BlackRock has officially confirmed that it has no plans to establish an XRP ETF, dampening market excitement following Ripple's recent legal developments.

Meanwhile, the Independent Community Bankers of America (ICBA) has officially filed a complaint against Ripple's application to establish a national trust bank, raising concerns about compliance and reigniting debates over XRP's acceptance in traditional finance.

Dominance Levels to Watch

Analyst EGRAG Crypto points out that the XRP Dominance Chart is an important indicator for upcoming price movements. His key levels include:

  • Fib 0.5 (5.92%) – A confirmed breakout is needed to unlock higher targets.

  • Fib 0.618 (8.87%) – The next major resistance level on the bullish journey.

  • Fib 0.702 (11.61%) – Considered the optimal target for this cycle.

  • Fib 0.888 (21.5%) – A breakout here could trigger a significant rally.

According to EGRAG, surpassing these dominance thresholds could signal a strong bullish trend for several months, with the potential to replicate previous parabolic phases seen in 2017.

The Technical Picture Becomes Cautious

XRP has slipped below the support level of $3.26, turning into a resistance level. A death cross has formed on the 4-hour chart, with the 50 SMA crossing below the 200 SMA. The RSI is at 53.08 on shorter time frames, indicating neutral momentum, while the MACD chart remains slightly negative, suggesting the bears are still in control.

If the price fails to reclaim the $3.26 level, the immediate support will be at $3.08, with the potential for a deeper decline targeting $2.88.

Whale Activity Increases Uncertainty

On-chain data shows the contrasting trading behavior of whales. Approximately 94 million XRP (about $308 million) has flowed into exchanges in the past 24 hours, indicating potential selling pressure. At the same time, another large wallet has accumulated 50 million XRP during the recent dip, signaling confidence in a recovery.

Outlook

Although short-term technical indicators tend to be bearish, EGRAG's dominance analysis indicates that XRP may be on the verge of breaking out if it regains key levels. The SEC-Ripple lawsuit update on August 15 and subsequent legal filings from the ICBA are likely to shape market sentiment heading into the next cycle.