Summary
- Bitcoin surpassed $65,000 and Ethereum jumped nearly 6% this week, driven by easing inflation figures. The drop on Thursday is relatively mild, with most of the top 50 cryptocurrencies down less than 3%, except for Ondo, which saw a 14% rise.
- XRP is currently valued at $1.10, down 0.54%, with a negative indicator score of -42% and a confirmed death cross on its daily chart.
- The anticipated Senate vote on the Clarity Act, a key event for XRP, has been postponed beyond July 4, now expected to occur no sooner than late July or August.
On Thursday, markets are experiencing a pause following a significant macro-driven surge in cryptocurrencies earlier this week. The Consumer Price Index for June saw a 0.4% decline, the steepest monthly drop since April 2020, which has reduced expectations for a Federal Reserve rate hike in July from 31% to single digits, boosting equities and providing a catalyst for crypto growth.
Wall Street also performed well, with companies like Goldman Sachs, JPMorgan, Morgan Stanley, and Citi reporting Q2 earnings that exceeded forecasts. As detailed by Decrypt on Tuesday, Bitcoin broke through the $64,000 resistance that had held it back for several weeks. Ethereum's performance was even more impressive, gaining nearly 6% in a single day to reach $1,900.
The current decline, with most of the top 50 cryptocurrencies down less than 3%, can be seen as a consolidation phase. Ondo is the notable exception, leading the top 100 by market capitalization with a 14% increase due to momentum in tokenization.
However, XRP's performance during this rally has been lackluster. The token, created by Ripple's founders, opened Thursday at $1.11257, reached a high of $1.11722, and is now trading at $1.10650, reflecting a decrease of 0.54%. While it hasn't crashed, it also hasn't benefited from the favorable market conditions as much as other cryptocurrencies.
XRP was unable to surpass the price resistance established during the Crypto Winter (indicated by the dotted line) when the opportunity arose. With the current market slowdown, the XRP community appears less optimistic compared to other altcoins.
XRP price data. Image: TradingviewThe reason for this? As capital cautiously flows back into the crypto space after a risk-off period, it tends to favor Bitcoin first, followed by Ethereum. Historically, Ethereum has led broader crypto recoveries, as seen this week.
In the short term, Ethereum appears to have a more bullish outlook than Bitcoin, having experienced a sharper decline, which may contribute to a stronger recovery momentum.
XRP price data. Image: TradingviewThe Altcoin Season Index, currently at 45 (below 50 indicates dominance by BTC/ETH), suggests that capital has not yet begun to flow toward altcoins. This trend was evident earlier in July as well: during a $602 million short liquidation event that pushed Bitcoin back toward $62,000, XRP only managed a 3% gain, while Ethereum and Solana nearly doubled that increase.
Another crucial factor impacting XRP is its own legislative developments. The Clarity Act, which could categorize XRP as a commodity and potentially unlock institutional ETF demand, missed its anticipated Senate floor vote on July 4. Without a set date for this vote, XRP is now reliant solely on macroeconomic sentiment and is struggling to compete against Ethereum.
XRP Price: Approaching a Critical Point
XRP opened today at $1.11 and is trading at $1.10, with a market capitalization of around $69 billion, reflecting a slight dip of 0.5%. The token is currently testing a weak support level after a bearish trend that saw it drop from $1.18 to $1.05.
This situation places XRP at a pivotal juncture: it must either hold at this level and aim for $1.13 or fall below $1.08, which would open the door to a further decline toward $1.06 and the vital support at $1.02.
XRP price data. Image: TradingviewThe Average Directional Index (ADX) stands at 13.3, which is below the 25 mark that signifies a confirmed trend. The ADX measures trend strength on a scale from 0 to 100, regardless of direction. It’s akin to a car in neutral: the engine is running, but the vehicle is not moving. Readings below 20 typically indicate choppy, indecisive markets where false breakouts are common. There is a slightly encouraging sign, however, as the directional indicator is shifting from DI- (bearish) to DI+ (bullish). At an ADX of 13.3, though, this shift requires considerable effort to be significant.
The Exponential Moving Averages (EMAs), which provide insights into price trends over time, illustrate a clear narrative. The average price over the last 50 days is significantly lower than the average price over the last 200 days, forming a death cross—a widely recognized bearish signal in crypto. XRP has been trapped in this pattern since its decline from the all-time high of $3.65 set in July 2025. As noted by Decrypt on Tuesday, Bitcoin is currently battling its own death cross, but for XRP, there is no indication that the two averages will converge soon.
The Relative Strength Index (RSI), which measures momentum on a scale from 0 to 100, is currently at 48.5, indicating neutrality without pressure in either direction. The Squeeze Momentum indicator shows a slightly positive momentum reading of 0.81, suggesting that energy is building, yet it does not indicate the direction of that energy. Analyzing the charts suggests that XRP may soon exhibit signs of price compression, with the direction of the breakout likely depending on Bitcoin's ability to hold above $64,000 and any updates regarding the Senate's schedule for the Clarity Act.
Disclaimer
The author’s views and opinions are solely for informational purposes and do not constitute financial or investment advice.