XRP has dropped below the critical $1.40 support level, trading at $1.3921 on April 28, down 0.61%, after a high-volume sell-off that resolved a multi-month descending triangle pattern to the downside. The breakdown saw the price fall from $1.44 to $1.39, with the 20 and 50-day exponential moving averages now flipped to resistance. The move was accompanied by expanding trading volume, with longs absorbing $4.59 million in liquidations over 24 hours against just $94,410 for shorts, while options volume doubled to $2.66 million.
In a positive development, South Korea's KBank — the exclusive banking partner of the country's largest cryptocurrency exchange, Upbit — has announced it is testing Ripple's Palisade wallet for on-chain cross-border remittances to the United Arab Emirates and Thailand. This partnership signals continued institutional interest in Ripple's payment infrastructure despite XRP's current price weakness.
Technical indicators remain bearish, with the MACD crossing below its signal line and the Relative Strength Index (RSI) sitting at 46, indicating deteriorating momentum. The $1.40 level has now flipped from support to resistance. Immediate support sits at $1.37, with further downside targets at $1.32–$1.31 and the cycle floor near $1.29–$1.30 on the lower Bollinger Band. Some analysts identify $1.38 as the last line before selling pressure could accelerate toward $1.31.
Adding to the headwind, Bitcoin dominance has pushed above 60%, signaling active capital rotation out of altcoins, which limits any organic demand recovery for XRP in the near term. However, institutional inflows into XRP ETF products reached between $15.74 million and $25 million over the past week despite the price weakness, suggesting that the asset is not being abandoned at the institutional level.
For a bullish reversal, XRP needs to reclaim $1.40 on volume within the next trading session to invalidate the breakdown as a fakeout. Clearing $1.43–$1.45 would reopen the path toward $1.50–$1.55. If the price fails to hold above $1.37, the next major support zone lies at $1.32–$1.31, with potential acceleration toward the cycle low near $1.29–$1.30.
