The cryptocurrency market’s rally has stalled in the last few hours, with Bitcoin declining below $71,000 once again.
Ether also risks dropping below $2,100 if the current market conditions persist.
Ripple’s XRP failed to take out the $1.46 resistance once again and is now trading at $1.40 per coin.
Momentum indicators remain mildly bearish, suggesting that XRP could see further selloff in the near term.
Ripple tests RLUSD in MAS sandbox
XRP’s poor performance comes despite Ripple getting onboarded to BLOOM, an initiative by the Monetary Authority of Singapore (MAS).
The project, BLOOM (short for Borderless, Liquid, Open, Online, Multi-currency), is a sandbox designed to support settlement capabilities for tokenized liabilities and regulated stablecoins.
The project seeks to take advantage of Ripple’s institutional-grade infrastructure built on the XRP Ledger (XRPL) and the Unloq platform to showcase Singapore’s interoperable settlement infrastructure.
Ripple and Unloq will utilize assets such as stablecoins and tokenized liabilities to address existing inefficiencies in cross-border trade settlement.
While commenting on this latest development, the Ripple team said,
“Built on the XRP Ledger, SC+ Solution, Unloq’s smart-contract-driven trade finance platform uses RLUSD to automatically trigger payments the moment the shipment is verified.”
XRP’s dip comes despite growing retail interest in the cryptocurrency.
XRP’s futures Open Interest (OI) rose to $2.52 billion on Thursday, up from the $2.41 billion recorded on Wednesday. A persistent increase in OI is required to sustain steady price increases.
Furthermore, unlike Bitcoin and Ethereum Exchange-Traded Funds (ETFs), which recorded outflows earlier this week, XRP has recorded mild inflows over the past few days.
XRP ETFs recorded an inflow of $1.4 million on Tuesday, followed by another $893,000 on Wednesday.
Current data shows net assets under management averaging $978 million while cumulative inflows stand at $1.21 billion.
XRP could rebound as the support level holds
The XRP/USD 4-hour chart is bearish and efficient as Ripple has been consolidating over the past five days.
The coin has a mildly bearish outlook, with the Moving Average Convergence Divergence (MACD) indicator currently below the signal line, indicating a fading bullish bias.
The Relative Strength Index (RSI) reads 47 on the same chart, reinforcing a consolidating phase rather than a bullish one.
Currently, XRP is trading well below the 50-day, 100-day and 200-day Exponential Moving Averages (EMAs), keeping the broader structure under downside pressure despite the recent rally.
The bulls are holding the $1.40 support at the moment.
If this support level fails, XRP will likely retest the weekly low of $1.36, where a decisive close below would open a deeper pullback toward the $1.30 demand zone.
However, if the market recovery continues, XRP could surge past the $1.46 weekly swing high before targeting the $1.49 resistance level, aligning with the 50-day EMA.
A solid break above this resistance level would expose XRP to the $1.54 area, which could signal a bullish switch on the higher timeframe.
The post Is XRP price ready to jump after Ripple’s MAS BLOOM expansion? appeared first on Invezz
