Since July 23, XRP $XRP has traded below $3.40, a decline attributed to reports that a wallet linked to Ripple's co-founder sold millions of tokens. However, one expert believes that improving liquidity and institutional interest could support the digital asset's continued rise.
💥Post-ATH problems and accusations of portfolio sell-offs
After falling below $3.4 on July 23, XRP appears to be hovering between $3 and $3.13, even as other top altcoins like ether (ETH) and BNB have posted impressive gains. Despite this recent stagnation, XRP remains an exceptional performer, boasting a 45% increase in the last 30 days and an incredible 430% surge in 12 months, cementing its position as one of the best-performing digital assets.
Several factors have combined to fuel XRP's significant rise, most notably the ongoing legal victories secured by its issuer, Ripple, in its famous battle with the U.S. Securities and Exchange Commission (SEC). Furthermore, the emergence of a more cryptocurrency-friendly U.S. government, coupled with speculation that XRP could be included in the nascent U.S. digital asset reserve, has provided a significant boost to the cryptocurrency.
However, since reaching a new high on July 18, XRP has evidently struggled to maintain its upward trajectory. Indeed, after peaking at $3.64 on July 21, the digital asset has been on a downward trend. Some market observers have attributed this decline to reports that a cryptocurrency wallet linked to Ripple co-founder Chris Larsen sold millions of tokens on exchanges starting around mid-July.
As highlighted in a Bitcoin.com News report, these significant transfers would have coincided with XRP's rally. Despite these large movements, the wallet in question still held over 282 million XRP.
💥Expert Perspective: Bullish Conviction Amid Volatility
While the controversy surrounding the Larsen wallet transfers and their potential implications will undoubtedly garner attention, some analysts insist that this should not necessarily be interpreted as a bearish signal for XRP.
Figures like James Toledano, Chief Operating Officer (COO) of Unity Wallet , argue that the fundamental drivers behind XRP's rise—namely, optimism regarding a potential XRP exchange-traded fund (ETF) and greater legal clarity—remain firmly intact. Therefore, despite recent volatility and a significant unwinding of XRP long bets, which have dampened overall bullish sentiment, Toledano expects the rally to continue.
“With the SEC maintaining a softening stance, many see a structural advance for XRP's legitimacy in U.S. markets,” Toledano said in a note to Bitcoin.com News . “Despite recent volatility and $105 million in liquidations, improving liquidity, growing institutional flows, and ETF-driven optimism are aligning, making continued upside plausible if flows and optimism continue to converge.”
Toledano's optimistic sentiments are echoed by a Motley Fool report , which praises XRP's institutional strategy as "compelling" and identifies the upcoming ETF approval as a catalytic event for the digital asset. However, the report warns that until such a catalyst is realized, XRP's timeline will be more uncertain, and "gains from institutional onboarding will be piecemeal rather than all at once."
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