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The XRP price has slipped 3% in the last 24 hours to trade at $2.45 as of 3:30 p.m. EST on a 37% increase in trading volume to $5.41 billion.
XRP’s decline comes despite Ripple CTO David Schwartz’s confidence in the future of blockchain adoption. Schwartz emphasized that institutional adoption must come first before retail adoption can take off.
He argued that financial systems cannot be rebuilt from scratch, as they currently hold trillions of dollars in value. Instead, blockchain projects must integrate with traditional finance to create a seamless user transition.
⚠️ JUST IN:
RIPPLE CTO DAVID SCHWARTZ SAYS WE ARE ON THE CUSP OF MASS INSTITUTIONAL ADOPTION, WHICH LEADS TO MASS RETAIL ADOPTION!
I BELIEVE #XRP WILL MELT MANY FACES IN 2025! 🫠
DO YOU THINK THE SAME? 🤜🏼🤛🏼 pic.twitter.com/VHh3Pk4MNi
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) February 7, 2025
Schwartz expressed optimism that the industry is on the verge of mass institutional adoption, which he believes will ultimately drive retail adoption. However, XRP’s recent price plunge suggests that investor sentiment remains cautious, with market participants possibly awaiting clearer signs of institutional involvement before making major moves.
XRP Price Could Still Move Downwards
The XRP price has been experiencing a period of consolidation after a strong rally in late 2024, followed by a notable correction. Currently, XRP is testing a critical support zone around $2.00, which has historically acted as a solid price floor. If this area holds, traders could witness a renewed bullish momentum, potentially driving the price toward key resistance levels.
XRPUSDT Analysis Source: TradingView
A closer look at the price action indicates that XRP previously broke out of a descending triangle pattern, a bearish structure that, in this case, resulted in a surprising bullish breakout. This rally saw the price surge to a high of $3.23, where it faced strong resistance, leading to the current retracement.
Despite the pullback, the structure remains bullish as long as the $2.00 – $2.10 support zone remains intact. If buyers defend this area, a rebound could take XRP toward $2.50, with a further breakout possibly pushing it back to retest the $3.23 resistance level.
XRP Price Unstable At Key Support As Bulls Eye Potential Rebound
The Relative Strength Index (RSI) sits at 37.95, indicating that XRP is nearing the oversold region. The RSI signal line at 45.14 means that selling pressure is still present, but if the RSI reverses upward from these levels, it could be an early indicator of a potential price rebound. XRP must see increased buying volume to confirm this bullish scenario.
Two scenarios are likely to unfold. If XRP successfully holds above $2.00, a relief rally could take shape, targeting $2.50 as the next resistance level, followed by an attempt to reclaim $3.23. However, if sellers push the price below $2.00, the next support area lies between $1.50 – $1.80, where buyers may step in to prevent further downside.
While short-term sentiment remains cautious, the strong historical support around $2.00 gives bulls a fighting chance.
Solana Layer 2 Project Zooms Past $19.2 Million In Presale
As XRP gears up for potential bullish momentum, Solana Layer 2 meme coin Solaxy (SOLX) continues to thrive in its presale, having raised over $19.2 million in early-stage funding.
The Solana network faces significant computational strain due to the rising demand for SOL-based meme coins. There has also been speculation that a 2025 meme coin super cycle might soon happen. However, persistent congestion issues could limit Solana’s ability to handle this potential increase in traffic.
The benefits of Solaxy can really bring a tear to your eye…$SOLX hits hard! 🛸🪐 pic.twitter.com/yqIjimnys9
— SOLAXY Help Team 𝕏 (@SOLAXYTOKEN_HT) February 7, 2025
Solaxy aims to solve this problem with its Layer 2 sidechain, designed to reduce the computational load on Solana’s main network. By processing transactions off-chain, bundling them, and submitting them to Solana’s Layer 1 for validation, Solaxy enhances network efficiency, lowers transaction fees, and increases throughput, making it a promising scaling solution.
Investor interest in SOLX is further fueled by its staking program, which currently offers an impressive 212% annual return. Additionally, popular crypto YouTube channel 99Bitcoins, with over 724K subscribers, has predicted that SOLX could surge 100X post-launch.
Currently priced at $0.00163, SOLX is available for purchase via the buy widget on the project’s website using either crypto or a bank card. Investors looking to get in early should act quickly, as a price hike is set to take place in 20 hours.
Buy SOLX tokens here before the next price increase to lock in the best deal.
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