- The price of Ripple (XRP) saw a marginal decline on Saturday, while its price is already stuck in the consolidation zone around $1.31, with a market capitalization of $80.44 billion.
- The decline in the cryptocurrency was seen after the XRP Ledger recorded 4.49 million successful transactions in one day on April 2.
- XRP’s price action follows turmoil in the cryptocurrency market, as major cryptocurrencies, such as Bitcoin, remain stuck in a tight range
With no significant momentum in the cryptocurrency market, the price of Ripple (XRP) remained stuck in a narrow range at around $1.31. Amid the uncertainty in the global financial market, reports indicate that this consolidation phase indicates its upward momentum if the situation improves.
according to CoinMarketCapThe price of Ripple (XRP) fell more than 1%, with a market capitalization of $80.44 billion on Saturday. Daily trading volume is down over 54% on the daily chart and is currently hovering around $903 million.
Ripple (XRP) prices fall, but network activity reaches a new record
The XRP price decline was seen today following a recent whale move, with some large holders removing 442 million XRP from Binance and WhiteBIT in one of the largest outflow waves since February.
While the market is still taking notes from… Bitcoin And overall market sentiment, major shareholders quietly made a move to which the price has not yet reacted.
Most of the outflows came in two different phases rather than slowly, making the activity distinct from normal trading patterns. Activity jumped nearly 9 times above the recent daily average, indicating a clear rise in large-cap holder movement. XRP has been offloaded from exchanges, removing immediate selling pressure from the market.
This is the main dump because the supply on the exchanges directly affects the price movement in the short term. When a large amount of XRP tokens leave trading platforms, it changes the balance between buyers and sellers. A lower supply available on exchanges usually means fewer coins ready to be sold at any given moment, which can reduce downward pressure on the price.
Despite the cryptocurrency’s price decline, the XRP Ledger achieved a record high of 4.49 million successful transactions in one day on April 2. XRPScanThis is the highest volume in the past two years. Aside from that, the number of active addresses increased to over 200,000, and the total wallets increased to 7.7 million. This makes it the highest level in 13 years.
According to technical indicators, the current price movement of the cryptocurrency indicates a downward trend. The 14-day RSI is hovering around 40, which puts XRP in neutral territory and leaning towards sell-off conditions. This figure shows steady selling without entering the extreme oversold zone.
The Moving Average Convergence Divergence indicator is showing a negative value which generated a clear sell signal for short-term traders. XRP stayed below its 10-day EMA at $1.34 and its 20-day EMA at $1.36.
Key support is at around $1.30, with analysts warning that a break below $1.06 could lead to a drop towards $0.87. On the other hand, resistance levels revolve around the $1.40 level on the 50-day simple moving average.
The cryptocurrency market is currently going through turmoil due to the ongoing geopolitical tension in the Middle East region The United States and IranWhich created a global energy crisis. As a result, inflation is also rising in the United States and other countries. The Federal Reserve’s policies on interest rates and liquidity have continued to influence investor behavior and create volatility in the cryptocurrency market.
In February, Ripple announced plans to decentralize funding and support for ledger projects through independent organizations, project partners, and community initiatives. The new FinTech Builder program targets startups building enterprise-level applications in stablecoin payments, credit infrastructure, tokenization, and regulated financial services.
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