- The XRP price is stagnant at $1 amid XRP bears’ dominance hindering recovery as Ripple starts making cross-border payments in Korea.
- XRP price encounters resistance at $1 while EMAs and RSI under 50 keep pressuring the price action.
- Ripple enters the cross-border payment market with Jeonbuk Bank as XRP price consolidation is ongoing near support levels.
The price of XRP moved around the $1 mark as there were signs of the cryptocurrency consolidating itself after moving down from above $1.08. There was a bounce back from $0.989 towards $0.999 with resistance from $1.005 to $1.0068 restricting the move higher.
XRP Price Faced Resistance Around $1
The price of XRP was trading around $0.9976, below the 20 EMA at $1.0003 and the 50 EMA at $1.0094.The 100 EMA stood at $1.0265, while the 200 EMA was positioned at $1.0527. The arrangement kept the shorter-term averages below the longer-term averages and showed that XRP remained under pressure across multiple timeframes.
Source: Trading View
The immediate level for XRP was the 20 EMA at $1.0003. A move above that level would place the price back above the first short-term average, while the 50 EMA at $1.0094 remained the next resistance level. The 100 EMA at $1.0265 represented a higher level that would need to be reclaimed for a stronger technical shift.
The RSI(14) was around 45.77, while its moving average stood near 43.79. The RSI below 50 revealed a bearish or neutral momentum. The reading also reflected the limited strength behind the recent recovery from the sub-$1 area.
XRP Price Consolidates After Decline
The four-hour chart showed XRP falling from above $1.08 toward the $0.99 area before entering a consolidation phase. Recent candles indicated a modest recovery from support around $0.984, with the price moving toward the $1 level.
The Bollinger Band midline was around $1.000 and acted as immediate resistance. A decisive move above $1.0068 could strengthen the short-term recovery and expose the $1.02 area. Conversely, rejection around the resistance zone could return the price toward $0.991 and $0.9839.
Fibonacci levels also identified $0.9884 and $0.9839 as important support areas. The XRP price therefore, remained between nearby support and resistance levels as buyers attempted to extend the rebound.
Ripple and Jeonbuk Bank Expand Cross-Border Payments
Ripple and Jeonbuk Bank announced a partnership focused on modernizing cross-border payments for South Korea’s regional banking sector. Jeonbuk Bank selected Ripple Payments to provide real-time, 24/7 cross-border settlement for its business customers and to replace the traditional SWIFT network for those transactions.
The bank is a subsidiary of JB Financial and became the first regional bank in South Korea to deploy Ripple Payments. The service will be used for remittance activity involving business customers, including import-export companies, IT startups, and online content creators.
Fiona Murray, Ripple’s managing director of Asia Pacific, said the agreement followed increased activity among South Korean financial institutions in digital asset-related infrastructure. She also said companies were seeking infrastructure partners for long-term use.
The Jeonbuk Bank agreement marked Ripple’s third partnership in South Korea during the year. The other partnerships involved Kyobo Life Insurance and Kbank, with the institutions pursuing different applications involving custody, payments, treasury, and tokenization.
Trading Activity Increases as XRP Recovers
The XRP price increased more than 0.65% following the Jeonbuk Bank announcement and was reported at $0.995. The move came after XRP had declined almost 1.50% over the previous 24 hours.
During that period, XRP recorded a low of $0.988 and a high of $1.01. The trading volume increased by 40% during the specified period, which signals about an elevated trading interest around the asset.
At the daily timeframe, XRP broke below the 50-day simple moving average. The decline occurred alongside a sharp slowdown in spot XRP ETF inflows. A separate price analysis identified $1.05 as a potential recovery level based on the prevailing market setup.
Derivatives data also showed increased activity. CoinGlass data indicated that total XRP futures open interest increased 0.60% to $2.77 billion over one hour. XRP futures open interest on CME increased more than 0.44%, while Binance recorded an increase of more than 0.83%.
FAQs
What is the immediate resistance for XRP?
The near-term resistance zone is between $1.0003 and $1.005, whereas $1.0068 is regarded as an important resistance level that can boost the upturn in case of a clear breakout.
What are the critical support levels of XRP?
The critical support levels are $0.991, $0.9884, $0.9839, and the overall $0.984 range.
What does the Jeonbuk Bank association mean?
Jeonbuk Bank has chosen the Ripple Payments product to carry out real-time cross-border
