XRP holders faced a challenging weekend as the cryptocurrency's price dropped sharply, falling below the $2 mark amidst negative market sentiment. This decline coincides with a lack of updates from Judge Analisa Torres regarding Ripple's latest motion in its ongoing lawsuit with the SEC. This case remains unresolved and could pave the way for U.S. institutional XRP sales and the potential approval of a spot ETF.
As XRP struggles to find stability, the overall crypto market also experiences volatility, with altcoins affected by various legal and geopolitical factors. One noteworthy development could impact XRP's future: Hugo Philion, co-founder of Flare Network, announced that their upcoming product, Firelight, may soon activate tens of billions of dormant XRP. Philion suggested that after meetings in the U.S., this solution might soon put billions of XRP to productive use within Flare's ecosystem.
Despite recent challenges, on-chain activity indicates some resilience. Key wallets and escrow release schedules remain stable. Technical indicators also suggest a possible short-term bounce; XRP's Relative Strength Index (RSI) is nearing oversold territory, and support levels between $1.93 and $1.80 are currently holding. Analyst Casi Trades commented that XRP's price action aligns with expectations, as it nears a significant support zone at $1.90 that could represent a bottom, especially if it shows signs of bullish divergence. Bitcoin appears to be mirroring this pattern near $97,000. If both XRP and Bitcoin reach these critical levels simultaneously, it may trigger buying momentum that could rejuvenate the market.
As XRP struggles to find stability, the overall crypto market also experiences volatility, with altcoins affected by various legal and geopolitical factors. One noteworthy development could impact XRP's future: Hugo Philion, co-founder of Flare Network, announced that their upcoming product, Firelight, may soon activate tens of billions of dormant XRP. Philion suggested that after meetings in the U.S., this solution might soon put billions of XRP to productive use within Flare's ecosystem.
Despite recent challenges, on-chain activity indicates some resilience. Key wallets and escrow release schedules remain stable. Technical indicators also suggest a possible short-term bounce; XRP's Relative Strength Index (RSI) is nearing oversold territory, and support levels between $1.93 and $1.80 are currently holding. Analyst Casi Trades commented that XRP's price action aligns with expectations, as it nears a significant support zone at $1.90 that could represent a bottom, especially if it shows signs of bullish divergence. Bitcoin appears to be mirroring this pattern near $97,000. If both XRP and Bitcoin reach these critical levels simultaneously, it may trigger buying momentum that could rejuvenate the market.
