The price of XRP has been holding above the current support level recently, although most of the channels are under bearish influence. In fact, the altcoin has continued reselling under his daily moving keys.
However, recent developments around the Ripple ecosystem may give investors something new to watch.
In the past few days, Ripple has expanded its position as the XRP Ledger hit another milestone in network adoption. The question now is whether improving fundamentals will translate into stronger price action.
Ripple strengthens its business environment
Ripple is in the news today after all announcing the Strategic Investment in NotabeneA compliance platform that connects over 2,300 financial institutions in over 100 jurisdictions.
The move is designed to strengthen RLUSD’s business environment by helping businesses meet international standards before they become available. It follows Ripple’s massive effort to put RLUSD into cross-border payments and managed financial services.
At about the same time, a XRP Ledger crossed 1 million transactions.
Unlike traditional transfers, Agent events are performed by AI agents and automated machines without the need for human input. Ripple believes that number could rise to over 10 million as more and more coins are created online.
All these developments are proof that Ripple is growing beyond payments and infrastructure.
What about the market?
Ripple’s market activity did not show any significant changes in the last 24 hours. At the time of writing, the number of active addresses had decreased to about 14.5K, following gains of only 0.3K.
The lack of activity reflected the behavior of investors as they appeared to be reluctant to see any further rate hikes.
Trendline support will be very important for the next price
And yet, despite the good news, The price of XRP it is still erupting. At press time, the indicator was still trading below each of the Exponential Moving Averages on the daily chart.
The three-day run pushed the price of the symbol to $1.09, and it is also close to the important support.
Price changes during this period will determine the direction of the XRP price. A break below the support level will extend the current trend to $1. A major correction is also inevitable.
This opinion is also based on strong indications of a bearish leaning signal. For example, the XRP Stochastic RSI had a reading of 81.64 – Evidence that the token was in overbought territory despite aggressive selling.
Brief Summary
- Ripple boosted its ecosystem using Notabene’s investment strategy after the massive XRP Ledger update.
- XRP continues to break above the $1.05 support level, despite trading off important daily lows.
