Quick overview

Live XRP/USD Chart

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Markets caution that XRP might face further losses, likely dropping below $2, as technical indicators suggest the current correction may persist. XRP fell 1.56 percent over the last day and more than 6.3 percent over the week, trading below $2.2

Recent price action shows the $3 resistance level is crucial for the price of XRP,  breached in January when the favorable decision in the Ripple case was announced to the public.

The short-term bullish rebound that started when the asset broke through the $1 resistance essentially ended when XRP fell back to its April low because of increased selling pressure. Recent market action significantly impacted XRP’s recent losses. The remittance token may likely fall below $2.

This sell-off occurs despite the U.S Core PCE Price Index, which excludes food and energy, dropping to its lowest level since March 2021 in April, reflecting an annual rate of 2.5 percent. However, the Federal Reserve has maintained a hawkish stance, warning that trade tariffs could increase the likelihood of a recession.

Additionally, investors will monitor the resolution of the SEC case and the potential approval of a spot XRP ETF. The Ripple case may be close to a settlement.

The regulatory environment might ease the regulation of cryptocurrencies, potentially accelerating the adoption of altcoins like XRP by SWIFT or other traditional financial institutions. In the SEC letter, Ripple argues that a sandbox environment with comprehensive regulations is preferable to regulation abroad.