XRP dips to $0.52 as Ripple SVP comments on stablecoin raise concerns
Source Fxstreet
- Ripple extends decline to $0.52 on Thursday, wipes out weekly gains.
- Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
- Attorney Bill Morgan warns market participants of the consequences of a lawsuit decision that stops XRP usage in ODL.
Ripple (XRP) declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple Senior Vice President (SVP) Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
XRP price has been declining since Tuesday, following Ripple’s response filing to the SEC’s request for $2 billion in penalties.
Daily digest market movers: Ripple holders digest stablecoin news and response to SEC filing
- XRP price wiped out Monday’s gains as holders digested the announcement of Ripple’s stablecoin and the firm’s response to the SEC’s request for $2 billion in fines.
- Ripple SVP told the Digital Frontier that Ripple plans to launch its stablecoin on the XRP Ledger, “which will ultimately be good for the ecosystem.” Miltenburg supports his claim citing Polygon’s example of how the introduction of stablecoins increased the Total Value Locked (TVL) on the chain and improved trust.
The XRP question
- Tokyo-based crypto expert @sentosuMosaba asked Ripple CTO David Schwartz whether some of the "cash equivalents" (that are going to back the USD-pegged stablecoin) going to be the digital asset XRP held by Ripple. The expert asks Schwartz why the comparison between increasing TVL and stablecoin usage on the blockchain.
A rare question from me @JoelKatz
— Crypto Eri Carpe Diem (@sentosumosaba) April 25, 2024
Can you help me to understand?
Eric Van Miltenburg, (Ripple SVP) in the Digital Frontiers article interview, explained for some of the payment corridors (s) within its network, Ripple has been using stablecoins.
ok, but...
He also said the… pic.twitter.com/BrgZkyc7Xd
- Attorney Bill Morgan reminded XRP holders that a decision on Ripple’s On-Demand Liquidity (ODL) corridor could influence the asset. The ODL is Ripple’s liquidity management solution that powers instant, cross-border transactions, and money transfers.
- XRPLedger’s native token XRP serves as the bridge currency for Ripple ODL’s liquidity management solution.
- Morgan argues that if the court orders a permanent injunction (meaning an order to cease a specific action) on Ripple’s use of XRP in the ODL, it could negatively impact the asset’s utility and price. This is a cause for concern among XRP holders.
You ought to be concerned. Those saying it does’t matter because XRP itself has clarity are underestimating the adverse consequences for XRP and the XRPL ecosystem of a broad permanent injunction that stops Ripple’s ODL or stops use of XRP in ODL. https://t.co/kyjthFkzcq
— bill morgan (@Belisarius2020) April 25, 2024
- For XRP holders, Ripple’s stablecoin launch and the recent response filed against the SEC’s request for $2 billion in penalties are the key market movers that can influence the asset’s price.
Technical analysis: XRP wipes out Monday gains
XRP is changing hands at $0.5271 on Thursday as traders note inaction in BTC/USDT pair. Five days after the BTC halving event, the asset failed to cross the $67,000 level four days in a row. Bitcoin price trend influences large market capitalization altcoins like XRP.
The XRP/USDT pair pares its weekly gains, down from Monday’s close of $0.55, to $0.52, at the time of writing. Despite the correction, XRP price is nearly 25% higher than the YTD low set earlier in April, $0.4188 (April 13).
If XRP price gains acceptance above the 50% Fibonacci retracement level at $0.5310, plotted from the April 9-13 downfall, it could climb towards next resistance at $0.60. This marks a psychologically important level for XRP traders.
The Moving Average Convergence Divergence (MACD) indicator is in the positive territory, supporting the positive momentum in XRP’s uptrend. Additionally, the crossover above the signal line is a bullish sign for XRP price.
XRP/USDT 1-day chart
On the flip side, the April 21 low at $0.5183 has established itself as key support this week. A close below this level could invalidate the bullish thesis for XRP.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Analysts predict Bitcoin may face further declines towards the $70,000 mark if the Bank of Japan raises interest rates as expected.
Bitcoin Slides 5% as Sellers Lean In — Can BTC Reclaim $88,000?Bitcoin has dropped back below $88,000 after rolling over from $90,500, with price still trading under the 100-hour Simple Moving Average.
The sell-off found a floor at $85,151, and BTC is now consolidating near that base, but rebounds are facing pressure from a bearish trend line around $89,000.
Bulls need to retake $88,000–$89,000 to ease downside risk; failure to do so keeps $85,500–$85,000 and then $83,500 in play, with $80,000 as the deeper “line in the sand.”
Bitcoin (BTC) is back in damage-control mode after a sharp pullback wiped out recent gains. The price failed to reclaim the $90,000–$90,500 band, rolled over, and slid through $88,500 before briefly dipping under $87,000. Buyers did show up around $85,000, but the rebound so far looks more like stabilization than a clear trend reversal.
Bitcoin dips hard, finds a bid near $85,000（h3）
BTC’s latest move lower began when it couldn’t build follow-through above $90,000 and $90,500. Once that upside stalled, sellers took control and pushed price down through $88,500.
The slide accelerated enough to spike below $87,000, but the market didn’t free-fall. Bulls defended the $85,000 zone, printing a low at $85,151. Since then, Bitcoin has been consolidating below the 23.6% Fibonacci retracement of the drop from the $93,560 swing high to the $85,151 low — a clue that the bounce is still shallow and that sellers haven’t fully backed off yet.
Structurally, BTC is still on the back foot:
It’s trading below $88,000, and
It remains below the 100-hour Simple Moving Average, keeping short-term trend pressure pointed downward.
Resistance is layered, and $89,000 is the problem area（h3）
If bulls try to turn this into a recovery, they’ll have to climb through multiple ceilings in quick succession.
First, BTC faces resistance around $87,150, followed by a more meaningful barrier near $87,500. From there, the market’s attention snaps back to $88,000 — the level BTC just lost and now needs to reclaim.
A close back above $88,000 would improve the tone, but it doesn’t solve the bigger issue: there’s a bearish trend line on the hourly BTC/USD chart (Kraken feed) with resistance near $89,000, which also lines up with the next technical hurdle.
If BTC can push through $89,000 and hold, the rebound could extend toward $90,000, with follow-through targets at $91,000 and $91,500. But until price clears that $88,000–$89,000 zone, rallies are at risk of being sold rather than chased.
If BTC fails to reclaim resistance, the downside path is clear（h3）
The near-term bear case is simple: if Bitcoin can’t climb back above the $87,000 area and keep traction, sellers may attempt another leg lower.
Support levels line up like this:
Immediate support: $85,500
First major support: $85,000
Next support: $83,500
Then $82,500 in the near term
Below that, the major “don’t break this” level is still $80,000. If BTC slips under $80,000, the risk of acceleration to the downside increases significantly — not because it’s magic, but because it’s the kind of psychological and structural level that tends to trigger forced de-risking.
Indicators: momentum still leans bearish（h3）
The intraday indicators aren’t offering much comfort yet:
Hourly MACD is losing pace in the bearish zone.
Hourly RSI remains below 50, suggesting sellers still have the upper hand on short timeframes.
So while the $85,000 defense held for now, the market hasn’t flipped bullish — it’s just stopped bleeding.
Bitcoin has dropped back below $88,000 after rolling over from $90,500, with price still trading under the 100-hour Simple Moving Average.
The sell-off found a floor at $85,151, and BTC is now consolidating near that base, but rebounds are facing pressure from a bearish trend line around $89,000.
Bulls need to retake $88,000–$89,000 to ease downside risk; failure to do so keeps $85,500–$85,000 and then $83,500 in play, with $80,000 as the deeper “line in the sand.”
Bitcoin (BTC) is back in damage-control mode after a sharp pullback wiped out recent gains. The price failed to reclaim the $90,000–$90,500 band, rolled over, and slid through $88,500 before briefly dipping under $87,000. Buyers did show up around $85,000, but the rebound so far looks more like stabilization than a clear trend reversal.
Bitcoin dips hard, finds a bid near $85,000（h3）
BTC’s latest move lower began when it couldn’t build follow-through above $90,000 and $90,500. Once that upside stalled, sellers took control and pushed price down through $88,500.
The slide accelerated enough to spike below $87,000, but the market didn’t free-fall. Bulls defended the $85,000 zone, printing a low at $85,151. Since then, Bitcoin has been consolidating below the 23.6% Fibonacci retracement of the drop from the $93,560 swing high to the $85,151 low — a clue that the bounce is still shallow and that sellers haven’t fully backed off yet.
Structurally, BTC is still on the back foot:
It’s trading below $88,000, and
It remains below the 100-hour Simple Moving Average, keeping short-term trend pressure pointed downward.
Resistance is layered, and $89,000 is the problem area（h3）
If bulls try to turn this into a recovery, they’ll have to climb through multiple ceilings in quick succession.
First, BTC faces resistance around $87,150, followed by a more meaningful barrier near $87,500. From there, the market’s attention snaps back to $88,000 — the level BTC just lost and now needs to reclaim.
A close back above $88,000 would improve the tone, but it doesn’t solve the bigger issue: there’s a bearish trend line on the hourly BTC/USD chart (Kraken feed) with resistance near $89,000, which also lines up with the next technical hurdle.
If BTC can push through $89,000 and hold, the rebound could extend toward $90,000, with follow-through targets at $91,000 and $91,500. But until price clears that $88,000–$89,000 zone, rallies are at risk of being sold rather than chased.
If BTC fails to reclaim resistance, the downside path is clear（h3）
The near-term bear case is simple: if Bitcoin can’t climb back above the $87,000 area and keep traction, sellers may attempt another leg lower.
Support levels line up like this:
Immediate support: $85,500
First major support: $85,000
Next support: $83,500
Then $82,500 in the near term
Below that, the major “don’t break this” level is still $80,000. If BTC slips under $80,000, the risk of acceleration to the downside increases significantly — not because it’s magic, but because it’s the kind of psychological and structural level that tends to trigger forced de-risking.
Indicators: momentum still leans bearish（h3）
The intraday indicators aren’t offering much comfort yet:
Hourly MACD is losing pace in the bearish zone.
Hourly RSI remains below 50, suggesting sellers still have the upper hand on short timeframes.
So while the $85,000 defense held for now, the market hasn’t flipped bullish — it’s just stopped bleeding.
