XRP $1.30 Collapse Imminent…Is There Still a Chance for Rebound?

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XRP (Ripple) is facing increasing bearish pressure as it approaches the brink of collapsing below $1.30, even without any distinct negative catalysts.

According to CoinMarketCap, a cryptocurrency market data aggregation site, on April 12 (local time), XRP traded at $1.33, down 1.63% over the past 24 hours, showing a correlated weakness with Bitcoin's decline. During the same period, Bitcoin fell by 1.83%, and the total cryptocurrency market capitalization decreased by 1.55%, indicating a broad market shift towards risk aversion.

This decline is primarily attributed to 'beta movement' driven by the macroeconomic environment rather than specific positive or negative news. Analysis suggests that as investor sentiment eased from fear to a neutral level, short-term profit-taking emerged, causing XRP to also decline in line with market trends.

Furthermore, deteriorating on-chain metrics are adding to the burden. XRP payment transaction volume plummeted to approximately 86 million transactions over a 24-hour period, a 77% decrease from the previous day. This sharp contraction in network utilization has acted as a factor cooling short-term investor sentiment.

In the short term, the defense of the $1.30 support level is emerging as a critical variable. If this level is maintained, a rebound attempt after sideways consolidation within a box range is possible. However, if the support level breaks, the downward pressure could extend to the next support zone at $1.25.

Market participants are closely monitoring the discussions related to the US cryptocurrency market structure bill and the Clarity Act, scheduled for next week, as well as Bitcoin's direction. XRP is currently assessed to have entered an inflection point, simultaneously influenced by regulatory events and market trends.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*