Ripple’s $1.25B Hidden Road Acquisition: Can It Propel XRP Beyond $1.95?
Ripple’s landmark acquisition of Hidden Road sparks mixed reactions as XRP faces potential price volatility. While the deal promises long-term growth, short-term market sentiment remains cautious.
Ripple’s $1.25B Hidden Road deal: Will it revive XRP prices?
Ripple, the blockchain-based digital payment network, has completed a historic $1.25 billion acquisition of London-based prime brokerage firm Hidden Road. Despite this major development, XRP prices declined by 9.50%. The token could drop by an additional 20% to $1.50 if it fails to climb above $1.95. However, Hidden Road is expected to provide significant support for Ripple and its products, including Ripple USD [RLUSD] and the XRP token. The acquisition initially led to a sharp recovery in the token’s price, but the rally faded due to bearish sentiment amid the ongoing tariff war.
XRP Primed for a Comeback as Key Technical Signal Hints at Explosive Move
XRP’s recent recovery has sparked fresh Optimism among traders. Technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are aligning, suggesting that XRP is approaching a crucial decision zone. Following the recent downturn, the price is now on a bullish recovery after testing the $1.7 key support level. If the current momentum continues, XRP could be on the verge of a significant breakout. However, failure to build on this momentum could trap the token in another consolidation phase or a deeper retracement.
XRP ETF Launch Impresses Despite Bear Market
Teucrium’s newly launched 2x XRP ETF (XXRP) recorded $5.43 million in turnover during its first day of trading on April 8, despite XRP prices hitting a five-month low. The ETF achieved this milestone amid widespread selling pressure in cryptocurrency markets. Bloomberg Senior ETF Analyst Eric Balchunas deemed the performance ’very respectable’ given the current bearish conditions. XRP’s price dropped to $1.61 on Monday, marking its lowest point in five months, and briefly recovered to over $1.87 on Tuesday before falling again to $1.69 by evening.
XRP To Flip Bitcoin This Cycle? Analyst Points To Major Bounce
Following its historical surge from $0.5 to over $3, the XRP price has climbed alongside Bitcoin (BTC) and other leading cryptocurrencies. One crypto analyst, Axel Rodd, suggests that the altcoin could flip Bitcoin’s market cap during this bull cycle, citing the major breakdown in BTC’s Dominance and the early signs of an altcoin resurgence. According to his analysis, the structure of the altcoin’s market currently mirrors conditions last seen in late 2017, when it briefly overtook Bitcoin.
