Will XRP Ever Rise Again? It’s Like Watching Paint Dry! 😅

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What you need to know (Brace yourself):

  • XRP dropped 2.71% in the last 24 hours, settling at $2.20 as if it was a reluctant guest at a party no one invited.
  • The token’s market cap took a $6 billion dive, with weekly losses ticking up to 9.11%, like a car slowly rolling downhill. Fasten your seatbelt.
  • Ripple’s still pretending to be the good guy, focusing on blending into traditional finance with things like their shiny new stablecoin RLUSD and the acquisition of Hidden Road (what even is that?).

XRP

tumbled 2.71% over the past 24 hours. It’s like a bad romance that just won’t quit. Selling pressure is stronger than the urge to check your phone for memes, and buying interest is nowhere to be found.

The token now sits at $2.20 after crashing through support levels like an enthusiastic child on a sugar high. The recent price movement is forming a pattern reminiscent of a descending channel. Don’t worry, it’s not the latest fashion trend – it’s just a bad sign.

A 1.2 million unit volume spike hinted that traders were trying to flee before things got uglier. Spoiler alert: they didn’t make it.

In a shock twist, XRP’s market cap took a nosedive by $6 billion during this rollercoaster ride, while weekly losses are now 9.11%, courtesy of global market chaos. Who knew crypto could be so dramatic?

News Background (because who doesn’t love a good backstory?):

  • Ripple is stuck in the middle of a tug-of-war between progress and confusion. They’re all about integrating into traditional finance, but let’s be real—will they ever truly fit in? Their RLUSD stablecoin and Hidden Road acquisition suggest they’re trying hard.
  • And if you think that’s bold, wait until you hear about Ripple’s UAE real estate tokenization project. Yes, you read that right – tokenized real estate. Whatever that means. Global domination, anyone?
  • On Wednesday, Webus from China filed with the SEC. Why? To raise $300 million, most of which is apparently going into an XRP strategic reserve. Because who doesn’t love a good reserve, right?

Price-Action (Spoiler: it’s still not great):

CoinDesk’s technical analysis, aka the oracle of doom, has marked resistance at the $2.265-$2.270 range, where XRP keeps getting rejected like a bad job interview. Sellers are definitely calling the shots, and the volume is proof.

Support now lies in the $2.10-$2.15 range, but if the market keeps heading south, even that support might not last. The road to $1 could be paved with broken dreams.

There’s a glimmer of hope, though. Some analysts see potential for a double bottom, meaning XRP could be gearing up for a comeback – or maybe it’s just wishful thinking. But hey, you never know when the tide will turn.

Open interest is shooting up, reaching over $4 billion, which suggests there’s a lot of liquidity. Maybe a short squeeze is coming. Or maybe the crypto gods are playing a cruel joke. It’s hard to tell.

Technical Analysis Recap (Get ready to take notes):

  • XRP fell 2.71% from a high of $2.269 to a low of $2.190. Apparently, it’s on a downward trend, which no one is surprised about.
  • Price action formed a descending channel. Yeah, we get it – bearish. The market doesn’t want to buy this party.
  • Resistance is set at $2.265-$2.270. You know, the area where XRP keeps failing. Like trying to reach for that last cookie, but it’s already gone.
  • Support is at $2.202-$2.205, but let’s be real, it could break down if things keep getting worse.
  • At 01:48, the price broke below $2.204-$2.206 with a huge volume spike. So, if you were holding your breath for a rebound, it’s time to exhale.
  • And then there’s the possible double bottom. It’s like the crypto equivalent of “there’s a chance” – or is there?

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2025-06-05 11:06