What to know:
- XRP has taken a nosedive of over 6%, plummeting from $2.305 to a rather sad $2.163. Ouch!
- In a plot twist worthy of a soap opera, VivoPower has raised $121 million to create an XRP-focused treasury reserve. Institutional support? Maybe, but don’t hold your breath!
- Analysts are waving their crystal balls, predicting a potential 16% drop if XRP can’t cling to the $2.31 lifeline. 🎢
In the grand theater of cryptocurrency, XRP has decided to take a sharp hit overnight, shedding more than 6% in a high-volume correction that left traders clutching their pearls amid the mounting global economic uncertainties. The drop — from $2.305 to a low of $2.163 — came as the cryptocurrency market reeled from a U.S. court ruling that overturned Trump-era trade tariffs, rattling investor confidence and wiping 3.1% off the total crypto market cap, now at a staggering $3.35 trillion. Yes, trillion with a ‘T’! 💰
But fear not, dear reader! The sell-off wasn’t all doom and gloom for XRP. Renewable energy company VivoPower has grabbed headlines by raising $121 million to establish an XRP-focused treasury reserve — a first-of-its-kind move by a publicly traded firm. And just when you thought it couldn’t get any more exciting, China-based Webus International announced it was raising up to $300 million in cash to eventually launch an XRP strategic reserve. Talk about a plot twist!
That’s giving some traders a glimmer of hope that institutional adoption might provide a floor for the beleaguered token. Or at least a nice rug to land on when it falls. 😅
Technically speaking, XRP saw capitulation selling in the midnight hour, with volume spiking to 174.7 million units — nearly quadruple the average 24-hour trading volume. Prices found tentative support around $2.16 before a brief rebound to $2.22. Analysts are now watching key resistance at $2.23, a level that could define whether XRP can stabilize or face further downside risk. It’s like watching a tightrope walker without a safety net!
Hourly chart patterns revealed a V-shaped recovery attempt, but resistance around $2.204 capped gains, with prices consolidating between $2.195 and $2.196. Technical indicators are sounding the alarm that if XRP fails to hold $2.31 support, it could plunge another 16% toward $1.96 — a level not seen in weeks. Grab your popcorn, folks!
Technical Analysis
- XRP dropped from $2.305 to $2.163, a 6.16% decline. Not exactly a winning lottery ticket!
- Midnight volume surged to 174.7M units, far exceeding the 24-hour average. Someone’s buying the dip!
- Support formed at $2.16, with resistance at $2.23 capping rebound attempts. It’s like a game of tug-of-war!
- V-shaped recovery saw XRP testing $2.204 before consolidating around $2.195-$2.196. A classic case of “almost, but not quite.”
- A key risk is a potential 16% drop to $1.96 if the $2.31 support fails. Hold onto your hats!
With the market in flux, traders are bracing for more volatility as XRP navigates the fallout from macroeconomic uncertainty and potential opportunities stemming from growing institutional interest. It’s a wild ride, folks, so keep your arms and legs inside the vehicle at all times! 🎢
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2025-05-30 16:04