XRP remains a focal point in the crypto market with recent developments regarding its price and regulatory status. This article examines the current factors influencing XRP.
Regulatory Factors and XRP
BlackRock has officially confirmed that it has no plans for an XRP ETF, tempering market excitement after Ripple’s recent legal progress. Meanwhile, the Independent Community Bankers of America (ICBA) has filed a formal objection to Ripple’s national trust bank application, raising compliance concerns and rekindling debates over XRP’s acceptance in traditional finance.
Technical Analysis of XRP
Analyst EGRAG Crypto points to the XRP Dominance Chart as a critical guide for the next price moves. Key levels include: * Fib 0.5 (5.92%) – Needs a confirmed breakout to unlock higher targets. * Fib 0.618 (8.87%) – Next major resistance on the upside journey. * Fib 0.702 (11.61%) – Considered the optimal target for this cycle. * Fib 0.888 (21.5%) – A breakout here could trigger a major rally. According to EGRAG, surpassing these dominance thresholds could signal a strong multi-month uptrend.
Market Outlook and Expectations
The technical picture has turned cautious as XRP has slipped below its $3.26 support, turning it into resistance. If the price fails to reclaim this level, immediate support lies at $3.08. On-chain data shows mixed whale activity, with roughly 94 million XRP (around $308 million) flowing into exchanges, hinting at potential selling pressure.
While short-term technicals lean bearish, EGRAG’s dominance analysis suggests XRP may be on the verge of a breakout if it reclaims critical levels. The August 15 SEC-Ripple case update and further regulatory filings from the ICBA will likely shape sentiment heading into the next cycle.
