Ripple Price Forecast: XRP Poised for Drop Below $2.00 Ahead of Weekend - Cryptured.com

Ripple (XRP) continues to lose for the third consecutive day as its positive momentum broke below the $2.23 barrier level.

Important technical indications support the bearish hold, and on Friday, the price of XRP is trading at about $2.08. The majority of altcoins are recouping gains made earlier this week, which is indicative of a muted mood in the larger cryptocurrency market.

Ripple targets multi-chain expansion through Wormhole integration

In order to expedite the integration of the XRP Ledger (XRPL) mainnet and the XRPL Ethereum Virtual Machine (EVM) Sidechain, Ripple has resorted to Wormhole, a top cross-chain interoperability mechanism.

Ripple thinks there is an urgent need to develop supporting blockchain infrastructure as the demand for tokenized assets and stablecoins rises in the financial markets. As a result, there will be no chance of liquidity fragmentation, and customers and institutions can move assets safely and effectively.

Wormhole plans to connect its flagship cross-chain infrastructure with the XRPL mainnet and the XRPL EVM SideChain. Wormhole supports more than 200 apps spanning more than 35 blockchain ecosystems, the statement said on Thursday.

Developers will be able to move issues of Issued Assets (IOUs), Multi-purpose Tokens (MPTs), and tokens like XRP, among other supported protocols, thanks to the integration. Developers will also use data triggers and specific messages to interact with smart contracts on different blockchains.

Compatibility is essential for real widespread adoption. There needs to be infrastructure on every chain, not just one. This integration paves the way for that reality by enabling natively created assets on the XRP Ledger to move between blockchain networks while maintaining native issuance and governance, said David Schwartz, CTO of Ripple.

Technical outlook: XRP continues to be bearish

XRP is vulnerable to upward pressure ahead of the weekend, as evidenced by the extension of the downward trend below support at $2.09. As traders contemplate lowering their exposure to XRP, the Moving Average Convergence Divergence (MACD), which has been maintaining a sell signal since Thursday, signals growing bearish momentum.

The bearish hold is strengthened by the red histogram bars below the MACD zero line, particularly because XRP has extended losses below the 4-hour chart’s 50-, 100-, and 200-period Exponential Moving Averages (EMAs) around $2.13, $2.15, and $2.18.

The price of XRP may go below the $2.00 round-figure support if the path of least resistance remains lower, particularly if the Relative Strength Index (RSI) keeps down and approaches oversold territory.

$1.90, which was tested on Sunday, $1.80, and $1.61, which were previously examined in April after the sell-off sparked by the tax, are important locations to keep an eye on.