2451" height="1743" srcset="https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-Growth.jpeg 2451w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-Growth-300x213.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-Growth-1224x870.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-Growth-768x546.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-Growth-1536x1092.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-Growth-2048x1456.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-Growth-150x107.jpeg 150w" sizes="(max-width: 2451px) 100vw, 2451px">
 <figcaption id="caption-attachment-210704" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://x.com/santimentfeed/status/1819046969949450431" target="_blank">Santiment</a>
 </figcaption>
</figure> 
<p>The month of July concluded with a sharp market downturn, transforming many FOMO-driven buyers into panic sellers. Furthermore, the Fed keeping interest rates unchanged has turned out to be a sell-the-news event in the crypto market. However, the <a href="https://coingape.com/bank-of-england-interest-rate-cut-first-time-in-4-years-bitcoin-recovery-soon/" target="_blank" rel="noopener">Bank of England</a> decided to pivot after four long years of monetary tightening by announcing a 25 bps rate cut yesterday.</p> 
<p>As a result, the XRP price collapsed over 12% from its weekly high of $0.65 and is currently trading at $0.5725. As the rumors of the <a href="https://coingape.com/ripple-sec-settlement-500m-xrp-unlocked-amid-remedies-ruling-odds/" target="_blank" rel="noopener">Ripple SEC Settlement</a> gained traction, more than 500 million XRP, worth $294 million have been unlocked. This might put further selling pressure on XRP going ahead.</p> 
<p>The XRP Ledger continues to be a preferred destination offering efficiency and security for key financial projects. A day before, the Ledger announced that it would roll out tokenized US Treasury bills (T-bills) in a partnership with tokenization platform OpenEden. The goal here is to provide a boost to the DeFi space by integrating real-world assets (RWAs) into the XRPL ecosystem.</p> 
<p>Also Read: <a href="https://coingape.com/xrp-ledger-to-offer-tokenized-us-treasury-bills-with-this-new-partnership/" target="_blank" rel="noopener">XRP Ledger Offers Tokenized US Treasury Bills With This New Partnership</a></p> 
<h3 id="xrp-action-ahead">XRP Action Ahead</h3> 
<p>Currently, the immediate resistance for XRP on the upside is $0.60 Popular market trader Peter Brandt shows that the XRP/BTC chart is forming a head-and-should pattern and trading at the neckline support of 0.0000082. If the altcoin fails to hold this, it could crash all the way to 0.00000020.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">This chart pattern is a multi-year complex H&amp;S.<br> If this chart penetrates the lower support line then all <a rel="nofollow" href="https://twitter.com/X?ref_src=twsrc%5Etfw">@X</a> accounts with XRP initials attached will slowly disappear to never again be seen again <a rel="nofollow" href="https://t.co/tJEJSEvKv8">pic.twitter.com/tJEJSEvKv8</a></p> 
 <p>— Peter Brandt (@PeterLBrandt) <a rel="nofollow" href="https://twitter.com/PeterLBrandt/status/1818979499716772002?ref_src=twsrc%5Etfw">August 1, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Also Read: <a href="https://coingape.com/grayscale-ethereum-etf-outflows-cross-2-billion-more-pain-ahead/" target="_blank" rel="noopener">Grayscale Ethereum ETF Outflows Surge Over $2 Billion, More Pain Ahead?</a></p> 
<p>The post <a href="https://coingape.com/xrp-ledger-outperforms-in-july-with-strong-network-growth-whats-next/">XRP Ledger Excels In July With Strong Network Growth, What’s Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

XRP Ledger Excels In July With Strong Network Growth, What’s Next?

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