XRP Struggles Amid Bearish Momentum: Key Support Levels in Focus

Ripple (XRP) is currently facing significant bearish pressure as critical support levels are tested. The cryptocurrency’s price has declined by 9% over the past week, with technical indicators signaling further potential downside. This article delves into the key factors influencing XRP’s price action and what traders can expect in the NEAR term.

Ripple (XRP) Faces Bearish Pressure as Support Levels Tested

XRP’s price action turned decisively bearish last week as sellers capitalized on buyers’ inability to hold the $2.6 support level. The cryptocurrency has retreated 9% over seven days, now testing critical support at $2.3.

Technical indicators flash warning signs, with the daily MACD completing a bearish cross three days ago. Trading volume patterns show consistent red closes, suggesting weakening demand. The next significant support lies at $2, a level that may come into play if current selling pressure persists.

Market structure appears vulnerable as momentum shifts decisively to the downside. The absence of strong buying interest has created conditions for extended downside, with traders watching whether current support levels can stem the bleeding.

XRP Faces $470 Million Selloff as Investors Await Price Recovery

XRP experienced a significant selloff this week, with realized profits hitting their highest level since early March. Approximately $470 million worth of the cryptocurrency was sold within 24 hours, mirroring a pattern observed earlier this year when minor price gains triggered aggressive profit-taking.

Market sentiment remains divided as XRP struggles to breach a key resistance level. Historical trends show rapid selloffs consistently follow price surges, creating a cycle of fleeting rallies and subsequent declines. Whale activity suggests diminishing support at current price levels.

BitMEX Introduces RLUSD Spot Trading and Margin Support with 15,000 RLUSD Reward Pool

BitMEX has launched spot trading and margin support for Ripple USD (RLUSD), marking a significant expansion of its offerings. Starting May 20, users can deposit, buy, and trade RLUSD on the BitMEX Spot market. The exchange will also become the first to enable RLUSD as a margin currency through its Multi Asset Margining feature, available from May 22.

A 15,000 RLUSD reward pool has been allocated to incentivize user participation. Traders who deposit, buy, or trade RLUSD on BitMEX Spot—or use it as margin for derivatives trading—will be eligible for rewards. "We’re thrilled to collaborate with Ripple, a leader in digital asset infrastructure, to bring ’The Ripple Effect’ to our traders," said Stephan Lutz, BitMEX CEO. The move underscores BitMEX’s commitment to diversifying its product suite.

BXE/XRP Pair Plunges Over 63% Amid Speculative Trading and Low Volume Conditions

The BXE/XRP trading pair has collapsed by 63.43%, erasing gains from a mid-May rally that briefly pushed prices toward the 0.01 threshold. Thin liquidity and speculative activity exacerbated the volatility, highlighting the pair’s underdeveloped market structure.

Despite the price turmoil, the XRP Ledger continues to demonstrate robust utility, processing over 2.5 million transactions in February alone. This divergence underscores the disconnect between speculative trading activity and underlying blockchain adoption.

XRP Price Action Mirrors 2017 Rally, Analyst Predicts Double-Digit Surge

Crypto analyst Galaxy has identified striking parallels between XRP’s current price trajectory and its historic 2017 bull run, when the asset skyrocketed 61,000% in 280 days. The technical setup suggests a potential repeat performance.

Six years of consolidation appear to be culminating in a breakout pattern nearly identical to the prelude of XRP’s 2017 parabolic move. Galaxy’s chart analysis indicates a possible rally toward $40, with double-digit prices serving as an initial target. The extended basing period typically precedes more explosive price movements.

Ripple CEO Celebrates XRP Futures Launch on CME Group Amid Investor Warning

XRP gains institutional traction with the listing of XRP and Micro XRP futures on CME Group, the world’s largest derivatives marketplace. Ripple CEO Brad Garlinghouse hailed the milestone as a pivotal moment for the token’s institutional adoption.

The announcement comes with a cautionary note from Ripple, urging investors to remain vigilant in the volatile crypto market. The move signals growing confidence in XRP’s role in the digital asset ecosystem.