The XRP price rose to the ultimate resistance level of the Murrey Math Lines as the crypto market rebounded and investors reacted to notable Ripple news. It jumped to a high of $2.4, up modestly from this week’s low of $2.06.
Top Ripple News this Week
The XRP price has been in the spotlight this week as the Ripple Swell event happened in New York. This is an important event that brought together some of the top leaders from top American and foreign companies to discuss the future of finance.
One major XRP news in that event is that Ripple Labs received a big investment from Ken Griffin’s Citadel and Fortress. They invested $500 million in the crypto company at a $40 billion valuation, making it bigger than other companies like Circle and raising the odds that it will go public soon.
The other key Ripple news is that it partnered with Mastercard, the second-biggest cash processor in the industry. It will use Ripple USD (RLUSD) in some settlements. This announcement came the same week the RLUSD market capitalization jumped above $1 billion.
Meanwhile, companies like Franklin Templeton and Bitwise are planning to list their spot XRP ETFs, a move that will likely drive more demand for the coin.
Recent data shows robust demand for XRP, with the recently launched REX-Osprey XRP ETF holding over $125 million in assets. Similarly, the Bitwise Solana ETF has already reached $600 million in AUM, just a week after launch. Analysts expect XRP ETFs to have more assets than Solana.
The other crucial XRP news is that Ripple continued its buying spree, recently acquiring Palisade. This happened after the company acquired other companies, including GTreasury, Rail, and Hidden Road, which is now known as Ripple Prime.
XRP Price Technical Analysis
The daily timeframe chart shows that the XRP price has flashed numerous bearish patterns despite the important Ripple news released this week.
It has already formed a death cross pattern, as the 50-day and 200-day Exponential Moving Averages have crossed. Also, the coin has already retested the important resistance level at $2.7, which marks the lower boundary of the descending triangle pattern.
A break-and-retest pattern is one of the most common bearish continuation signs in this technical analysis. Therefore, the token will likely remain under pressure for a while before bouncing back once the crypto market stabilizes.
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