Ripple token down 48% since Feb 1 as SWIFT tests blockchain with 30+ banks
XRP token trades at $1.48, a 48.4% drop since February 1, with the Relative Strength Index plunging to an extreme 17.06 low before rebounding to 42.54. SWIFT is testing blockchain technology with 30+ banks, reinforcing Ripple’s existing partnerships with hundreds of financial institutions.
1. Price Decline Since February 1
XRP trades at $1.48, down 48.4% from its February 1 price of $2.88, reflecting significant sell‐off. The token’s correction follows broader weakness in major cryptocurrencies this year.
2. RSI Recovery Signals Potential Stabilization
The Relative Strength Index hit an extreme low of 17.06 on February 5, indicating capitulation selling. A rebound to 42.54 suggests oversold conditions are easing, leaving room for a potential technical recovery.
3. SWIFT Blockchain Test Validates Ripple
SWIFT is conducting blockchain tests with over 30 banks, underscoring institutional interest in distributed ledgers. This development complements Ripple’s network of partnerships with hundreds of financial institutions, strengthening XRP’s cross‐border payment use case.