XRP Struggles to Break Above $1 Amid Regulatory Uncertainty
XRP has been struggling to break out of its tight trading range just above $1. The token has remained boxed into a narrow band in recent sessions, with traders waiting for a catalyst that can clarify both its regulatory outlook and its on-chain growth story.
As of August 9 at 1:00 p.m. ET, XRP was trading at $1.0324, down 0.61% over the past 24 hours and off 4.19% on the week, according to CoinMarketCap. The token's market capitalization stood at roughly $64.56 billion, representing about 2.92% of the total crypto market.
The release of xrpld 3.3.0 by the XRPL team has brought mixed signals for XRP. On one hand, development activity remains active, and six new amendments have been packaged with the software update. However, these amendments still require validator approvals before they can be activated on mainnet.
On-chain usage metrics have also flashed mixed signals. Data showed XRPL daily payment volume briefly surged above 600 million XRP on August 7 before sliding by about 90% by August 9.