Ripple: a Brief Retreat Before another Rally
Ripple (XRP) is down 11% to $3.1177 this week, a move that may appear weak compared to Bitcoin (BTC), which is declining by 1.7% to $115,857. However, XRP surged by 60.6% in July alone, reaching a new all-time high of $3.6636, outperforming much of the broader crypto market. The rally was driven by the SEC’s approval of an XRP-based exchange-traded fund (ETF), a major milestone for the token.
This week, momentum stalled after the SEC paused Bitwise’s spot crypto ETF conversion, citing internal procedures. XRP pulled back on the news but is holding above the key support level at $3.000, signalling underlying strength. This resilience could lay the groundwork for another rally, potentially pushing the token to fresh highs once regulatory clarity resumes.
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