XRP Faces Bearish Trends Despite Positive Developments
despite several positive updates,XRP’s price has struggled this year. As of Saturday, it was trading at $2.08, a 40% drop from its peak. its market cap has fallen from $190 billion in January to $121 billion.
However, XRP has seen some bullish news. Teucrium launched teh 2X Long Daily XRP ETF (XXRP), attracting over $24 million. Several firms, including Grayscale and 21Shares, have applied for spot funds. Analysts predict a 77% chance of SEC approval.
President Trump mentioned XRP as part of the U.S. strategic reserves, which could boost demand. The SEC also dropped its 2020 lawsuit, ending a long legal battle. This could help Ripple partner with U.S. banks and money transfer companies.
Ripple’s stablecoin, Ripple USD, has seen its market cap rise to nearly $300 million. Ripple acquired Hidden Road,a prime broker handling $10 billion daily,aiming to move transactions to the XRP ledger.
Technically, XRP has been under pressure. Its below the 50-day EMA and a descending trendline. However, it’s forming a falling wedge, a bullish reversal pattern. A breakout could see XRP reach $3.40, with potential for $5. A drop below $1.6110 would invalidate this outlook.
