Despite ranking as the 8th most valuable crypto in the world, the market is facing record selling pressure with bears sweeping the market amid strong institutional adoption of XRP.
XRP is currently valued at 60 cents at the time of writing, and any attempt to push it below $0.57 may likely open the doors for more downsides, pushing prices below the $0.54 support level.
As XRP/USD drifts below key supports, it may remain stagnant. After struggling to stay above the 9-day moving average, the coin may revisit the $0.55 support before it begins a new increase.
Read: Ripple announces share buy-back at a $15 billion valuation
- As Ripple (XRP) starts to decline, it does so slowly and steadily. The technical indicator suggests the coin may face a short-term bearish trend at $0.58 before moving into a longer-term bearish trend.
- Furthermore, traders may experience a quick buy after the trade reaches the support at $0.55, but if the price fails to bounce back, a bearish breakdown is likely to lead to more selling opportunities, which might lead to the price testing the critical support levels at $0.52, $0.50, and $0.48.
- Ripple noted in a new blog post that it sold more than $1 billion worth of XRP during the last quarter for its cross-border payments platform On-Demand Liquidity (ODL), which is powered by the cryptocurrency.
- In addition, they purchased $322 million worth of XRP, raising net sales to $717 million, approximately 45% more than the $491.74 million of XRP they sold in Q3 of 2021.
- A more than 45% increase from the $491.74 million XRP it sold in Q3 of 2021, the company also bought about $322 million in XRP. “Growth and adoption of ODL” are attributed to XRP sales by Ripple.
- As part of their sales strategy, Ripple engaged in sales to improve the ODL experience for certain customers, removing the need to prefund at exchanges and enabling instant global payments.
Read: XRP stays above $1 as Ripple releases XRP ledger upgrade
In addition, the company notes that it had its “most profitable and successful year to date” with RippleNet, a network for institutional payment providers. Payment volume on RippleNet has increased by more than twofold, with a run rate of over $10 [billion]
This is a testament to the product considering Ripple parted ways with MoneyGram, its largest customer, immediately after the SEC filed its lawsuit against Ripple.”
