XRP Slides Another 2%: What Is Going On?

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Zinger Key Points

XRP XRP/USD continues attracting bullish sentiment, particularly in relation to its role in stablecoin payments, despite lackluster price action.

CryptocurrencyPrice   Market Cap24-Hour Trend7-Day Trend
XRP XRP/USD $2.34$136.6 billion-2.4% -3.5%
Bitcoin BTC/USD $87,018.44$1.72 trillion+0.2% +3.3% 
Ethereum ETH/USD $2,009.28$242.4 billion-0.4% +2.2% 

Trader Notes: Crypto chart analyst Ali Martinez marked $2 as the most critical support level for XRP.

Peter Brandt notes XRP is forming a classic head and houlders pattern, signaling a possible bearish setup.

The price is range-bound, with key levels to watch: above $3.00, it would be risky to remain short, while below $1.90, holding the asset may not be ideal.

He believes if the pattern plays out, the projected downside target is $1.07, emphasizing he has no vested interest in the price movement.

Statistics: Coinglass data shows XRP liquidations in the past 24 hours at $12.5 million, with long liquidations at $11.4 million. XRP Derivatives trading volume expanded 12.3% to $5.3 billion.

Community News: Ripple announced a new partnership to roll out crypto-enabled transactions into Africa.  

The goal of their collaboration is to improve cross-border payments in Africa, leveraging Ripple's blockchain technology for fast, low-cost and overall more efficient payments thanks to RippleNet and XRP.

Chipper Cash will share with Ripple its user base which is five million, in almost a dozen countries across the African continent.

Interactive Brokers announced the addition of Solana, XRP, Cardano and Dogecoin to its crypto trading platform.

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