The post XRP Ledger’s July Highlights: Strong Network Performance and Upcoming Developments appeared on BitcoinEthereumNews.com.

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…

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Filed under: News - @ August 4, 2024 10:08 pm