XRP News Today: Wormhole Token Drops 77.6% Year-to-Date Ahead of Coinbase Listing

Wormhole, a cross-chain messaging protocol, is facing a bearish reversal ahead of its listing on Coinbase. The token, which is set to be listed on July 2 as an SPL token on the Solana network, has failed to attract significant investor interest despite the upcoming event. This lack of enthusiasm comes despite a recent strategic partnership with Ripple Labs, which aims to integrate multi-chain interoperability with the XRP Ledger and its EVM-compatible sidechain. The partnership is designed to enhance the XRP Ledger’s capabilities by enabling cross-chain messaging, asset transfers, and multi-chain token issuance.

Wormhole’s price action has been subdued, with the token down 77.6% year-to-date. After hitting an all-time low of $0.051 on June 22, it has only managed a modest recovery to $0.071. This price weakness is exacerbated by the fact that 92% of Wormhole addresses are currently in losses, and 88% of the circulating supply is concentrated in the hands of whales. This distribution raises the risk of large-scale sell-offs, which could further exacerbate price volatility. Additionally, data highlights that influencers and publicly known accounts have been offloading their Wormhole holdings over the past week, which often triggers negative sentiment among retail investors and adds to the selling pressure.

Technical indicators also point to a bearish outlook for Wormhole. On the 4-hour W/USDT chart, the token has broken below the lower boundary of an ascending broadening wedge, a volatile and typically bearish structure. This pattern is characterized by expanding price swings and rising trendlines, indicating market instability and a loss of directional conviction. A breakdown below the lower trendline signals mounting bearish pressure and a potential further drop. Momentum indicators support this outlook, with the MACD lines crossing to the downside and the Relative Strength Index retreating to neutral levels at 50. This suggests that bullish momentum has dissipated, and sellers are taking over. A negative Chaikin Money Flow reading further confirms this trend.

Given these conditions, Wormhole may be poised to retest the $0.066 level, which corresponds with the 23.6% Fibonacci retracement zone. A decisive break below this support could expose the token to further losses, potentially leading to a retest of its all-time low at $0.051. This level may serve as a temporary support zone, provided selling pressure eases. However, failure to hold above it could result in a deeper price correction. The upcoming Coinbase listing, while typically a bullish catalyst, has so far failed to generate meaningful investor interest, adding to the bearish sentiment surrounding Wormhole.