XRP News Today: XRP Plummets 6% Amid U.S. Court Ruling, Institutional Interest Grows

XRP, the cryptocurrency, experienced a significant drop overnight, losing more than 6% of its value in a high-volume correction. This decline left traders on edge as global economic uncertainties continued to mount. The drop occurred as the cryptocurrency market reacted to a U.S. court ruling that overturned Trump-era trade tariffs, which rattled investor confidence and resulted in a 3.1% decrease in the total crypto market cap, now standing at $3.35 trillion.

The sell-off, however, was not entirely negative for XRP. VivoPower, a renewable energy company, made headlines by raising $121 million to establish an XRP-focused treasury reserve, marking a first-of-its-kind move by a publicly traded firm. Later on Thursday, Webus International, a China-based company, announced plans to raise up to $300 million in cash to eventually launch an XRP strategic reserve. These developments have given some traders hope that institutional adoption might provide a floor for the beleaguered token.

Technically, XRP saw capitulation selling in the midnight hour, with volume spiking to 174.7 million units — nearly quadruple the average 24-hour trading volume. Prices found tentative support around $2.16 before a brief rebound to $2.22. Analysts are closely monitoring key resistance at $2.23, a level that could define whether XRP can stabilize or faces further downside risk.

Hourly chart patterns revealed a V-shaped recovery attempt, but resistance around $2.204 capped gains, with prices consolidating between $2.195 and $2.196. Technical indicators suggest that if XRP fails to hold $2.31 support, it could plunge another 16% toward $1.96 — a level not seen in weeks.

With the market in flux, traders are bracing for more volatility as XRP navigates the fallout from macroeconomic uncertainty and potential opportunities stemming from growing institutional interest. The cryptocurrency market's reaction to the U.S. court ruling and the subsequent sell-off highlight the sensitivity of digital assets to broader economic developments. The actions of VivoPower and Webus International in establishing XRP-focused reserves add a layer of complexity, as institutional interest could provide a stabilizing force amidst the volatility.