- XRP price slips 5.6%, testing the critical $2.14 support level.
- Ripple’s $1B GTreasury deal sees no immediate XRP price surge.
- Market sell-offs and global tension pressure XRP’s price.
Ripple’s recent acquisition of GTreasury for $1 billion was seen as a strategic move to enhance its treasury and liquidity solutions. The deal was expected to drive positive momentum for XRP, but the price has failed to respond as anticipated.
XRP lost 5.6% in a single day, resulting in a 5.75% decline in its market cap, which now stands at $137.21 billion. The market sentiment is weak, and the coin continues to face downward pressure.
XRP’s current price is hovering around $2.29, a sharp drop from the previously held support level of $2.47. Despite the increased trading volume, XRP has been unable to capitalize on Ripple’s acquisition announcement. This suggests a disconnect between the market’s reaction to Ripple’s business moves and the coin’s price action.
XRP Price Outlook: $2.14 Support in Focus
Examining XRP’s price chart, technical analysis suggests further downside risk. After the failure to maintain support at $2.47, XRP has broken into the $2.27 zone.
The price remains under pressure, with technical indicators such as the MACD and RSI signaling bearish conditions. The RSI is currently in oversold territory, but the loss of the key support level points to a higher risk of further declines.
If the price closes below $2.29, the next critical support level is around $2.14. A move below this level would indicate continued weakness and a potential for further price drops.
Ripple’s $1B XRP Buyback Strategy: Will It Move the Market?
Ripple is reportedly looking to buy back up to $1 billion worth of XRP as part of its digital asset treasury expansion. This initiative aims to strengthen Ripple’s liquidity position and potentially enhance market confidence. However, it remains unclear how this strategy will affect the price of XRP in the short term.
If Ripple expands this buyback to $10 billion, it could create significant upward pressure on XRP’s price. According to market analysts, such a large-scale purchase would absorb a large portion of XRP’s liquidity, potentially driving up its value. However, how the buyback is structured gradual versus rapid acquisition, could influence the price movement.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
