XRP Price Capped Ahead of XRPL Voting on Major Upgrade
Ripple (XRP) price is down 0.631% to $1.09 as the token continues to fall back below the line due to sustained outflows linked to exchange-traded funds (EFTs).
The token price is closely tracking a slight dip in the broader crypto market. The outlook appears positive, as trading volume spiked 27% over 24 hours to $813 million, according to data from crypto exchanges on Monday.
Crypto analysts said XRP’s bearish move is primarily driven by a beta-driven pullback alongside Bitcoin, as positive coin-specific catalysts like ETF inflows were offset by technical resistance.
Flow data showed XRP experienced a net outflow of $7.5 million, placing it among the top assets for institutional selling alongside Bitcoin and USDC.
This occurred as select altcoins saw inflows, indicating a rotation away from some large caps. This is a bearish near-term signal for XRP’s price because it reflects a lack of institutional buying appetite and suggests the token is under relative selling pressure, which could cap upside until flows reverse
XRP’s decline mirrored a 0.55% drop in the total crypto market cap and Bitcoin’s 0.68% dip. The broader market softened as investors weighed ongoing U.S.-Iran military tensions, despite diplomatic signals from U.S. officials.
This indicates XRP moved primarily on macro sentiment, not a unique catalyst. In the short term, XRP’s price action remains tightly linked to Bitcoin and overall crypto market risk appetite.
XRP faced selling pressure at the $1.10–$1.12 resistance area, a level that has capped multiple rallies recently. The 24-hour trading volume rose 25.89% to $801 million, suggesting the move had conviction.
Technical traders said the Relative Strength Index (RSI) at 47.02 shows neutral momentum, confirming a lack of bullish strength to break higher. This suggests that until XRP can sustainably close above $1.12, it is likely to remain range-bound between that level and support near $1.08.
The immediate path hinges on two concrete levels: support at $1.08 and resistance at $1.10–$1.12. If buying pressure absorbs sells at $1.08, a retest of $1.12 is likely.
However, a break below $1.08 risks a drop toward the next Fibonacci support at $1.05. The upcoming XRPL ‘FixCleanup3_2_0’ amendment on July 29 is a minor technical event unlikely to drive price movements on its own.
This means that the structure is neutral and consolidating. A decisive move outside the $1.08–$1.12 range is needed to establish a new trend.
The XRP Ledger (XRPL) is set to vote on a significant upgrade package in about two weeks, introducing features like batch transactions, confidential transfers, sponsored fees, and permission delegation.
These changes aim to improve transaction efficiency, privacy, and network performance. The upgrade also includes bug fixes and optimisations to enhance node efficiency and network reliability.
Key features include Batch for bundling transactions, Confidential Transfers for privacy, and an enhanced token standard. This follows a pause for security initiatives, with development now resuming.
Discussions continue on whether to lower reserve requirements further, with some validators cautioning against it due to resource and security concerns.
This is bullish for XRP’s ecosystem because it demonstrates active development aimed at improving utility, scalability, and privacy, which could attract more builders and use cases to the network over the long term. #XRP Price Capped Ahead of XRPL Voting on Major Upgrade#
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