The recent price drop has been accompanied by a bearish crossover on the two-day MACD, indicating that sellers currently dominate the market.
The market is also reacting to ongoing speculation about a potential settlement between Ripple and the SEC.
Ripple will contribute $10 million to OpenEden’s TBILL tokens, which is part of their larger investment strategy focused on tokenized financial assets.
Drawing on this TVL metric, the price of XRP is also not looking good amid a general market decline. The token is currently trading at $0.6065.
The US SEC has toned down on crypto regulation thus giving the impression of an upcoming resolution with Ripple on XRP institutional sales.
Ripple’s common practice of issuing 1 billion XRP tokens on a monthly basis since 2017 provides a level of transparency and reliability to the XRP ecosystem.
This collaboration will further increase XRP Healthcare’s popularity and secure more engagement with its magazine at global events.
Ripple-backed XRP price rallied over 40 percent in the last two weeks to hover around 60 cents on Tuesday.
XRP Healthcare said the process will continue for those who have already staked their token until their term expires.
A successful breakout from this pattern could initiate a new bullish phase, potentially driving XRP toward new all-time highs.
Ryan Lee, chief analyst at Bitget crypto exchange, noted that the XRP surge might trigger a pullback, causing a price decline in early August. However, if the price holds above key support levels (around $0.70), it could resume its upward trajectory later.
XRP price has been retesting the weekly bullish breakout from the 2022 bear market in the past twelve months, and could possibly continue until the fourth quarter of 2024.
The addition of settlements to the meeting agenda raised speculation on the social media platform that the SEC was finally going to end its two-year-long court battle with Ripple.
While the potential for a breakout exists, long-term factors like the ongoing SEC lawsuit against Ripple Labs, the company behind XRP, still cloud the horizon.
Such moves are often seen as a sign that these whales intend to hold their XRP for the long term, which can potentially support higher prices.