Under pressure, XRP fell below its resistance at $2.30 amid persistent bearish sentiment in the cryptocurrency market.
The Financial Services Regulatory Authority in the UAE grants the green light to Ripple's stablecoin RLUSD as a lending protocol in the Middle East.
XRP ETF inflows continue a positive streak for nine consecutive days, highlighting increasing institutional interest.
Ripple ($XRP ) is losing momentum, trading around $2.19 at the time of writing this report on Thursday. Bullish attempts to form an uptrend towards key barriers at $2.36 and $2.52 have failed to gain momentum amid resistance at $2.30.
Despite the broader bearish outlook in the cryptocurrency market, XRP ETFs continue to register steady inflows, reflecting increasing institutional interest.
Ripple RLUSD has received the regulatory green light in the UAE.
Ripple USD (RLUSD), a stablecoin backed by Ripple, has been recognized as an acceptable reference token by the Financial Services Regulatory Authority (FSRA) in Abu Dhabi, allowing its use within the Abu Dhabi Global Market (ADGM).
Regulatory approval indicates that RLUSD is now eligible for use by persons licensed by the authority to provide regulated financial services, provided they comply with specific obligations related to reference currency tokens.
Jack McDonald, Senior Vice President of Stablecoins at Ripple, stated: "The authority's recognition of RLUSD as a reference currency token reinforces our commitment to regulatory compliance and trust - two non-negotiable aspects when it comes to institutional finance."
Arvind Ramamurthy, Head of Market Development at ADGM, praised Ripple for achieving this regulatory milestone, adding that he "looks forward to seeing them leverage our robust regulatory framework designed to support the sustainable growth of innovative companies and ensure the highest international standards of governance and compliance".
RLUSD is a regulated stablecoin issued under the management of the New York Department of Financial Services (NYDFS). It has a market capitalization of over $1.2 billion, according to CoinGecko. The stablecoin was launched in late 2024 and is designed for institutional use while meeting regulatory expectations.
XRP ETF funds recorded inflows of nearly $22 million on Wednesday, raising the cumulative net volume to approximately $644 million and net assets to $676 million. Ongoing steady inflows, which continue for the ninth consecutive day, indicate that institutional investors are paying attention to altcoin-based ETFs.
XRP ETF inflow volume | Source: SoSoValue
Technical outlook: XRP declines as bears return.
XRP is trading at $2.19 at the time of writing this report on Thursday, affected by ongoing bearish sentiment across the cryptocurrency market. The 50-day exponential moving average (EMA) at $2.37, the 100-day EMA at $2.51, and the 200-day EMA at $2.52 are trending downwards and remain above the price, maintaining bearish pressure.
Any recovery will face hurdles at the aforementioned moving averages. The histogram of the Moving Average Convergence Divergence (MACD) indicator is in positive territory and has widened, placing the blue MACD line above the signal line.
The daily chart for the XRP/USD pair.
However, the Relative Strength Index (RSI) at 46 is neutral and has declined, indicating waning bullish momentum. The SuperTrend is falling and sits at $2.40, which also limits retracements. The downtrend line from the all-time high of $3.66, reached on July 18, caps gains, with resistance seen at $2.67.
The momentum indicator holds above the zero line and is trending upwards, indicating increasing buying interest. A close above SuperTrend may open the way to the trend line barrier, while failure to reclaim it keeps the bearish bias intact below the declining averages.
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