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XRP Price Wavers at $2: Can a New $10 Billion Catalyst Push it to $5?
Ripple (XRP) is still under pressure as buyers remain elusive following its 40% retreat from the year-to-date high. XRP price has found a strong support at $2 despite numerous catalysts like the rising ETF approval odds and the potential Fed cuts. So, will a new $10 billion catalyst boost its value, potentially to $5?
XRP Price Could Benefit From Hidden Road’s Transactions
One of the biggest crypto news of this week was Ripple Labs acquisition of Hidden Road in a $1.5 billion deal. Its price tag makes it one of the biggest acquisitions in the crypto industry.
The XRP price reacted mildly to this buyout, perhaps because market participants are unaware of its implication for Ripple and its token. That’s because Hidden Road operates in an obscure field in finance where it provides prime brokerage, clearing, and financing solutions to institutional investors.
A potential implication of this deal to XRP is that Ripple Labs may decide to integrate its technology to the XRP Ledger. In a statement, David Schwartz clarified this, saying that there was a likelihood that Hidden Road’s $10 billion a day transactions will move to the Ledger.
Such a move would dramatically increase the volume of transactions on the ledger, boosting the XRP price. That’s because it would transform Ripple into one of the biggest infrastructure plays in the crypto industry.
On top of this, Ripple’s plans to become an alternative to SWIFT will also boost the XRP Ledger and its price. These hopes have become more pronounced after the SEC ended its case against the company. It has made it easier for Ripple to do deals with other companies, especially those in the US. $XRP
Breaking News 🚨, New York Stock Exchange (NYSE), agrees to register and list the TEUCRIUM'X exchange-traded fund (ETF) long-term daily currency XRP #xrp #Ripple
Bears dominate XRP while bulls defend a key support level
XRP has dropped by nearly 15% in a week, with bears in control as the EMA structure remains bearish and the price is below key trend indicators. The Relative Strength Index (RSI) has bounced from 27.49 to 36.37, indicating early signs of a potential recovery from oversold conditions and renewed buying interest. The Ichimoku cloud remains bearish, with XRP candles below key lines and a red cloud ahead, suggesting continued downward pressure.
XRP has experienced a significant decline in recent price action, with its value dropping by about 15% over the past seven days as bears continue to dominate the market. Technical indicators for the currency show mixed signals, with the RSI bouncing from oversold territory while Ichimoku cloud patterns continue to depict a predominantly bearish picture.
Despite testing the critical support level of $2.06 yesterday, leading to a temporary bounce, momentum remains negative as short-term moving averages are below long-term averages. The move from severe oversold conditions suggests that XRP may enter a consolidation phase before its next significant price movement.