Ripple News Today: Is XRP’s Bullish Run Over? Will August Be a Bearish Nightmare?
The post Ripple News Today: Is XRP’s Bullish Run Over? Will August Be a Bearish Nightmare? appeared first on Coinpedia Fintech News
After closing the last three weeks with a bullish outlook, Ripple Labs-backed XRP will likely end the first week of August in bearish sentiment. The large-cap altcoin, with a fully diluted valuation of about $57.6 billion and a daily average traded volume of around $2 billion, has faced an immense resistance level of around 64 cents in the past year.
Notably, the 64 cents resistance level is nostalgic for the XRP global community since it is the level of capitulation after the US SEC charged Ripple with violating securities laws in Q4 2020.
A successful and consistent close above the resistance level of around 64 cents will pump the XRP price against the US dollar to nearly its all-time high. Such a bullish scenario will only happen after the ongoing lawsuit is concluded in favor of Ripple and the XRP market in the United States.
XRP Flashes Midterm Bearish Sentiment
Amid the ongoing crypto correction triggered by the U.S. Fed’s decision to hold its benchmark interest rate at 5.50 percent, XRP price has dropped over 12 percent in the past three days. The altcoin faces a challenging time in the next two months, characterized by choppy markets for the entire crypto industry.
According to a crypto analyst alias Cryptoinsightuk, the XRP price will aim for the next liquidity range between 46 and 52 cents in the coming weeks.
Growing Ecosystem
The Ripple team remains committed to building the XRPL network to compete with other layer-one blockchains in the industry. On Thursday, the Ripple team announced that tokenization platform OpenEden Labs is bringing tokenized US Treasury bills (T-bills) to the XRPL and has already allocated $10 million.
Recently, Ripple announced that it is working with Fenasbac Next, the largest accelerator program in Brazil, to advance blockchain innovation on the XRP Ledger in treasury management, asset tokenization, payments, and lending.
