XRP edged up to $1.08 on July 30, nudging the apex of its descending wedge pattern. This level stands as a significant resistance point marking the yearly downtrend that has pressured the token for months. The timing is notable, with the CEO of Grayscale filing to sell GXRP shares, stirring concerns about institutional confidence in the asset.
Meanwhile, Binance's BTC open interest dropped to its lowest in two years, signaling subdued market activity and possibly reduced use among traders. Adding to the tension, the U.S. Senate's pending vote on the CLARITY Act, due just before the August 8 recess, leaves regulatory questions unresolved, potentially impacting XRP's broader adoption.
