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XRP Drops 6% as Global Economic Tensions Trigger High-Volume Selloff
XRP drops 6% amid global economic tensions, with a significant volume spike and a key support level at $2.16 under scrutiny.
Updated May 30, 2025, 12:32 p.m. Published May 30, 2025, 12:27 p.m.
What to know:
- XRP fell over 6% amid global economic uncertainties, dropping from $2.305 to $2.163.
- VivoPower raised $121 million to establish an XRP-focused treasury reserve, signaling potential institutional support.
- Analysts warn of a possible 16% decline if XRP fails to maintain support at $2.31.
XRP took a sharp hit overnight, shedding more than 6% in a high-volume correction that left traders on edge amid mounting global economic uncertainties.
The drop — from $2.305 to a low of $2.163 — came as the cryptocurrency market reeled from a U.S. court ruling that overturned Trump-era trade tariffs, rattling investor confidence and wiping 3.1% off the total crypto market cap, now at $3.35 trillion.
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The sell-off wasn’t all bad news for XRP, though. Renewable energy company VivoPower grabbed headlines by raising $121 million to establish an XRP-focused treasury reserve — a first-of-its-kind move by a publicly traded firm. Then on late Thursday, China-based Webus International said it was raising upto $300 million in cash to eventually launch an XRP strategic reserve.
That’s giving some traders hope that institutional adoption might provide a floor for the beleaguered token.
Technically, XRP saw capitulation selling in the midnight hour, with volume spiking to 174.7 million units — nearly quadruple the average 24-hour trading volume. Prices found tentative support around $2.16 before a brief rebound to $2.22. Analysts are watching key resistance at $2.23, a level that could define whether XRP can stabilize or faces further downside risk.
Hourly chart patterns revealed a V-shaped recovery attempt, but resistance around $2.204 capped gains, with prices consolidating between $2.195 and $2.196. Technical indicators warn that if XRP fails to hold $2.31 support, it could plunge another 16% toward $1.96 — a level not seen in weeks.
Technical Analysis
- XRP dropped from $2.305 to $2.163, a 6.16% decline.
- Midnight volume surged to 174.7M units, far exceeding the 24-hour average.
- Support formed at $2.16, with resistance at $2.23 capping rebound attempts.
- V-shaped recovery saw XRP testing $2.204 before consolidating around $2.195-$2.196.
- A key risk is a potential 16% drop to $1.96 if the $2.31 support fails.
With the market in flux, traders are bracing for more volatility as XRP navigates the fallout from macroeconomic uncertainty and potential opportunities stemming from growing institutional interest.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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