XRP’s price declined to around $1.31 on April 7th, extending a period of weakness. The cryptocurrency has lost 7.3% over two weeks and nearly 30% over the past year, erasing gains from a mid-March rally. Analysts suggest further downside is possible if key support levels fail, with sentiment weakening as supply in profit hits a multi-month low.
XRP’s price has declined to around $1.31, marking a 2.5% drop over 24 hours. This brings its total losses to 7.3% for two weeks and close to 30% over the last year.
The disappointing performance follows a promising rally to near $1.6 in mid-March. Analysts now offer multiple takes on the altcoin’s current price action, with consensus that any positivity remains largely suppressed.
Popular analyst CRYPTOWZRD noted the altcoin painted a dragonfly doji candlestick pattern, indicating possible upside if it held above $1.32. The daily candle closed indecisively, however, and the price is now trading below $1.31.
He explained that a bullish move above its nearest resistance could push XRP higher toward the $1.55 resistance. The analyst ultimately stated XRP’s price is tightly correlated with Bitcoin, warning that if BTC declines below $64,000, XRP could fall toward $1.07 support.
Data from Glassnode shows the percentage of XRP supply in profit has declined to 43.4%. This is the lowest level since July 2024.
Spot exchange-traded funds tracking its price continue to dig new lows, ending March as the first month in the red. The price action contrasts with corporate developments at Ripple.
The firm recently unveiled two new product lines called Digital Asset Accounts and Unified Treasury. These allow corporations to manage fiat and crypto side by side in a single system.
Earlier in April, the rating agency KBRA assigned a BBB issuer rating to Ripple Prime. This is a signal of significant credibility in traditional finance.
