- XRP price dropped over 14% in the past 24 hours, falling to around $0.55.
- Ripple to allocate $10 million to tokenized U.S. Treasury bills on the XRP Ledger.
XRP displayed a significant swing on Friday, reflecting the global crypto market’s downturn. After a strong performance in July, where XRP surged over 30% and outpaced Bitcoin, the token has now fallen nearly 14% in just 24 hours. The price dipped from $0.65 to $0.5719, mirroring the recent BTC corrections.
Despite this drop, XRP’s blockchain ecosystem, the XRP Ledger (XRPL), remains active. According to the market intelligence firm Santiment, the XRPL has continued to perform well with increased on-chain activity and whale transactions. This was the main reason for XRP’s 30% rise last month.
Further, Ripple, the company behind XRP, recently made headlines with its announcement of a $10 million investment in tokenized U.S. Treasury bills (T-bills) via the XRP Ledger. This new move will tokenize short-term government debt, making it easier to manage and distribute these assets. The OpenEden platform will support XRPL by backing short-dated U.S. Treasury bonds and reverse repurchase agreements.
Following the announcement, analysts remain optimistic about XRP’s long-term prospects. Although, regarding its short-term outlook, many believe the token could resume its upward momentum, continuing the positive trend seen over the past month.
Will XRP Hit $0.70 in August?
XRP faced a prolonged downtrend after hitting resistance at $0.72 in March 2024. This bearish trend saw the token lose over 40% of its value in the following three months. However, the market saw a shift when bulls re-entered the $0.60 zone in July, helping XRP recover.
But, again, the cryptocurrency erased its bullish output of $0.65 since the 1st of August. Currently, XRP is trading at $0.5733 with a market cap of $31 billion. The daily trading volume has also decreased by around 16%, standing at $1.76 billion.
According to the XRP price prediction indicators, the token has fallen below the crucial 200-day EMA, indicating a bearish outlook, but recent activity suggests potential support around the $0.55 mark or near the 21-day EMA.
Moreover, the RSI has moved into oversold territory after retreating from overbought levels. This suggests a possible near-term retracement before a bullish reversal. If XRP can reverse its current downtrend, it might face immediate resistance at $0.65 once it re-enters the $0.60 zone. Further rallies could push the price to key resistance levels at $0.68 or $0.70.
However, if the decline continues, XRP could drop to $0.50, potentially revisiting the June low of around $0.47 and approaching the year-low range of $0.41.
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