Ripple (XRP) Price Slows Amid Crypto Market Weakness
Ripple (XRP) is trading near $2.19 this Thursday. Attempts by buyers to push prices past key levels at $2.30, $2.36, and $2.52 failed. The wider cryptocurrency market remains bearish. However, XRP spot Exchange Traded Funds (ETFs) keep seeing steady inflows. This shows strong interest from institutional investors in XRP ETFs.
Ripple’s RLUSD Stablecoin Gets UAE Regulatory Approval
Ripple USD (RLUSD), a stablecoin backed by Ripple, has received official approval in Abu Dhabi. The Financial Services Regulatory Authority (FSRA) in Abu Dhabi named RLUSD an Accepted Fiat-Reference Token. This allows its use within the Abu Dhabi Global Market (ADGM).
Authorized financial firms licensed by FSRA can now use RLUSD if they follow rules tied to Fiat-Referenced Tokens. Jack McDonald, Senior Vice President of Stablecoins at Ripple, said this approval shows Ripple’s commitment to trust and regulatory compliance in institutional finance.
Arvind Ramamurthy, Chief Market Development Officer at ADGM, praised Ripple for reaching this regulatory milestone. He said ADGM’s regulatory framework supports the growth of innovative firms with high governance standards.
RLUSD is also regulated under the New York Department of Financial Services (NYDFS). It has a market cap of over $1.2 billion, according to CoinGecko. The stablecoin launched in late 2024 and is made for institutional use while meeting regulatory rules.
On Wednesday, XRP ETFs saw inflows of nearly $22 million. Total net inflows stand at about $644 million, with net assets near $676 million. These inflows have now lasted nine days straight, highlighting strong institutional interest in altcoin ETFs.
XRP Technical Outlook Shows Bearish Pressure
XRP’s price is held down by negative sentiment in the crypto market. Key moving averages—the 50-day EMA at $2.37, 100-day EMA at $2.51, and 200-day EMA at $2.52—are above the current price. This keeps selling pressure strong.
The MACD indicator shows some positive momentum, but the Relative Strength Index (RSI) at 46 is neutral and falling. The SuperTrend is at $2.40, acting as resistance. A declining trend line from the July 18 high of $3.66 also limits gains near $2.67.
If XRP can close above the SuperTrend, it might challenge the descending trend line. Failing that, the bearish trend will likely continue with resistance at the moving averages holding.
