In the past 24 hours, whales have unloaded 60 million $XRP, contributing to the bearish momentum dominating the market.
$XRP is currently trading at $2.19, with a staggering $7.85 billion in 24-hour trading volume. The critical question now is whether the $2.10 support level can hold amid the ongoing sell-off.
Technical Analysis: Bearish Sentiment Prevails
Short-term indicators confirm bearish momentum, while oscillators present mixed signals. The MACD leans bearish, indicating potential further downside. Resistance remains firmly established in the $2.4 to $2.5 range, adding pressure to $XRP’s price action.
XRP is trading at $2.19 with $7.85B in 24-hour volume 📉, as bearish trends dominate across charts. Is $2.10 support strong enough to hold? 🤔
– Bearish momentum confirmed on short-term timeframes
– Oscillators show mixed signals; MACD leans bearish
– Key resistance…— Bitcoin.com News (@BTCTN) January 8, 2025
Ripple’s President Talks XRP ETF Prospects
Despite the market’s downward trend, Ripple’s President Monica Long shared a bullish outlook for $XRP in a recent interview. She hinted that an XRP spot ETF might soon follow the approval of Bitcoin and Ether ETFs, citing improved U.S. crypto regulations.
“I think we’ll see more spot ETFs this year, and XRP is likely next in line. With the administration change, the approvals of those filings will accelerate,” Long stated, pointing to a potential milestone for $XRP and the broader crypto market.
🇺🇸 Big insights from @Ripple President Monica Long! In an interview, she shared that an XRP ETF could soon follow Bitcoin and Ether ETFs, driven by favorable U.S. crypto legislation. 📈✨
“I think we’ll see more spot ETFs this year, and XRP is likely next in line. With the…
— Bitcoin.com News (@BTCTN) January 8, 2025
Bank of America Adopts XRP for Internal Transactions
In another significant development, Ripple CEO confirmed on FOX Business that Bank of America has shifted to using $XRP for 100% of its internal transactions. This demonstrates growing institutional adoption of Ripple’s technology, potentially boosting long-term demand for $XRP.
🚨BREAKING: CEO confirms on FOX Business that Bank of America now conducts 100% of its internal transactions using $XRP. #XRP pic.twitter.com/HcHL4AdFDn
— Armando Pantoja (@_TallGuyTycoon) January 8, 2025
Conclusion
While $XRP faces short-term bearish challenges, developments like the potential ETF launch and increased institutional adoption may strengthen its long-term outlook. For now, all eyes are on the $2.10 support level as traders brace for the next price move.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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