XRP price approaches four-month minimum, death cross imminent in comparison to Bitcoin
XRP's downward trend persists, reaching a six-month low against Bitcoin.
The digital coin XRP experienced a sharp decline, dropping to 0.000021 against Bitcoin, a 37% drop from its Year-to-Date high. Bitcoin, by contrast, has soared to record highs, fueled by robust fundamentals and surging demand. In the past seven consecutive weeks, spot Bitcoin ETFs have reported inflows worth $44.91 billion, bringing total assets to $132 billion.
Businesses are piling into Bitcoin, with Strategy now holding over 580,250 BTC, while GameStop has recently acquired 4,710 BTC. Trump Media is planning a $2.5 billion Bitcoin acquisition, with Semler Scientific and the Blockchain Group also increasing their Bitcoin holdings.
Ethereum, however, has stalled despite whales offloading $530 million worth of coins. Analysts question whether it can reach $4,000. Conversely, XRP has experienced notable catalysts this year, namely the resolution of the SEC vs. Ripple case. This resolution has cleared a significant hurdle for Ripple Labs, permitting it to negotiate more agreements with U.S. firms as it competes with Swift.
In a statement, CEO Brad Garlinghouse revealed that the company clinched more deals in the six weeks following the ruling than in the preceding six months. Ripple Labs also acquired Hidden Road, positioning it as one of the largest prime brokers, aiming to move the $10 billion Hidden Road manages daily onto the XRP Ledger.
The Ripple USD stablecoin is gradually growing in market share, with a $310 million market cap. Ripple Labs intends for the stablecoin to become a major player in the payments sector.
The XRP/BTC pair formed a rounded top on the daily chart, indicative of a bearish continuation pattern. XRP is also approaching a potential death cross, with the 50-day and 200-day exponential moving averages set to intersect, signaling a bearish signal that may lead to further declines. Additionally, XRP is edging toward the 50% Fibonacci retracement level, raising the risk of additional declines, with sellers targeting the 61.8% retracement level at 0.00001745.
In a separate development, GameStop is under watch following its acquisition of 4,710 BTC.
- Despite XRP's persistent downtrend, reaching a six-month low against Bitcoin, other cryptocurrencies like Bitcoin and Ethereum have shown varied performances.
- Bitcoin has been on a surging trajectory, with spot Bitcoin ETFs reporting inflows worth $44.91 billion over the past seven weeks, bringing total assets to $132 billion.
- Businesses are increasingly investing in Bitcoin, with companies such as Strategy, GameStop, Trump Media, Semler Scientific, and the Blockchain Group expanding their Bitcoin holdings.
- Ethereum, despite whales offloading $530 million worth of coins, has encountered skepticism regarding its ability to reach $4,000, in contrast to XRP's notable catalysts this year.
- Following the resolution of the SEC vs. Ripple case, Ripple Labs has seen a surge in deals, clinching more in six weeks than in the previous six months.
- Ripple Labs' acquisition of Hidden Road positions it as one of the largest prime brokers, aiming to move the $10 billion Hidden Road manages daily onto the XRP Ledger, while the Ripple USD stablecoin is gradually growing in market share, with a $310 million market cap.
