XRP's price movement today has been influenced by a combination of market dynamics and investor sentiment. The recent dip below the $2.2 mark has sparked concerns among traders, as the broader crypto market experiences a selloff. This decline comes despite the positive momentum XRP had gained from the launch of Ripple's stablecoin, RLUSD, and the anticipation surrounding an XRP ETF. The market's cautious stance is reflected in the reduced trading volume and a decline in XRP Futures Open Interest, indicating a bearish sentiment.
Despite the current downturn, experts remain optimistic about XRP's potential for recovery. The BitBoy, a prominent figure in the crypto space, highlighted the importance of RLUSD in driving liquidity through the XRP Ledger, which could bolster XRP's price in the future. Additionally, key support levels have been identified, with experts suggesting that XRP could target $2.62 and $3.28 in its next upward run. However, the immediate focus remains on the $2.3 support level, which, if breached, could lead to further declines.
XRP is currently trading at $2.237166, reflecting a 0.49% decrease today. The cryptocurrency reached a high of $2.343945 earlier but has since retreated to its current level.