Key takeaways
- XRP has fallen 7% over the past 24 hours and is now trading at $2.20 per coin.
- The decline comes as the broader crypto market undergoes a correction.
XRP continues to slide despite Ripple’s push to accumulate more tokens
XRP, the native token of the Ripple ecosystem, has lost roughly 7.5% of its value over the past 24 hours and is currently trading around $2.20 per coin. The drop comes even as Ripple Labs has been leading efforts to raise at least $1 billion through a special vehicle designed to accumulate XRP.
Bloomberg reported that the funding round would be structured via a special purpose acquisition company (SPAC), with funds held in a new digital asset treasury (DAT) arrangement. The report added that Ripple intends to contribute a portion of its own XRP holdings to the initiative.
In addition, Ripple announced Thursday that it had acquired GTreasury, an enterprise software provider, in a deal valued at $1 billion. The company has been expanding into financial services through acquisitions, having bought stablecoin payments firm Rail and prime brokerage firm Hidden Road earlier this year.
Ripple said GTreasury’s liquidity platform—used by Fortune 500 companies to manage cash, foreign exchange, and risk—will become part of its suite of financial tools.
XRP could drop below $2 as upward momentum weakens
The XRP/USD 4-hour chart looks bearish and loss-making after the coin met resistance near the lower trendline of a falling wedge pattern earlier in the week. The token has declined about 7.5% in the last 24 hours and is trading below daily support at $2.35.
An RSI around 37 indicates bears are currently in control, while MACD lines also signal selling pressure. At the time of reporting, XRP trades at $2.216 per coin. If the correction continues, XRP could extend its decline toward the next daily support at $1.96. Last Friday’s low near $1.77 could be revisited if the downtrend persists.
Conversely, if XRP manages a recovery, it could push toward the 200-day EMA near $2.62 in the hours ahead. The $3 level remains a medium-term resistance target for now.