XRP Plummets 17% In 1 Week Despite New Ripple Expansion: What Is Going On?

Benzinga06-06 01:04

XRP (CRYPTO: XRP) dropped 7% on Friday, capping a 17% weekly loss as the token tests the critical $1 to $1.20 historical support zone that triggered the February recovery. XRP is now in capitulation ...

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A daily close below that level opens air toward $0.90 and then $0.80 with no visible support in between. \nA bullish recovery requires holding $1.00 and RSI reclaiming 30, which targets the 20 EMA at $1.2900.\nOn the fundamental side, Ripple confirmed Thursday that RLUSD, its dollar-backed stablecoin now at $1.73 billion in circulation, went live across more than 40 blockchain networks through Wormhole’s Native Token Transfers framework. \nThe rollout reaches Ethereum (CRYPTO: ETH) layer-2 networks including Base, Optimism, Ink, and Unichain, as well as the XRP Ledger EVM sidechain.\nWormhole’s brand carries the history of a $320 million exploit in 2022, but that attack targeted a lock-and-mint bridge mechanism with pooled assets. \nThe NTT framework works differently, with Ripple retaining direct minting and burning control across chains without any third-party liquidity pool, eliminating the concentrated attack surface that made the 2022 hack possible.\nThe RLUSD expansion broadens institutional access to compliant USD-backed liquidity across the broader onchain ecosystem, positioning Ripple’s stablecoin infrastructure to follow wherever XRP demand exists across both XRPL and Ethereum-compatible environments.\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2641112808","isCrawlerRequest":true}