XRP Price Slides As Coinbase Unveils cbXRP And Ripple Refutes Acquisition Claims

Ripple XRP/USD dipped around 2.3% to $2.21 as investors weighed fresh corporate and on-chain developments. Trading volumes ticked up slightly, and whales defended the key $2 level, hinting at underlying demand despite the pullback. The price action follows the denial of claims about Circle's acquisition by Ripple.

Ripple CEO, Brad Garlinghouse, refuted recent reports claiming Ripple offered $4–$5 billion to acquire Circle. Speaking with Georgetown Law professor, Chris Brummer, at Ripple Las Vegas, Garlinghouse was clear: no bid ever existed. Circle, which plans to go public with a valuation of up to $7.2 billion, also insisted it is not for sale.

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Coinbase Global Inc COIN launched wrapped XRP, called cbXRP, on its Ethereum Layer 2 network Base. In the first 24 hours, over 2.3 million cbXRP units, worth $5 million, were issued, signaling high demand. Wrapped tokens let holders use XRP on Base’s DeFi apps with lower fees and faster finality. Base already secured more than $15 billion in assets, and processed $3.6 trillion in stablecoin volume during Q1 2025.

On-chain data from CoinGecko shows XRP trading at $2.21, down roughly 4.4% over 24 hours but still up over 320% year-over-year. Derivatives markets echoed the sentiment: XRP open interest rose 1.3% to $4 billion, and a wave of short liquidations pointed toward new bullish bets. According to Glassnode, whale addresses have been accumulating near $2, reinforcing that level as a strong support zone.

Crypto analyst Francis Hunt, known as “The Market Sniper,” noted that XRP formed a falling wedge pattern, which often precedes upward breakouts. His team accurately called XRP’s previous high at $3.36, and believes new demand could push XRP back toward that level. Hunt emphasized that while macro headwinds loom, defending $2 suggests “strong hands” are ready to buy any brief dips.

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At XRP Las Vegas, Ripple CTO David Schwartz confirmed that Ripple is building a self-contained financial system around the XRP Ledger, XRP token, and its RLUSD stablecoin. According to Schwartz, XRP serves as “gas,” RLUSD as the unit of account, and XRPL as the decentralized backbone. He envisions the framework enabling loans, investments, and payments beyond simple cross-border remittances.

Bitcoin’s BTC/USD 49% year-over-year gain, according to CoinGecko, has buoyed confidence across the crypto space. Total market capitalization climbed nearly 12% over three months, lifting Ethereum ETH/USD and Solana SOL/USD alongside XRP. Investors will watch next week’s U.S. inflation readings for cues on Federal Reserve policy, which could fuel more risk-on sentiment, benefiting XRP and other major tokens.

Data shows resistance at $2.40 and a clear break above that level could target $3. A drop below $1.95 might test support near $1.80, where historical buyers have stepped in.

With Coinbase expanding Bridge Liquidity on Base and Webus committing to XRP, the token sits at a crossroads. On-chain flows and institutional filings suggest more demand could be incoming. Any regulatory hiccups or macro shocks may delay a sustained rally. Ripple’s Price hinges on how effectively wrapped tokens gain traction, and whether treasury builds translate into real buying pressure.

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