Key takeaways
- XRP fell about 7% over the past 24 hours and is currently trading near $2.20 per coin.
- The bearish move comes as the broader cryptocurrency market undergoes a corrective phase.
XRP continues to slide despite Ripple’s efforts to amass more tokens
XRP, the native token of the Ripple ecosystem, lost roughly 7.5% of its value in the last 24 hours and is trading near $2.20 per coin. The downside pressure arrived even as Ripple Labs works to raise at least $1 billion through a special vehicle designed to accumulate XRP.
Bloomberg reported the funding round will be conducted via a special purpose acquisition company (SPAC), with the funds held in a new digital asset treasury (DAT) structure. The report added that Ripple plans to contribute a portion of its own XRP holdings to the vehicle.
In addition, Ripple announced on Thursday the acquisition of GTreasury, a corporate treasury software provider, in a deal valued at $1 billion. The purchase highlights Ripple’s strategy of expanding into financial services through acquisitions — earlier this year the firm acquired payments specialist Rail, which supports stablecoin payments, and brokerage Hidden Road.
Ripple said GTreasury’s treasury platform, used by Fortune 500 companies to manage cash, foreign currency and risk, will become part of its broader financial tools offering.
XRP could drop below $2 as downside momentum builds
The XRP/USD 4-hour chart shows a bearish outlook after the price met resistance near the lower trendline of a descending wedge earlier this week. Over the past 24 hours the token lost about 7.5% and is trading below daily support at $2.35.
A 37 reading on the RSI indicates bears are in control, and MACD lines also point to selling pressure. At the time of writing XRP is priced around $2.216 per coin. If the correction continues, XRP may extend its decline toward the next daily support at $1.96. Last Friday’s low near $1.77 could come into play if bearish momentum persists.
Conversely, if XRP stabilizes, it could stage a rebound toward the 200-day EMA around $2.62 within the coming hours. The $3.00 resistance level remains the medium-term target for any sustained recovery.