.png){kind=logo}
XRP is currently trading at $2.31after facing selling pressure. This is as Ripple announces a delay in launching its RLUSD stablecoin. The delay is linked to pending regulatory approval from the New York Department of Financial Services (NYDFS). This has brought about uncertainty, with panic selling causing a decline.
On the other hand, theWorksport which is listed in Nasdaq has said they will spend as much as $5 million to embrace XRP as well as Bitcoin in its corporate treasury. This move reflects the increasing institutional trust in cryptocurrency, and even though Ripple is still into legal battles with the SEC.
The company’s most recent governance vote to decrease the XRPL account reserve fees by 90% has also made the Ripple network more accessible. It has boosted account signup, with close to 30,000 new accounts signed up in the beginning of the week.
On the 4-hour chart, XRP has found strong support at $2.20 after retracing from its recent highs at $2.90. If this level holds, XRP could consolidate and target a rebound toward the $2.9 high and beyond. However if it fails to maintain support, it could see a further dip to the $1.96 level, a key support zone arising from a fair value gap.
The RSI is at 50, indicating a neutral momentum that could tilt bullish if buying pressure resumes. However if market sentiment remains bearish, a retest of lower support levels is likely.
Delays on Ripple's part in its introduction of RLUSD stablecoin and the ongoing appeal by the SEC have led to this rare pause. Still, placing its bet on XRP and the continued decrease in the fees of the XRPL are indicators of growing use and adoption.
Its volatility in the short term will therefore depend on more specific factors such as its regulatory situation as well as the broader market dynamics. With critical support at $2.20 and resistance at $2.9, closely monitor these levels for signs of a breakout or further correction.
