XRP climbs amid crypto recovery, Ripple tests RLUSD in Singapore sandbox
- XRP rises above $1.42 as crypto prices broadly recover on Wednesday.
- Ripple joins Singapore’s BLOOM sandbox initiative to test RLUSD stablecoin for cross-border trade settlements.
- XRP derivatives market strengthens amid growing risk appetite, with futures Open Interest reaching $2.42 billion.
Ripple (XRP) edges up above $1.42 at the time of writing on Wednesday, reflecting a moderately bullish widespread bias that has seen Bitcoin (BTC) extend gains above $71,000.
Ripple to test RLUSD cross-border settlement in Singapore’s BLOOM sandbox
Ripple has been onboarded to participate in BLOOM, an initiative by the Monetary Authority of Singapore (MAS). BLOOM, short for Borderless, Liquid, Open, Online, Multi-currency, is a sandbox designed to support settlement capabilities for tokenized liabilities and regulated stablecoins.
The initiative leverages Ripple’s institutional-grade infrastructure built on the XRP Ledger (XRPL) and the Unloq platform to showcase Singapore’s interoperable settlement infrastructure. Together, Ripple and Unloq aim to utilize assets such as stablecoins and tokenized liabilities to address existing inefficiencies in cross-border trade settlement.
“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,” Ripple stated in the press release.
XRP attracts retail interest, ETF inflows
Interest in XRP is gradually improving this week, with futures Open Interest (OI) rising to $2.42 billion on Wednesday from $2.39 billion on Tuesday. Reflecting the notional value of outstanding futures contracts, the OI dropped to $2.33 billion on Monday after peaking at $2.87 on March 17. A persistent increase in OI is required to sustain steady price increases.
Meanwhile, unlike Bitcoin and Ethereum Exchange-Traded Funds (ETFs), which saw outflows of $75 million and $41 million, respectively, XRP recorded mild inflows of $1.4 million on Tuesday. SoSoValue data shows net assets under management averaging $978 million while cumulative inflows stand at $1.21 billion.
Technical outlook: XRP rebound steadies as support holds
XRP hovers above $1.42 amid a mildly bullish outlook, supported by the Moving Average Convergence Divergence (MACD) indicator, which holds marginally above the signal line on the daily chart. The Relative Strength Index (RSI) softens just under the 50 mark on the same chart, reinforcing a consolidative phase rather than a bullish one.
Still, the price holds well below the 50-day, 100-day and 200-day Exponential Moving Averages (EMAs), keeping the broader structure under downside pressure despite the medium-term uptrend line origin near $1.12.
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Meanwhile, immediate support lies at $1.40, a pivotal threshold, followed by the weekly low of $1.36, where a decisive close below would open a deeper pullback toward the $1.30 demand zone. On the topside, initial resistance stands at $1.49, aligning with the 50-day EMA. A sustained break above that hurdle would expose XRP to the $1.54 area, which capped the latest rally.
Open Interest, funding rate FAQs
Higher Open Interest is associated with higher liquidity and new capital inflow to the market. This is considered the equivalent of increase in efficiency and the ongoing trend continues. When Open Interest decreases, it is considered a sign of liquidation in the market, investors are leaving and the overall demand for an asset is on a decline, fueling a bearish sentiment among investors.
Funding fees bridge the difference between spot prices and prices of futures contracts of an asset by increasing liquidation risks faced by traders. A consistently high and positive funding rate implies there is a bullish sentiment among market participants and there is an expectation of a price hike. A consistently negative funding rate for an asset implies a bearish sentiment, indicating that traders expect the cryptocurrency’s price to fall and a bearish trend reversal is likely to occur.
(The technical analysis of this story was written with the help of an AI tool.)
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
