#XRP Price Outlook: Ripple Case and ETFs in the Spotlight
XRP extended its losing streak to three sessions on Friday, August 1, falling 2.02% to close at $2.9611. Notably, XRP closed below $3 for the first time since July 15. The token tracked the broader market, which dropped 2.63% to a total crypto market cap of $3.63 trillion.
XRP’s near-term price outlook hinges on several key catalysts, including:
1. The SEC’s appeal vote.
2. XRP-spot ETF-related news
3. Ripple’s push for a US banking license.
SWIFT-related news
4. Legislation: The CLARITY Act and 21ST Century Mortgage Act’s progress on Capitol Hill.
A breakout above $3 could pave the way to the $3.2 level. A sustained move above $3.2 may bring the record high of $3.6606 into sight. Conversely, a drop below the $2.9 level could enable the bears to target the $2.8 level and the 50-day EMA.
Broader Market Outlook
The SEC’s appeal vote remains pivotal. However, XRP is also exposed to external catalysts.
Broader macroeconomic headwinds—US stagflation risks and Fed monetary policy signals—may continue to influence sentiment. Rising fears of a US recession and a hawkish Fed policy stance could pressure XRP. However, upbeat US economic data and increasing expectations of a Fed rate cut could lift sentiment.
Looking ahead, crypto-related legislative developments, SEC appeal-related updates, and ETF-related news will be the key price catalysts.
