XRP Faces Potential Price Plunge as ’Rising Wedge’ Breakdown Signals Bearish Momentum

XRP’s recent price action has raised concerns among traders as a ’rising wedge’ breakdown suggests a potential drop to $1.60. The pattern, marked by converging trendlines, indicates weakening upward momentum following a recovery attempt from April lows. This technical development could spell trouble for the payments-focused cryptocurrency in the near term.

XRP Charts ’Rising Wedge’ To Signal Price Plunge

Payments-focused XRP’s immediate prospects look bleak, with its price chart flashing a ’rising wedge’ breakdown. This technical pattern, comprising two converging trendlines, suggests weakening upward momentum. During Wednesday’s early Asian hours, XRP broke out of this pattern, indicating a loss of recovery momentum from April 7 lows near $1.60. Technical analysis suggests XRP could fall back to $1.60 following the breakdown.

XRP Downside Fears Persist Despite ETF Optimism

Analysts argue that XRP might be the next cryptocurrency to get a spot ETF listing in the U.S. after BTC and ETH. However, the Deribit-listed options market doesn’t share this optimism. As of the time of writing, Deribit’s put options tied to XRP were pricier than calls across several timeframes, indicating persistent downside fears. XRP dived out of an ascending wedge early Wednesday, signaling a possible re-test of recent lows at around $1.6.

Stellar Aims to Hold $3B in Real-World Assets by 2025

Stellar, a superfast and low fee-public blockchain, plans to hold $3 billion in real-world asset (RWA) value and power $110 billion in RWA volume by the end of 2025. The Stellar Development Foundation (SDF), the nonprofit supporting Stellar’s growth, aims to achieve this through partnerships with Franklin Templeton, Wisdom Tree, and new tokenization specialists such as Paxos, Ondo, Etherfuse, and SG Forge, the blockchain innovation division of French bank Société Générale.

Hidden Road Wins U.S. Broker-Dealer License, Being Acquired by Ripple

Hidden Road, the prime brokerage firm that’s being acquired by Ripple, has obtained approval to operate as a U.S. broker-dealer from the Financial Industry Regulatory Authority (FINRA). The license, granted to its subsidiary Hidden Road Partners CIV US LLC, will allow the firm to expand its fixed income prime brokerage platform. With the broker-dealer status, the firm plans to offer institutional clients a broader range of regulatory-compliant services in clearing, financing, and prime brokerage of fixed income assets. Noel Kimmel, the firm’s president, said in a statement that this is a significant step in the development of Hidden Road’s fixed income prime brokerage platform and bolsters their capabilities in traditional financial markets.