The price of XRP fell to a low of $0.48404 and failed to reach the First Major Resistance Level at $0.5198, ending the day at $0.49621. The adoption of Central Bank Digital Currencies (CBDCs) is increasing, which some view as a viable alternative to using Ripple and XRP for remittances, adding to bearish sentiment. However, Ripple is collaborating with central banks and financial institutions to launch CBDCs, which could boost the platform and XRP’s price. The 200-day EMA currently sits at $0.49225, and failure to move through the 50-day EMA ($0.49475) would keep the sub-$0.48 Major Support Levels in view.
AI Sentiment: Negative
