March 12 News, Ripple announced the launch of a $750 million XRP buyback program, drawing market attention to XRP’s price. This buyback is interpreted as a signal of the company’s confidence in the long-term value of the token and may also provide upward support for XRP’s price by reducing circulating supply.
On-chain data shows that XRP exchange reserves continue to tighten. As of March 10, the total XRP held on exchanges has fallen to $3.7 billion, the lowest in nearly ten months. Analysts believe this reflects investors possibly redeeming XRP from exchanges for long-term holding or accumulation. Combined with the buyback plan, this could exert positive pressure on the price.
From a technical perspective, the XRP/USDT daily chart shows the current trading price consolidating around $1.37. The $1.45–$1.50 range acts as a major resistance zone. Once broken, there is potential for further upward movement toward the $1.70–$1.80 range. On the support side, the $1.30 level provides a defensive line, and if selling pressure intensifies, $1.20 remains an important support. The Relative Strength Index (RSI) is around 45, indicating neutral momentum, meaning the price has both upward potential and possible downward pressure. The Accumulation/Distribution indicator (ADP) shows a slight decline, suggesting market participants remain cautious.
Additionally, XRP’s application within Ripple’s cross-border payment network continues to expand, with increasing interest from institutional investors. This implies that if the buyback plan is implemented and exchange reserves keep decreasing, XRP’s price could receive significant support, serving as a potential short-term catalyst.
Overall, Ripple’s buyback action and supply tightening will be key points to watch for XRP’s future market trend. Investors should also pay attention to the overall cryptocurrency market environment to assess whether XRP can successfully break through the current consolidation zone and achieve a new wave of price increases.
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