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The cryptocurrency market could end the week bearish despite its positive start. Bitcoin, the leading cryptocurrency by market cap, is down 1% in the last 24 hours and has now dropped below $107k.

As usual, Bitcoin’s performance dictates how altcoins react.

Most altcoins are currently in the red, including Ethereum’s Ether and Ripple’s XRP. XRP risks dropping below $2 soon. 

XRP has lost 4.5% of its value in the last 24 hours and currently trades at $2.0905.

The bearish performance comes despite Ripple’s integration with Wormhole.

Wormhole announced on Thursday that Ripple has expanded its multichain interoperability by integrating with its infrastructure.

The integration will enable cross-chain messaging, asset transfers, and multichain issuances of tokens, which will support additional use cases across DeFi, institutional onchain finance, and real-world assets (RWAs), including tokenized securities and regulated financial instruments.

Furthermore, Wormhole will integrate its cross-chain messaging infrastructure with both the XRPL mainnet and the XRPL EVM Sidechain for seamless interoperability.

This will empower developers to transfer supported XRPL assets, including XRP, Issued Assets (IOUs), and Multi-Purpose Tokens (MPTs), across more than 35 supported chains and build scalable, cross-chain decentralized applications (dApps).

Developers can also interact with smart contracts across chains using messaging and data triggers.

The news failed to catalyze an XRP rally. Instead, XRP now faces a decline to the $1.90 support level.

The XRP/USD 4-hour chart is bearish despite a positive week for Bitcoin and other major cryptocurrencies. The pair is bearish and efficient, which means sellers are firmly in control and could push XRP’s price lower. 

After eliminating the liquidity level above $2.2, XRP has resumed its bearish run, dropping to the $2.09 level.

If the bearish trend continues, XRP could test the next support level at $1.9052 in the coming hours or over the weekend.

In the event of an extended dip, XRP could drop to the next major support level at $1.7293.

However, this drop will likely happen if the broader crypto market embarks on a long bearish run. If not, then the $1.90 support level could hold and serve as a springboard for XRP to rally higher.

The 4-hour technical indicators are bearish. The MACD lines are at the neutral zone and heading into the negative territory, suggesting that the sellers have temporarily gained control of the XRP market.

The RSI of 40 also shows that XRP is currently facing selling pressure from investors.

The bulls seem to be exhausted, and this is affecting XRP’s price action and other major cryptocurrencies. However, if the bulls regain control, XRP could target the liquidity level around $2.65.

The market conditions currently do not support an XRP rally to mitigate the 4H Inducement Liquidity (ILQ) at $2.99.

The post XRP may fall below $2.00 despite Wormhole integration; check forecast appeared first on Invezz

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