XRP Price Declines Over 4.38% as Support at $3.00 Fails
XRP Price Decline
- XRP has decreased over 4.38%, trading at $2.86 after failing to maintain support at $3.00.
- Investor sentiment weakens as XRP is set to close August with negative returns, typical for September.
- If selling continues, potential support is at $2.74.
- Network data shows a decline in first-time transactions, indicating reduced new investor interest.
Future Price Action
- Recovery is possible if XRP regains $2.95, with key resistance levels at $3.07 and $3.12.
- The largest supply cluster is between $2.81 and $2.82, where 1.71 billion XRP were purchased.
Macro Factors
- 87.12% probability of a Fed rate cut in September may influence market conditions.
- Ripple is progressing on XRPL infrastructure and the RLUSD stablecoin initiative.
WEPE Meme Coin Launch
- Wall Street Pepe (WEPE) launched on Solana, expanding its reach beyond Ethereum.
- This move targets a growing community of meme coin traders amid market developments.
- WEPE can be purchased using various cryptocurrencies or credit cards, with options to swap tokens across chains.