Key Takeaways
- XRP has fallen about 7% over the past 24 hours and is trading near $2.20 per coin.
- The decline comes as the broader cryptocurrency market undergoes a general correction.
XRP continues to slide despite Ripple’s push to accumulate tokens
XRP, the native token of the Ripple ecosystem, has dropped roughly 7.5% in the last 24 hours and is trading around $2.20. This downward movement has occurred even as Ripple Labs pursues a plan to raise at least $1 billion through a special-purpose vehicle intended to acquire and hold XRP.
Reports indicate the fundraising round would be executed via a special purpose acquisition company (SPAC), with the raised funds kept within a newly established digital asset treasury (DAT) structure. Ripple is reportedly prepared to contribute part of its own XRP holdings to the vehicle.
In addition to the accumulation plan, Ripple announced it has acquired GTreasury, a corporate treasury software provider, in a deal valued at $1 billion. This acquisition is part of Ripple’s broader push into financial services. Earlier this year the company acquired stablecoin payments firm Rail and the prime brokerage firm Hidden Road.
Ripple said GTreasury’s platform—which helps Fortune 500 companies manage cash, currencies and risk—will be incorporated into Ripple’s suite of financial tools.
XRP could drop below $2 as bullish momentum fades
The four-hour XRP/USD chart looks bearish and shows inefficiency after the price met resistance near the lower trendline of a descending wedge pattern earlier this week. XRP has slid through daily support at $2.35 and currently trades below that mark.
Technical indicators point to selling pressure: the RSI sits near 37, indicating bears are in control, and MACD lines also suggest downward momentum. At the time of writing, XRP trades around $2.216. If the correction continues, the next daily support level is around $1.96. A further decline could retest last Friday’s low near $1.77 if bearish momentum persists.
On the upside, a recovery could push XRP back toward the 200-day EMA near $2.62 in the short term. A return to $3 remains a medium-term resistance target for the token.