We will provide a clear and impartial technical analysis of XRP. We will analyze the events and the performance of this crypto asset in the last 24 hours.
Price Performance:
In the last 24 hours, the price of XRP has shown a downward trend. The latest information indicates a decline between 1.29% and 7.38%, with the price ranging between $1.76 and $1.83, depending on the trading platform. The trading volume in the last 24 hours was significant, ranging from $6.49 billion to $15.57 billion.
Recent Events:
One of the most notable events involving Ripple in the last 24 hours was the announcement of the acquisition of Hidden Road for $1.25 billion. Hidden Road is a global multi-asset prime brokerage, and this acquisition represents one of the largest deals in the digital asset space. Ripple plans to utilize Hidden Road's infrastructure to expand its institutional services and drive the adoption of the XRP Ledger (XRPL) for institutional DeFi activities. Hidden Road also plans to migrate its post-trade activities to the XRPL, aiming to optimize costs and liquidity.
Despite this strategic acquisition, the price of XRP did not show an immediate positive reaction, possibly influenced by the broader correction in the cryptocurrency market and geopolitical tensions, such as concerns over the trade war between the U.S. and China.
Technical Analysis:
Technically, XRP faces resistance in the range of $1.95 to $2.00. After a rejection in this zone, the price retreated to support levels around $1.74 to $1.75, where it found some support. In the short term, XRP appears to be in a retracement movement within a descending parallel channel, forming lower highs and lower lows, indicating ongoing selling pressure.
Final Considerations:
Although the acquisition of Hidden Road is a fundamental development for Ripple and for the institutional adoption of XRP and the XRPL, the asset's price in the short term remains susceptible to the overall market dynamics and sentiment towards Bitcoin. Traders should closely monitor support levels at $1.60 and the $1.74-$1.75 zone for possible reversal points, while overcoming resistance at $1.95-$2.00 would be necessary for a more optimistic bias.
I hope this analysis is helpful for your publication in Binance Write to Earn!
Cover Image: An abstract image representing the interconnection of global financial networks with the XRP logo highlighted. Predominant colors: blue and silver, conveying professionalism and technology.
$XRP #xrp #BinanceYieldEarnArena