XRP’s price is struggling near a crucial support level of $2.10. Analysts are concerned as the cryptocurrency continues to face pressure after repeatedly testing this area. Market expert Bit Guru highlights, “XRP has shown signs of descending structure, with weaker bounces and bears gaining momentum. A significant breakdown may occur if bulls fail to push prices higher.” Despite surging to $2.20, XRP still faces a potential price drop below the vital support level of $2.10.
This could trigger a sudden pullback towards the psychological price mark of $2. Despite these challenges, Ripple’s XRP is gaining traction in corporate treasury circles due to its potential for efficient liquidity management and cross-border payments.
For example, Chinese AI mobility firm Webus International recently announced it’s allocating $300 million in XRP reserves for real-time global payments. This decision is driven by Webus’ aim to reduce cross-border transaction costs.
Similarly, energy giant VivoPower partnered with BitGo to develop an XRP-focused treasury strategy, aiming to bolster its operations within the digital asset sector.
The burgeoning interest in XRP is further fueled by the increasing approval rate for XRP ETFs, creating anticipation about the potential of this cryptocurrency to reach new heights.