- XRP’s price recently peaked at $0.65 but has fallen to $0.5725 due to a market downturn.
- The XRP Ledger saw significant network activity in July, with XRP rising by 35%.
Ripple’s XRP has exhibited notable strength recently, with its price peaking at $0.65 earlier this week. The XRP Ledger has also demonstrated impressive performance, standing out as a top performer in July.
XRP Ledger Demonstrates Strong Network Usage
According to the blockchain analytics firm, the daily on-chain transaction count for the XRP ledger ranked among the highest in July, indicating high network usage. XRP was up by 35% by the end of the month, and it performed better than Bitcoin, which was up by 15%.
This is supported by a solid network expansion in whale activity, as commonly observed. Additionally, XRP’s social dominance has gone to the top further, though there was a slight pullback the other day.
The end of July saw a sharp market downturn, causing many FOMO-driven buyers to panic sell. The Federal Reserve’s decision to keep interest rates unchanged triggered a sell-the-news event in the crypto market. In contrast, the Bank of England announced a 25 basis points rate cut, marking a shift after four years of monetary tightening.
Following the market’s reaction, XRP’s price fell over 5% from its weekly high of $0.65, currently trading at $0.56. As rumors of a Ripple SEC settlement spread, over 500 million XRP, valued at $294 million, were unlocked, potentially adding further selling pressure.
Such instances were seen during late July when the market had declined, and the FOMO-driven investors started panic selling their stocks. Since the Federal Reserve fell short of altering its interest rate policy, there was a selling spree in the crypto market, which triggered most of the declines.
Crypto Analyst Predicts Bullish Outlook for XRP Based on Chart Patterns
Currently, XRP faces immediate resistance at $0.60. Market trader Peter Brandt also identifies that XRP/BTC is in the formation of head-and-shoulder trading at the neckline support at 0.0000820. If the altcoin cannot hold this support, it might go down to 0.00000020.
https://x.com/PeterLBrandt/status/1818979499716772002
Recent insights from Dark Defender, a well-known crypto analyst on X, reveal a promising outlook for XRP. His technical analysis emphasizes a bullish trajectory for the cryptocurrency, driven by several key indicators. The Ichimoku Cloud, a widely used tool for assessing market trends, shows XRP’s positive interaction with its weekly chart. This suggests a potential upward momentum for the digital asset.
Dark Defender’s analysis also highlights XRP’s position at a crucial Fibonacci retracement level. The asset has recently hit the $0.6591 mark, completing the first wave of the larger Wave 3 according to Elliott Wave Theory.
This theory posits that markets typically move in a five-wave sequence in the direction of the main trend, followed by three corrective waves. Dark Defender points out that XRP has completed the initial stage of Wave 3, which could be the strongest phase in this sequence and often leads to significant price shifts.
