- XRP price is stuck around $1.30 following its $1.31 drop, as potential buyers are trying to retake the market after a decline to $1.29.
- A sustained recovery above $1.31 would set up $1.35 in a price range while a breakdown below $1.29 would lead price to $1.284.
- BanxNetwork targets the $2.5 trillion media industry through XRPL, while a potential partnership could increase BXE’s exposure.
XRP price action remains under pressure after a failed support level triggered selling, leaving traders watching whether buyers can regain control.
XRP Tests $1.31 After Losing Previous Support
In the last 24 hours, XRP fell by 2.62% and is currently trading at $1.30. Its market value is valued at $82.45 billion, and its daily trading volume is $1.51 billion. Trading volume also dropped 26.31%, indicating that activity was reduced in the most recent price reduction.
Alex Marzell explained that XRP failed to maintain $1.31 during the previous session. Selling pressure pushed the token toward $1.29 before overnight buyers initiated a recovery. The price subsequently returned to $1.31, approaching the level from below.
This movement places renewed attention on the former support zone. XRP previously traded around $1.34 before sellers accelerated the decline. The latest recovery has not yet established that buyers can sustain control above resistance.
The four-hour chart shows repeated attempts to stabilize following the sharp drop. However, price movements remain concentrated around $1.30 and $1.31. Traders are watching whether this consolidation precedes another recovery attempt or renewed selling.
XRP Price Outlook Depends on $1.29 Support
The post identified $1.29 as the level buyers need to defend. Holding this area could give XRP another opportunity to reclaim $1.31. A stronger move above resistance would provide evidence of improving short-term momentum.
The recent rebound followed a sharp decline toward the session’s lowest region. Lower price wicks suggest buyers responded when XRP approached $1.29. However, these reactions alone cannot confirm that selling pressure has ended.
If XRP regains $1.31, the next upside level becomes $1.35. The chart shows that region near prices recorded before the latest downturn. Reaching it would require sustained buying rather than another brief recovery.
Failure to hold $1.29 would change the immediate outlook. Marzell identified Wednesday’s low at $1.284 as the next downside reference. A retest would show whether buyers remain willing to defend recent lows.
XRPL Utility Adds Another Dimension to XRP’s Outlook
Additional support from Ledger Man (@strivex_) argued that XRPL needs practical applications beyond market speculation. The post compared the strength of Wall Street’s investment in AI to the weakness of XRP. It also emphasized on adoption, utility, and solutions to actual problems.
Ledger Man pointed to BanxNetwork as a project targeting the media industry. The post estimated that industry’s value at approximately $2.5 trillion. BanxNetwork wants to bring blockchain infrastructure and media together via the XRPL-powered ecosystem.
This could be used in content distribution, creator monetization, and IP management. But to get the project going, working services have to be provided and continued to be used. The industry’s overall size does not guarantee demand for its particular products.
Ledger Man also mentioned an anticipated major partnership that could expand BXE’s exposure. The announcement’s value will depend on the partners involved and the agreement’s substance. Until details emerge, the proposed development remains unconfirmed.
For XRP traders, the immediate technical picture remains separate from these ecosystem developments. Holding $1.29 could support another attempt to reclaim $1.31 and approach $1.35. A break below support would instead put $1.284 back in focus.