Key facts
- XRP fell 3.4% to approximately $1.15.
- XRP experienced a failed breakout attempt near $1.25.
- Over 30 million XRP tokens were offloaded by whales.
- XRP Ledger network activity dropped by nearly 50%.
- The XRPL v3.2.0 upgrade, fixCleanup3_2_0 amendment, has been supported by Ripple.
- 26% of XRPL nodes have updated to the v3.2.0 version.
- 80% consensus is required for full activation of the XRPL upgrade.
- A crypto commentator stated Ripple and XRP Ledger meet the proposed CLARITY Act criteria.
- The CLARITY Act is awaiting a Senate floor vote.
XRP has seen a price decline of 3.4%, falling to approximately $1.15 and breaking a key support level amidst heavy trading volume. This occurred after a recent attempt to break out above a descending trendline near $1.25 failed. Buyers appeared around the $1.13 mark, but they were unable to push the price back above the $1.15 level.
This price movement coincides with the recent v3.2.0 upgrade to the XRP Ledger (XRPL). Ripple has voted in favor of the fixCleanup3_2_0 amendment for this upgrade, which is designed to streamline the ledger for tokenization and decentralized finance (DeFi) applications. Currently, 26% of XRPL nodes have updated to the new version, though 80% consensus is necessary for the upgrade to be fully activated.
Despite the upgrade hype, significant selling pressure has been observed, with "whales" offloading over 30 million XRP tokens. Network activity on the XRPL has also dropped by nearly 50%, suggesting a reduction in participation. In a separate development, crypto commentator Kenny Nguyen has stated that Ripple and the XRP Ledger already meet the criteria of the proposed U.S. CLARITY Act, a bill aimed at establishing a regulatory framework for cryptocurrencies that is currently awaiting a Senate floor vote.
The CLARITY Act's potential impact on the cryptocurrency market is a subject of ongoing discussion, with Nguyen's assertion suggesting that XRP may be positioned favorably under such proposed regulations.