Is the XRP Bottom In? XRP / U.S. dollarBITSTAMP:XRPUSDRocksorgate🔥 XRP wrapped up July with a modest 3.8% gain. It finally snapped a brutal two-month losing streak, but let’s be honest—it still lagged way behind the massive rallies we saw in Bitcoin and Ethereum. Things looked incredibly promising around July 21st when the token spiked to $1.16. That move was fueled by news that Trump agreed to ethics provisions on the CLARITY Act, which got everyone excited for a sudden Senate floor vote. 🔥 But the hype train hit a wall. The Senate shelved the bill to prioritize a Russia sanctions package instead, pushing the whole legislative timeline right up against their August recess. Over on Polymarket, traders immediately slashed the odds of the bill passing this year down to just 30%. To make things tougher, the Federal Reserve’s hawkish stance on July 29th killed off hopes for summer rate cuts. That macro pressure caused a classic capital rotation, pulling money right out of altcoins and back into safer havens. 🔥 If we look under the hood, the on-chain data paints a pretty resilient picture for August. XRP's exchange supply has actually shrunk to a seven-year low. Selling pressure is visibly drying up, which should keep us from dumping below that vital June floor of $1.009. Plus, network development is moving fast. The XRP Ledger Foundation quickly patched a "manifest flood" network bug on July 31st and is already rolling out the xrpld 3.3.0 release. This new patch brings back heavyweight institutional upgrades like Confidential Multi-Purpose Tokens (MPT) and Batch transactions—basically turning the ledger into a full-scale institutional DeFi machine. 🔥 Historically speaking, August is usually the boring, flat month of the year for XRP, averaging a negative median return of -6.57%. I expect us to chop around in a tight range between $1.00 and $1.18 for the next few weeks. The real explosive volatility is likely on hold until the macro and legislative calendars heat back up in September. 🔥 For our technical analysis I've also added a descending channel to highlight how this channel has been dragging us down, preventing us from regaining that 200 EMA as sell off after sell off hit plunging us down to this bottom. Here we can identify price action now trying to break out the descending channel which is what I'd pay mind to now as we look to regain that 200 EMA since we lost it the 23rd after which selling pressure sent us down. 🔥 I'd pay mind to the channel and the points above, keep all this in mind we face a new month and new challenges though things will likely be pretty choppy till we get more legislative action or positive news. 🔥 Thanks for joining me as always, really appreciate you guys and may you have a blessed day, thanks for tuning in with me once again. Best regards, ~ Rock '