XRP price has continued its strong downtrend, reaching its lowest level since February 3.
Ripple (XRP) coin dropped to 0.000021 against Bitcoin (BTC), down by 37% from its highest point this year.
XRP has lagged behind Bitcoin, which has surged to a record high, bolstered by strong fundamentals. Demand for Bitcoin continues rising, with spot ETFs recording inflows for the past seven consecutive weeks. They have now accumulated $44.91 billion in inflows, bringing total assets to $132 billion.
Companies are also continuing to buy Bitcoin. Strategy now holds over 580,250 BTC, while GameStop just bought 4,710 BTC. Trump Media is raising $2.5 billion to buy Bitcoin. Other firms accumulating BTC include Semler Scientific and the Blockchain Group.
XRP, however, has also experienced notable catalysts this year. The most significant was the resolution of the SEC vs Ripple case, which removed one of the network’s biggest hurdles since 2020.
The end of the lawsuit enables Ripple Labs to enter into more agreements with U.S. companies as it continues its push to compete with Swift. In a recent statement, CEO Brad Gariinghouse said the company made more deals in the six weeks following the ruling than in the prior six months.
Ripple Labs also acquired Hidden Road in a deal that positions it as one of the largest prime brokers. It hopes to move the $10 billion that Hidden Road handles daily onto the XRP Ledger.
Meanwhile, the Ripple USD stablecoin is slowly gaining market share, with its market cap rising to nearly $310 million. Ripple Labs aims for the stablecoin to become a major player in the payments space.
XRP price technical analysis
The daily chart shows the XRP/BTC pair topped at 0.00003410 before falling to 0.000021, its lowest level since February. The pair has formed a rounded top, a common bearish continuation pattern.
XRP is also nearing the formation of a death cross, as the 50-day and 200-day exponential moving averages approach a crossover. The weighted moving averages have already completed the death cross, a bearish signal that could lead to further downside.
Additionally, XRP is nearing the 50% Fibonacci retracement level. This raises the risk of continued decline, with sellers potentially targeting the 61.8% retracement level at 0.00001745, 18% below the current price.
