March 12 News, Ripple announced the launch of a $750 million XRP buyback program, drawing market attention to XRP’s price. This buyback is interpreted as a signal of the company’s confidence in the long-term value of the token and may also provide upward support for XRP’s price by reducing circulating supply.
On-chain data shows that XRP exchange reserves continue to tighten. As of March 10, the total XRP held on exchanges has fallen to $3.7 billion, the lowest in nearly ten months. Analysts believe this reflects investors possibly redeeming XRP from exchanges for long-term holding or accumulation. Combined with the buyback plan, this could exert positive pressure on the price.
From a technical perspective, the XRP/USDT daily chart shows the current trading price consolidating around $1.37. The $1.45–$1.50 range acts as a major resistance zone. Once broken, there is potential for further upward movement toward the $1.70–$1.80 range. On the support side, the $1.30 level provides a defensive line, and if selling pressure intensifies, $1.20 remains an important support. The Relative Strength Index (RSI) is around 45, indicating neutral momentum, meaning the price has both upward potential and possible downward pressure. The Accumulation/Distribution indicator (ADP) shows a slight decline, suggesting market participants remain cautious.
Additionally, XRP’s application within Ripple’s cross-border payment network continues to expand, with increasing interest from institutional investors. This implies that if the buyback plan is implemented and exchange reserves keep decreasing, XRP’s price could receive significant support, serving as a potential short-term catalyst.
Overall, Ripple’s buyback action and supply tightening will be key points to watch for XRP’s future market trend. Investors should also pay attention to the overall cryptocurrency market environment to assess whether XRP can successfully break through the current consolidation zone and achieve a new wave of price increases.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
XRP ETFs Hit $1.5B Inflows After SEC Clarity Unlocks Demand
XRP ETFs saw $1.5 billion in inflows post-regulatory clarity, driven by strong institutional demand and new SEC rules. Major firms increased their holdings, and XRP network activity surged, indicating robust adoption and investor interest in crypto.
CryptoFrontNews44m ago
XRP Price Clears $1.40 While Broader Downtrend Persists
XRP's recent rise above $1.40 indicates a shift in market behavior after a consolidation phase. While momentum indicators show improvement, the broader bearish trend persists, limiting upside potential. Sustained support is crucial for extending its recovery.
CryptoNewsLand5h ago
Tobu Top Tours Launches XRP Ledger-Based Prepaid Payment Platform, Targeting Japan's ¥30T Market
Tobu Top Tours has partnered with SBI Ripple Asia to launch a prepaid token payment platform on the XRP Ledger, gaining regulatory approval in Japan. Set for rollout later this year, it allows users to convert yen into blockchain tokens for various tourism services. SBI Ripple Asia also announced research to enhance Japan-South Korea cross-border payments using the XRP Ledger.
GateNews5h ago
XRP Consolidation Signals Reset as Bullish Setup Emerges
XRP has recently rebounded to $1.39 after trading between $1.20 and $1.40 due to improved market sentiment. A significant drop in futures open interest reflects reduced speculation, while technical indicators suggest a potential bullish breakout, targeting $1.50 and possibly $1.80.
CryptoNewsLand6h ago
Kalshi Traders Forecast XRP to Hit $1.60 in April
Kalshi traders predict XRP will reach $1.60 in April amid rising demand and significant ETF inflows. With a bullish technical outlook and upcoming regulatory votes, XRP's market dynamics show potential for further gains, despite risks of declining support levels if outcomes are unfavorable.
CryptoFrontier12h ago
