Crypto/Market News
XRP Declines by 4% as Global Economic Strains Spark Market Turmoil
XRP's recent decline underscores market instability prompted by international trade disputes.
1 min read
XRP has dropped by as much as 6% within the last 24 hours, affected by increasing global economic tensions that are causing significant market liquidations and pushing prices through critical support levels.
The cryptocurrency fell from $2.20 down to $2.14, as the total crypto market experienced a decrease of 3.81%, leading to a market cap of approximately $3.3 trillion.
Key Highlights:
- The fluctuations followed a recent ruling from the U.S. Court of International Trade which overturned previous trade tariffs, intensifying market volatility.
- XRP has met resistance at the $2.21 mark but found support around $2.11, indicating potential stabilization although the prevailing trend suggests continued selling pressure.
Recent Developments:
- Webus International, based in China, has announced a plan to raise up to $300 million using non-equity financing to enhance its global chauffeur payment network, utilizing XRP reserves.
- Their initiative seeks to incorporate XRP’s capabilities into their system, including features like on-chain booking and Web3 loyalty programs.
- Webus is also renewing a partnership with Tongcheng Travel Holdings to leverage the XRP Ledger for cross-border transactions.
- Additionally, Bitget has listed Ripple’s RLUSD stablecoin.
- Ripple recently highlighted the potential of their stablecoin solutions as the cross-border payment industry is projected to grow to $50 trillion by 2032.
Price Analysis:
- XRP has encountered strong selling at $2.21, failing to launch a sustained rebound. Buyers have shown interest around $2.11, averting further declines.
- Current trading indicates a range of $2.13 to $2.14, suggesting a possible stabilization, although lower highs are evident.
- Lastly, recent price activity formed a higher low around $2.135, while resistance remains formidable at levels between $2.144 and $2.145.
As XRP continues to face pressure from economic factors and market dynamics, participants will be vigilant for any signs of stronger support or potential breakdown scenarios.
