Despite mounting institutional interest and positive developments, XRP has taken a brutal nosedive from its peak, currently trading at $2.05 – a staggering 44.57% plunge from its recent all-time high of $3.4. The crypto market isn’t exactly throwing a party for XRP holders right now, even as significant institutional developments unfold in the background.
XRP’s brutal 44% plunge to $2.05 paints a grim picture, despite positive institutional developments backing the cryptocurrency’s future.
Speaking of institutions, HashKey Capital just launched Asia’s first XRP Tracker Fund, with Ripple itself backing the initiative. The 50-day exponential moving average provides strong dynamic support. Sure, professional investors can now get their XRP fix without actually holding the crypto – how convenient. The fund’s monthly subscription model is basically rolling out the red carpet for institutional money. But apparently, that’s not enough to stop the bleeding.
The legal drama continues to steal the spotlight. Ripple and the SEC have hit the pause button on their seemingly endless lawsuit for 60 days. Could this be the settlement talks everyone’s been waiting for? Meanwhile, multiple XRP ETF applications are collecting dust on SEC desks, though prediction markets are feeling oddly optimistic with an 82% probability of approval this year. Like many hard fork events, the uncertainty is causing significant price volatility.
Technical analysts are having a field day with this one. Trader “Ak47” – yes, that’s really their name – has identified $1.4 as the next potential support level. The price has already broken below what traders call a “Change of Character” on the daily timeframe. In plain English? It’s not looking great. The current price remains trapped in a tight trading channel between $2.5 and $2.12.
But here’s the kicker – we’ve seen this movie before. Back in 2022, XRP took a similar 60% beating during a market-wide meltdown. The current pattern is like déjà vu for veteran traders.
Despite the doom and gloom, institutional interest remains surprisingly robust. Some traders are actually planning to “go long” around the $1.4 mark – talk about catching falling knives.
The million-dollar question remains: Is this the turning point? With ETF prospects, institutional adoption, and potential regulatory clarity on the horizon, XRP’s story is far from over. But for now, the price chart looks about as pretty as a car crash.
