XRP Price Consolidation Above Support – A Ripple Rebound on the Horizon?

Live XRP/USD Chart

XRP/USD

0.0000

MARKETS TREND

TRADE XRP/USD

Despite Ripple has been declining this week, it is looking stronger than BTC, with XRP trading close to $1.20, while buyers are looking to reenter the market.

XRP Price Decline and Recovery

On Tuesday, Ripple’s price dropped to $2.06, marking a 35% decline from its mid-January peak of $3.40. However, strong buying interest above the $2 support level helped stabilize the price, leading to a recovery. By the end of the day, a bullish hammer candlestick pattern formed, indicating potential reversal.

Market Sentiment and Bitcoin’s Influence

Despite this positive signal, bullish momentum failed to gain traction as overall market sentiment remained negative. Bitcoin, experiencing its worst three-day decline in three years, fell below $83,000 due to nearly $1 billion in withdrawals from US spot ETFs. Compared to Bitcoin’s sharp decline, XRP/USD held a more stable position, consolidating around $2.20.

Key Resistance Levels and Price Targets

For XRP to resume its upward trend, it must overcome key resistance levels:

• 100-day SMA (green): Previously acted as support.
• $2.80 (50-day SMA, yellow): Serves as resistance.
• $3.00: Psychological round number.
• $3.40 (All-time high): Ultimate target for an upward breakout.

Major Development: Institutional DeFi on XRPL

Ripple Labs has introduced a groundbreaking proposal to create an institutional-grade decentralized finance (DeFi) ecosystem on the XRP Ledger. This initiative includes:

• A multi-purpose token (MPT) standard for financial institutions.
• A permissioned decentralized exchange (DEX) for regulated trading.
• A credit-based DeFi lending platform tailored for institutional use.

This marks one of the most significant advancements for XRP since Ripple’s founding in 2013, signaling strong long-term growth potential.

Ripple XRP Live Chart

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

Related Articles

XRP Price Prediction: CME Launch Hype Fuels $2.74 Target

1 hour ago

Save

Forex Signals April 25: Will Trade Talks & Earnings Offer a Bullish Finish for DJIA?

2 hours ago

Save

Bitcoin Holds Above $93,000 as Record ETF Inflows and Long-Term Bullish Outlook Drive Momentum

8 hours ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments