XRP News Today: XRP Drops 4.5% Despite Wormhole Integration

Ripple’s XRP has experienced a notable decline, dropping 4.5% in the last 24 hours and risking a fall below the $2.00 mark. This bearish performance is particularly striking given Ripple’s recent integration with Wormhole, a move designed to enhance multichain interoperability. Despite the integration, which aims to facilitate cross-chain messaging, asset transfers, and multichain issuances of tokens, XRP has continued to face downward pressure.

The integration with Wormhole, announced on Thursday, was intended to support additional use cases across decentralized finance (DeFi), institutional onchain finance, and real-world assets (RWAs), including tokenized securities and regulated financial instruments. Wormhole’s cross-chain messaging infrastructure is set to integrate with both the XRPL mainnet and the XRPL EVM Sidechain, enabling developers to transfer supported XRPL assets, including XRP, across more than 35 supported chains. This integration was expected to empower developers to build scalable, cross-chain decentralized applications (dApps) and interact with smart contracts across chains using messaging and data triggers.

However, the market has not responded positively to this development. Instead, XRP now faces a potential decline to the $1.90 support level. The 4-hour XRP/USD chart indicates a bearish trend, with sellers firmly in control. After eliminating the liquidity level above $2.2, XRP has resumed its bearish run, dropping to the $2.09 level. If the bearish trend continues, XRP could test the next support level at $1.9052 in the coming hours or over the weekend. In the event of an extended dip, XRP could drop to the next major support level at $1.7293. This drop is likely to occur if the broader crypto market embarks on a long bearish run. If not, the $1.90 support level could hold and serve as a springboard for XRP to rally higher.

The 4-hour technical indicators are bearish, with the MACD lines at the neutral zone and heading into negative territory, suggesting that sellers have temporarily gained control of the XRP market. The RSI of 40 also shows that XRP is currently facing selling pressure from investors. The bulls seem to be exhausted, affecting XRP’s price action and other major cryptocurrencies. However, if the bulls regain control, XRP could target the liquidity level around $2.65. The current market conditions do not support an XRP rally to mitigate the 4H Inducement Liquidity (ILQ) at $2.99.

The broader cryptocurrency market has also shown signs of weakness, with Bitcoin, the leading cryptocurrency by market cap, down 1% in the last 24 hours and dropping below $107k. As usual, Bitcoin’s performance dictates how altcoins react, and most altcoins, including Ethereum’s Ether and Ripple’s XRP, are currently in the red. This bearish sentiment could lead to a week-end bearish close for the cryptocurrency market, despite its positive start.