XRP, the native token of the XRP Ledger, saw its price plunge by 6.69% over the past 24 hours to $0.7727, down from $0.8285 yesterday. With a market capitalization of $41.58 billion, XRP remains one of the top cryptocurrencies by market cap. Let's take a look at some of the key technical insights from XRP's latest price action.

Trading Volume Remains Strong

Despite the price drop, XRP's 24-hour trading volume remained strong at $2.76 billion. This suggests that there is still significant interest in trading the token, even during periods of downward price action. The high trading volume indicates that XRP remains a relatively liquid asset.

Short-Term Indicators Paint Bearish Picture

Looking at shorter time frame charts, XRP appears to be in a clear downtrend over the past few days and weeks. The token is down 4.27% over the past 7 days and has plunged 55.34% over the past month. The 50-day and 200-day moving averages are also trending downward. Key support levels have been broken, and XRP seems unable to gain upside momentum. The technical picture suggests further downside may be ahead for XRP in the near-term.

Longer-Term Indicators Still Bullish

Despite recent weakness, XRP's longer-term technical outlook remains quite bullish. The token has surged an impressive 91.57% over the past 6 months, indicating strong performance looking at the bigger picture. The macro trend remains bullish, even if the short-term picture looks gloomy. XRP also appears deeply oversold on higher time frame charts, signaling that a relief rally may be forthcoming after capitulation selling exhausts itself.

Prediction: Temporary Weakness Before Continued Upside

My prediction is that XRP may see continued near-term weakness as short-term technicals remain weak. However, the strong longer-term uptrend is likely to reassert itself over the coming weeks and months. I expect XRP will find support around the $0.70 level before rebounding back above $1.00 later this year. Upside potential remains strong due to bullish fundamentals and increasing real-world usage of the XRP Ledger.

Is XRP Expected To Surpass its All-Time High This Cycle?

XRP hit an all-time high of around $3.30 during the crypto bubble in early 2018. While some analysts think XRP could surpass this level this cycle, there are reasons to be skeptical of a new all-time high in the short-term. Regulatory issues and competition from other networks may limit upside potential. However, long-term fundamentals remain strong. If adoption continues growing, XRP could eventually break $3.30, but likely not until the next major bull market. Patience is key for XRP investors.

Will Increased Institutional Adoption Propel XRP Higher?

Institutional interest in XRP has been growing recently, which is a positive sign for its future price outlook. Major partnerships like Ripple's deal with MoneyGram to use XRP for cross-border payments have increased corporate adoption. If more banks and financial firms utilize XRP for liquidity and settlements, demand will rise significantly. While institutional adoption is promising for long-term upside, in the short-term prices remain correlated with broader crypto market sentiment. But growing real-world usage should support price appreciation over the long run.