Ripple (XRP) Price Faces Downward Pressure
Ripple (XRP) is trading below $2.50 as of Wednesday. After last week’s flash crash, XRP tried to recover but failed near $2.63 on Monday. This shows a short-term bearish trend. The chance of XRP rising to the $3.00 level is low. Key support levels are $2.40, tested on Tuesday, and $2.20, last seen in early July.
Ripple Partners with Absa Bank to Boost Crypto Custody in South Africa
Ripple announced a partnership with Absa Bank to offer digital asset custody services in South Africa. Absa Bank will use Ripple’s institutional-grade crypto custody technology. This will provide secure and scalable storage for tokenized assets, including cryptocurrencies.
Absa Bank is the first African bank to use Ripple’s custody infrastructure. Ripple said this move responds to growing demand for secure, regulatory-compliant digital custody in emerging markets.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, said, “Africa is experiencing a major shift in how value is stored and exchanged. Our partnership with Absa shows Ripple’s commitment to unlocking digital assets’ potential on the continent.”
Ripple has expanded in Asia and the Middle East and is now entering Africa. According to Chainalysis, Africa has the second-largest crypto ownership worldwide. Ripple aims to bring more institutions and users onto the blockchain.
Technical Outlook: XRP Shows Bearish Signals
XRP’s price remains below $2.50 with bearish signs on the daily chart. The Moving Average Convergence Divergence (MACD) indicator has shown a sell signal since last Thursday. This suggests growing bearish momentum.
The Relative Strength Index (RSI) is also trending down at 36, indicating increasing selling pressure. Key support levels are $2.40 and $2.20. If buyers step in at $2.40, XRP could bounce back toward the 200-day Exponential Moving Average (EMA) at $2.63.
