XRP price fell by 35% since January despite significant Ripple advancements, including the end of legal proceedings.
XRP Price Drop and Ripple News
XRP price crashed in the first quarter after a sharp 500% surge last November. Ripple entered a bear market, dropping over 35% from its January highs. Last week, XRP was trading at $2.1564, slightly above the support level of $1.9120.
Key Achievements of Ripple in the Quarter
Despite the price drop, Ripple achieved significant milestones. The conclusion of a five-year legal battle with the U.S. Securities and Exchange Commission (SEC) marked a major milestone, allowing the company to more actively collaborate with major U.S. firms. Ripple also secured money transmitter licenses in New York and Texas and received authorization to provide financial services in the UAE.
XRP Price Technical Analysis
Technical analysis suggests the possibility of significant XRP price decline. The daily chart shows a 'Head and Shoulders' pattern with the neckline at $1.9117, which aligns with the 50% Fibonacci retracement level, indicating further bearish trend continuation. The potential formation of a 'death cross' increases the risk of the price falling below the $1.5370 level, which could lead to even more significant declines.
Despite the price decline, Ripple continues to progress by improving its legal and business position in the market, which could positively impact XRP's future performance.
