XRP Price Rises Above $3.12 After Fed Interest Rate Cut
Ripple’s XRP price rose above $3.12 on Thursday. This increase followed the US Federal Reserve’s 25-basis-point interest rate cut on Wednesday. The rate cut boosted risk-on sentiment among investors. The Fed’s dot plot showed most policymakers expect more rate cuts this year. This outlook supports a short-term bullish trend for XRP. Traders are eyeing a move toward XRP’s record high of $3.66, reached on July 18.
Ripple, DBS Bank, and Franklin Templeton Launch Tokenized Money Market Fund Trading
Ripple, DBS Bank, and Franklin Templeton signed a memorandum of understanding to develop tokenized money market fund (MMF) trading. This project uses Ripple’s stablecoin RLUSD and tokenized MMFs. It aims to offer new trading and portfolio management solutions.
DBS Digital Exchange (DDEx) will list Franklin Templeton’s tokenized MMF called sgBENJI. Clients can trade RLUSD for sgBENJI tokens. This allows quick portfolio rebalancing while maintaining yields during market volatility.
Roger Bayston, head of digital assets at Franklin Templeton, said, “We are excited to partner with DBS and Ripple to introduce cutting-edge trading and lending solutions for investors.” Ripple noted that 87% of institutional investors plan to invest in digital assets in 2025.
Technical Outlook: XRP Shows Strong Bullish Momentum
XRP remains above $3.12, supported by positive technical signals. The Relative Strength Index (RSI) is at 60 and rising, showing growing bullish momentum. Key resistance levels are $3.18, $3.35, and the record high of $3.66.
If profit-taking occurs, XRP may find support at the 50-day Exponential Moving Average (EMA) of $2.95 and the 100-day EMA at $2.82. Futures Open Interest for XRP rose to $8.79 billion on Thursday, up from $7.37 billion on September 7. This rise suggests more traders expect short-term price gains.
