Summary
- XRP reportedly plunged 6% amid global macroeconomic uncertainty, with trading volume surging to four times its usual level.
- It was noted that the decline in price was fueled by weakened investment sentiment in risk assets due to a ruling by the U.S. Court of Appeals.
- Institutions such as VivoPower and Webus International have begun creating XRP reserves, which is partly relieving the downward pressure.
XRP has continued its bearish trend, plummeting by more than 6% amid heightened global macroeconomic uncertainty.
According to CoinDesk, a media platform specializing in virtual assets and cryptocurrencies, on the 30th (local time), XRP dropped from $2.305 to as low as $2.163 at one point during the day, recording a decline of 6.16% in a single day. XRP's trading volume surged to 174.7 million XRP, reaching about four times the 24-hour average trading volume.
This decline is believed to be due to the U.S. Court of Appeals' ruling allowing the temporary enforcement of Trump's tariff measures during the appellate trial period. This decision acted as a backdrop that generally dampened investment sentiment in risk assets.
However, as some institutions move to establish reserves using XRP, this is seen as partially easing the downward pressure on prices. Renewable energy company VivoPower announced that it had raised funds totaling $121 million to establish a strategic reserve centered on XRP. Chinese Web3 company Webus International also signaled plans to create an XRP strategic fund of up to $300 million.
The media reported, “Technically, XRP formed a short-term support line near $2.16 and attempted a rebound up to $2.22, but failed to break through the $2.23 resistance,” adding, “Currently, the price is moving sideways within the $2.195~2.196 range.”
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
