XRP price has been on a strong bearish run for the past few weeks as concerns about the crypto market increase. The cryptocurrency has crashed more than 60% from its highest point this year and more than 27% in the last week. Its total crypto market cap has declined by 4% over the last day while the total volume of XRP traded jumped 109%. XRP currently ranks as the 7th largest cryptocurrency in the world, replacing Dogecoin.
XRP Price Outlook
XRP price has been on a strong bearish trajectory in the past few weeks as concerns about the altcoin rise. Bitcoin’s decline to a year low on Friday weakened the overall crypto market sentiment. Bitcoin’s dominance has increased over the last day. Being the largest digital asset, its performance affects the rest of the coins.
The overall cryptocurrency market has been in the red as the collapse of the FTX token raised jitters in the market. On Friday, Sam Bankman-Fried’s cryptocurrency exchange FTX filed for Chapter 11 bankruptcy protection in the US. This saw the crypto market decline sharply.
Despite the bearish outlook, investors remain optimistic about XRP price in the near term. Ripple announced its partnership with Ethereal Labs via the Ripple Creator’s fund to boost the platform’s NFT capabilities. Earlier this year in April, Ripple announced the launch of its Creator’s Fund with a $250 million commitment that helps creators bring their NFT projects to the market on the XRP ledger.
The two technology firms will work together to secure more partnerships and boost utility and demand for NFTs on Ripple. Ethereal Labs is a respected player in web3.0 with its projects of virtual artworks for Lionel Messi and Toys R Us among other firms.
XRP Price Forecast
The daily chart shows that the XRP price has been on a strong bearish trajectory in the past few weeks. The XRP coin has moved below the 25-day and 50-day moving averages. Its Relative Strength Index (RSI) is almost stable at 43.
With Ripple’s current partnership with Ethereal Labs, the XRP price is expected to rebound. A move past the resistance level at $0.4000 will start a bull run. However, a continuous bear run will push the price past the critical support at $0.3000.
