XRP price demonstrated a temporary recovery but faced obstacles influencing demand and overall market conditions.
XRP Price Shows Fluctuations
This week, XRP price began to recover, but its mid-week performance weakened before resuming growth. At the start of the week, XRP dominance rose from 4.55% to 4.93%, but then fell to 4.77%. Despite a 13% increase, XRP price dropped from $3.10 to $2.95 at the time of observation.
Resistance to Ripple's Banking Efforts
The end of the legal struggle between Ripple and the SEC was expected to open new opportunities for the company in partnering with banks. However, Ripple took an unexpected step and filed for a banking license, which faced opposition from 43 banks citing compliance issues. This new resistance weakened recent investor optimism surrounding XRP.
XRP Demand Status
XRP on-chain analysis revealed moderate demand in the spot trading segment, with net inflows of $12 million over the past 24 hours. Despite this, net flows were negative by $29 million over the last week. Open interests were at 7.15 billion at the time of observation. Despite minimal movement, XRP whale activity remained significant, indicating a cautious investor outlook.
Amid unstable demand and external challenges for Ripple, XRP price continues to fluctuate, showing moderate hopes for recovery.
