XRP Faces Bearish Pressure Despite Major Milestones
XRP’s price took a hit in the first quarter, wiping out some of the gains from November’s 500% surge. The cryptocurrency is now trading at $2.1564, just above a critical support level of $1.9120. This decline marks a 35% drop from its January peak, signaling a bear market for Ripple.
Despite important achievements, XRP’s value fell. the U.S. Securities and Exchange Commission ended its five-year lawsuit against Ripple, clearing the path for partnerships with major U.S. firms. CEO Brad garlinghouse noted that many companies avoided Ripple due to the legal battle. Ripple aims to rival SWIFT, a global network handling $150 trillion annually. To achieve this,Ripple needs to partner with thousands of banks.
Key milestones include securing licenses in New York and Texas, and authorization for financial services in the UAE. Ripple USD (RLUSD) reached a $250 million market cap, outpacing larger stablecoins in trading volume. XRP ETF applications from firms like Grayscale and WisdomTree could attract Wall Street investors.
- Secured licenses in New york and Texas.
- RLUSD stablecoin’s growth shows promise in decentralized finance.
- Multiple XRP ETF applications are pending.
Technical analysis reveals a bearish head and shoulders pattern. A break below $1.9117 could signal further declines. The 50-day and 200-day moving averages are narrowing, hinting at a potential death cross. A drop below $1.9117 could push prices toward $1.5370, about 30% below current levels.
For more insights, check the XRP price chart for detailed analysis. The 50% Fibonacci retracement level aligns with the neckline at $1.9117, with the next support at $1.5370. This could lead to a 30% drop. Investors should monitor these levels closely.
