- XRP is priced around $1.40 and is still above major supports even as its volumes drop this week.
- XRP Exchange Traded Funds had eight consecutive weeks of inflow, and five U.S.-based funds have grown to $1.48 billion.
- The BIS has tried to use XRPL for data validation as XRP moves above major EMAs from below the $1.70 level.
XRP price action remains above several key technical support levels after a sharp pullback from the token’s recent high near $1.70. XRP trades at $1.40, representing a 1.59% weekly gain, while its 24-hour trading volume has fallen 44.78% to $2.62 billion.
The token’s market capitalization stands at about $88.17 billion. The latest move follows a rejection near $1.45 after a strong U.S. jobs report increased expectations of a Federal Reserve interest-rate hike to 51%, according to CoinGape prediction-market data.
At the same time, developments involving the XRP Ledger (XRPL), XRP exchange-traded funds (ETFs), and upcoming network amendments have remained part of the market’s current backdrop.
XRP Price Consolidates After $1.70 Breakout
The daily XRP/USD chart shows that the XRP price experienced a strong bullish extension after a squeeze, reaching a local peak close to $1.70 before entering a consolidation phase around $1.4057.
Before the latest stabilization, XRP declined to $1.32 and then recovered to $1.47. The subsequent rejection around the level of $1.45 came after the U.S. jobs report increased interest rate expectations.
Technical analysis shows that the XRP is trading above its 20-day simple moving average (SMA), which is $1.3540. The price is also above the 200-day exponential moving average (EMA) at $1.352 and the 20-day EMA at $1.336.
The Bollinger Bands have expanded, indicating elevated volatility. The Relative Strength Index (RSI) stands at 60.70 compared with its SMA reading of 67.56. The RSI has moved lower from overbought territory while remaining above the midpoint.
Source: Trading View
A sustained position above $1.3540 keeps the stated bullish structure in place, with $1.6444 identified as a potential resistance level. A break below the middle Bollinger Band could expose $1.0635. The EMA structure places $1.352 as immediate dynamic support, while a move below $1.336 could bring lower EMA levels near $1.238 into focus.
XRP Ledger Draws BIS Testing
The XRP price developments coincide with a September 2 paper from the Bank for International Settlements (BIS) describing a prototype designed to verify the authenticity of official statistics.
Under the prototype, a statistical file is converted into a cryptographic fingerprint through the XRP Ledger. A recipient can then compare the file against available public records to verify whether it matches the recorded information.
Ripple CEO Brad Garlinghouse attributed the BIS decision to three characteristics of the network: low fees, fast settlement, and its track record. Data supplied for the XRPL shows an average transaction fee of 0.000088 XRP and throughput of 24.91 transactions per second.
The BIS testing comes ahead of the planned mainnet activation of amendments associated with the XRPL 3.3.0 upgrade on September 11. Ripple previously voted in favor of the amendments.
XRP ETFs Record Eight Weeks of Inflows
Institutional demand has also featured in recent XRP market data. SoSoValue data shows that U.S. XRP ETFs have recorded inflows for eight consecutive weeks, with positive flows reported every week since July 17.
The five XRP ETFs trading in the United States have accumulated total net assets of $1.48 billion. The supplied data places those assets at 1.69% of XRP’s stated $88.44 billion market capitalization.
Bitwise head of research Ryan Rasmussen also said XRP was the most requested token during a presentation involving 400 wealth managers. The statement adds to the data showing continued ETF inflows during the period.
Key Levels Remain in Focus
The daily chart places XRP above the $1.164 Fibonacci breakout base and the $1.03 support level following its rejection from approximately $1.70. Another major support reference on the chart is $0.9852.
The XRP price is currently consolidating near $1.4058, with the technical structure remaining above the major moving averages identified in the supplied data. Resistance near $1.6444 and $1.6973 remains relevant, while $1.336 and $1.352 represent key moving-average levels.
FAQs
What is the current XRP price?
XRP trades at approximately $1.40 and is up 1.59% over the week.
Why did XRP face selling pressure?
A strong U.S. jobs report increased the probability of a Federal Reserve interest-rate hike to 51%, according to the supplied CoinGape prediction-market data.
What did the BIS test on XRPL?
The BIS created a prototype that uses XRPL to generate cryptographic fingerprints for statistical files and verify their authenticity.
How have XRP ETFs performed?
U.S. XRP ETFs have recorded eight consecutive weeks of inflows, with positive flows reported since July 17.
