XRP has pulled back about 12% from its weekly high as traders prepare for Ripple's upcoming release of 1 billion tokens from escrow on September 1.
The token surged nearly 48% from $1.0014 on August 19 to an intraday high of $1.69, briefly making it the fourth-largest cryptocurrency by market value.
A market analyst described the move as a pullback after the sharp rally, noting price rejection at the $1.66 resistance level.
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