DeFi

Momentum

Gains

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/xrp-gains-momentum-with-price-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP Gains Momentum with Price Surge</a><br></p>
<p style="text-align: justify">Ripple’s primary asset, <a href="https://en.bitcoinhaber.net/ripples-xrp-a-potential-surge-with-market-dominance" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP</a>, displayed remarkable resilience as its price escalated to $0.65 earlier this week. This upward trend established XRP Ledger as a standout performer in July. Investors are now eagerly watching to see if XRP Ledger can sustain this strong momentum moving into August.</p>
<h2 id="what-fuels-xrp-s-recent-performance">What Fuels XRP’s Recent Performance?</h2>
<p style="text-align: justify">Blockchain analysis firm Santiment reported that XRP Ledger was among the top-performing networks in July, showcasing high network activity. XRP’s price surged 35% over the month, outpacing Bitcoin’s 15% increase. This significant rise is attributed to robust network growth and increased whale activity. Despite this, XRP’s prominence on social networks saw a slight dip recently.</p>
<p style="text-align: justify">At the month’s end, the cryptocurrency market witnessed a sharp downturn, leading many FOMO-driven investors to panic sell. The Federal Reserve’s decision to hold <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">interest rates</a> steady triggered a sell-the-news reaction, while the Bank of England’s 25 basis point rate cut offered some relief to the market.</p>
<h2 id="how-are-external-factors-impacting-xrp">How Are External Factors Impacting XRP?</h2>
<p style="text-align: justify">Currently, XRP is priced at $0.5725, marking a 12% decline from its weekly high. Ongoing rumors of a potential Ripple-SEC settlement continue to bolster the altcoin. However, the unlocking of over 500 million XRP, valued at $294 million, has added to the selling pressure.</p>
<p style="text-align: justify">Looking ahead, the immediate resistance level for XRP is around $0.60. Analyst Peter Brandt noted that the XRP/BTC chart is showing a head and shoulders pattern, with the neckline support at 0.0000082 BTC. Failure to maintain this support could see XRP plummet to 0.00000020 BTC.</p>
<h2 id="insights-from-market-movements">Insights from Market Movements</h2>
<ul>
 <li>XRP exhibited a 35% price increase in July, outperforming Bitcoin’s 15% rise.</li>
 <li>Significant whale activity and network growth were key drivers of XRP’s performance.</li>
 <li>The market experienced a downturn at the end of July, causing many investors to panic sell.</li>
 <li>Despite positive settlement rumors, the unlocking of 500 million XRP has increased selling pressure.</li>
</ul>
<p style="text-align: justify">Despite the unfavorable conditions, XRP Ledger remains a preferred platform for major financial projects due to its efficiency and security. Recently, XRP Ledger announced a collaboration with tokenization platform OpenEden to launch tokenized US Treasury bills (T-bills). This initiative seeks to integrate real-world assets (RWAs) into the XRPL ecosystem, enhancing its position in the DeFi <a href="https://newslinker.co/category/science/space/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">space</a>.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/xrp-gains-momentum-with-price-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP Gains Momentum with Price Surge</a></h5>

XRP Gains Momentum with Price Surge

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