XRP News Today: XRP Drops 6% Weekly Amid Bearish Momentum Institutional Interest Grows

XRP, the sixth-largest cryptocurrency by market capitalization, has been experiencing downward pressure recently, with its price currently trading at approximately $2.17. This represents a 1.2% decrease over the past 24 hours and a 6% decline over the past week. The digital asset has broken below the mid-range level of $2.27 and is now testing early May lows around $2.05-$2.08.

Despite an attempted recovery in April after reclaiming a descending trendline resistance, recent price action suggests that XRP is forming a range rather than staging a bullish recovery. The cryptocurrency faced rejection at $2.60 in mid-May, coinciding with its March highs, and since then, selling pressure has intensified. At current prices, XRP is showing signs of consolidation just above the critical support zone between $2.05 and $2.12. This area represents the lows from early May and could be a decisive level for the token’s next directional move.

Technical indicators show bearish momentum with significant capital outflows from the market. The Chaikin Money Flow (CMF) stands at -0.07, indicating substantial outflows. The Directional Movement Index (DMI) confirms a developing bearish trend, while the On-Balance Volume (OBV) continues to slide lower, suggesting that selling volume is exceeding buying volume. The Relative Strength Index (RSI) is approaching oversold territory at 40.82 but hasn’t yet signaled a reversal. Moving averages across most timeframes are flashing sell signals, except for the 200-day estimated moving average, which remains supportive.

Liquidation heatmaps reveal that sizeable magnetic zones have been swept up in recent days, with one remaining cluster of liquidity in the $2.05 region. This suggests that this zone may be revisited if selling pressure persists. Despite the short-term bearish signals, institutional interest in XRP is growing. Open Interest in XRP climbed to nearly $5 billion as the SEC formally initiated a review of the WisdomTree XRP Trust. Though this review doesn’t confirm approval, it indicates the SEC is giving serious consideration to XRP-related financial products.

Coinbase Institutional announced it will launch 24/7 trading access to XRP futures for U.S. investors starting June 13. This follows the company’s April introduction of CFTC-regulated XRP futures through Coinbase Derivatives. Another significant development comes from Ault Capital Group, a subsidiary of publicly traded Hyperscale Data. The firm announced plans to roll out an institutional XRP lending platform in Q3, aimed at companies listed on the New York Stock Exchange and Nasdaq. The platform will provide futures-hedged, asset-backed loans, with all contracts tracked on-chain through the XRP Ledger. Ault Capital Group plans to purchase up to $10 million worth of XRP to support this initiative.

For traders and investors watching XRP, the immediate support level sits at $2.12. A breakdown below this level could lead to a test of the psychologically important $2.00 mark. On the upside, the first resistance level is at the 20-day simple moving average around $2.34, followed by the upper Bollinger Band at $2.56. Bulls would need to reclaim these levels to regain control of the trend. The cryptocurrency is currently trading below the 100-hourly Simple Moving Average, with a bearish trend line forming at around $2.22. Market participants should watch for price reactions at the $2.05-$2.12 support zone, as this area could determine whether XRP continues its downward trajectory or stages a recovery in the coming days.