XRP tests key support as Ripple Prime unveils Delta One suite
- XRP retreats toward $1.40 immediate support, aligning with a broader crypto market cooldown.
- Ripple Prime announces the launch of Delta One business to support swaps across US equities indices and digital assets.
- XRP sits on robust support levels defined by major moving averages even as momentum indicators decline.
Ripple (XRP) extends lock-step trading for the third straight day on Friday, as support at $1.40 comes under pressure. The remittance token has remained largely in defense mode since last week’s 72% rally from $1.00 to highs around $1.70.
The $1.40 support level is expected to remain resilient, limiting further downside risk and preserving recent gains, while increasing the probability of a bullish reversal.
Ripple Prime launches Delta One business suite
Ripple announced the launch of Delta One business within its Ripple Prime global, multi-asset brokerage platform on Thursday. The new service is designed to enable institutional users to execute Total Return Swaps across United States (US) equities, indices and digital assets, all within a ready environment suited to the reporting requirements of asset managers and hedge funds.
The launch of Delta One represents a major milestone in Ripple Prime’s strategic growth, broadening its footprint in the equities market while enhancing its comprehensive suite of prime brokerage, clearing, and financing solutions spanning forex, derivatives, fixed income, and digital assets.
Ripple Prime recently secured an upsized $275 million private placement of senior unsecured notes, bolstering its capital base and providing additional resources to fuel ongoing expansion initiatives. This underscores the platform's growing use cases and the convenience it offers institutions.
Meanwhile, interest in XRP remains high as evidenced by inflows into Exchange-Traded Funds (ETFs) extending for the eighth consecutive day, with $18 million recorded on Thursday. Meanwhile, cumulative inflows average $1.64 billion, with net assets under management at $1.49 billion. Sustained inflows into related investment products tend to mitigate selling pressure in the open market and underpin positive investor sentiment.
Technical analysis: XRP nears key support
XRP trades at $1.42, extending a bullish phase above its major Exponential Moving Averages (EMAs), which reinforces an underlying upward bias. Momentum stays constructive as the Moving Average Convergence Divergence (MACD) histogram remains positive on the daily chart and the line holds above zero, while the Relative Strength Index (RSI) hovers just above 70, hinting at strong but increasingly stretched buying pressure.
Initial support is aligned with the 200-day EMA at $1.35, where a pullback could test the durability of the latest breakout. A deeper slide would expose the 100-day EMA at $1.20, followed by the 50-day EMA at $1.19, levels that underpin the broader uptrend even if overbought conditions trigger a corrective phase.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Cryptocurrency prices FAQs
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
