XRP Hits Oversold, SBI Bank to Offer Token as Deposit Reward
With a double-digit decline in its trading volume on Tuesday, Ripple (XRP) has been significantly sold off, with a 22% decline in market price over the last 30 days.
XRP price is down by about 4% to $1.13 on Tuesday, closely tracking a broader market sell-off, with Bitcoin down 3.96% and total market cap down 3.1%.
The move appears primarily driven by negative macro sentiment and a lack of immediate bullish catalysts. XRP’s 24-hour decline almost exactly mirrors the drops in Bitcoin and the total crypto market cap.
This high correlation indicates the move was driven by broader market sentiment rather than an XRP-specific event. Trading volume fell 8.45%, suggesting the decline lacked high-conviction selling pressure.
The absence of a clear catalyst reinforces the view that this was a flow-driven move within a weak overall market structure. The immediate focus is on the XRPL 3.2.0 upgrade scheduled for June 15, which could provide a positive narrative if successfully implemented.
Technically, XRP is testing a critical support band between $1.13 (recent swing low) and the 200-week moving average near $1.10. The Relative Strength Index signal at 35.32 shows the asset is nearing oversold territory, which could support a short-term bounce.
The trend remains bearish below key moving averages, but oversold conditions near major support create a potential zone for stabilisation. A daily close below $1.13 would confirm bearish continuation toward $1.00.
XRP’s price action is dominated by negative macro sentiment and a lack of immediate catalysts, keeping it vulnerable to further downside if Bitcoin weakens.
Meanwhile, Ripple partner SBI Holdings is introducing a new crypto rewards program via its SBI Shinsei Bank. It seeks to offer clients with Bitcoin, Ethereum, and XRP incentives.
The service is slated to launch this fall, sometime between September and November in Japan. For this, customers will be provided with crypto-based vouchers proportional to the interest on their fiat deposits. The rewards will be approximately 20% of the interest earned, according to a report by local publisher Nikkei.
The Ripple affiliate’s users will then be able to redeem the vouchers for Bitcoin, Ethereum, or XRP within a designated timeframe.
The exchange rate will be determined by the market rates at the time of the conversion. For this launch, SBI Holdings said it has already made all the arrangements for the program’s exchange process. XRP Price Sinks 7% as Investors Unwind Leverage Positions
