\n\t\t\t\t\t\t\t\t\tXRP’s price remains suppressed and further downside could be around the corner. \t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
XRP\u2019s price declined to around $1.31 on April 7th, down 2.5% over the past 24 hours. This brings its total losses for the past two weeks to 7.3% and close to 30% for the last year.<\/p>\n
The disappointing performance comes after what seemed to be a promising rally in the middle of March, when XRP shot up to almost $1.6, but the bulls failed to sustain momentum.<\/p>\n Analysts now offer multiple takes on the altcoin\u2019s current price action, but the consensus is that any positivity remains largely suppressed.<\/p>\n Popular crypto analyst CRYPTOWZRD, who offers daily insights into XRP\u2019s price action, stated yesterday that the altcoin painted a dragonfly doji candlestick pattern, which indicated that further upside was possible if the intraday chart managed to hold above $1.32. Unfortunately, the daily XRP candle yesterday closed indecisively, and the price is now trading below $1.31, showing indecisiveness.<\/p>\n According to the analyst:<\/p>\n A bullish move above its nearest resistance target will eventually start pushing XRP bullish. However, it might take some time considering Bitcoin Dominance\u2019s current price behavior. XRP is currently trading above $1.3. We need a further bollush move from this location towards the $1.55 resistance.\u201d<\/p>\n<\/blockquote>\n Ultimately, he explained<\/a> that XRP\u2019s price is tightly correlated with BTC\u2019s and that if the latter declines below $64K, the former will decline toward the $1.07 support.<\/p>\n Data from Glassnode shows that the percentage of XRP supply in profit has declined to 43.4%, the lowest level since July 2024.<\/p>\n For reference, though, back in November, when the price was $2.15, 41.5% of the supply was in the red. The depressing price action is further supported by the fact that spot exchange-traded funds tracking its price continue to dig new lows, ending<\/a> March as the first month in the red.<\/p>\n That said, it\u2019s not necessarily true that XRP\u2019s price is the best gauge for Ripple\u2019s overall performance as a company. The firm recently unveiled<\/a> two new product lines called Digital Asset Accounts and Unified Treasury within the Ripple Treasury platform, which now allow corporations to manage fiat and crypto side by side in a single system.<\/p>\n Moreover, earlier in April, the rating agency KBRA assigned<\/a> a BBB issuer rating to Ripple Prime, a signal of significant credibility in the world of traditional finance.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\nThe Support Level That Must Hold XRP\u2019s Price<\/h2>\n
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\u00a0Sentiment Weakens<\/h2>\n
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