XRP Price Stuck as Holders Get to Borrow Stablecoin
XRP's price is stuck at $1.07, underperforming the broader market, due to technical issues and a positioning reset in derivatives.
Its market condition reflects weakness and low conviction, with the price pinned below moving averages and hovering near the critical $1.06 support level.
XRP is trading below its key moving averages at $1.12, with an RSI of 44.35 indicating bearish momentum. The price is consolidating just above the pivotal $1.06 support level.
The trading volume fell 5.57% to $994.3 million, signalling a lack of conviction from both buyers and sellers.
A daily close below $1.06 could trigger stop-losses and accelerate selling, despite positive Ripple news, including strategic investments in ZILO and Licuido and four consecutive days of U.S. spot ETF inflows.
The broader market sentiment is favouring Bitcoin over altcoins, overshadowing coin-specific positive developments.
However, the immediate battle is at $1.06. Holding this support could fuel a rebound toward resistance at $1.10, $1.12.
XRP holders can now borrow Ripple's $RLUSD stablecoin against their holdings on Ethereum without selling their tokens after Flare's FXRP was approved as collateral in Sentora's $RLUSD Main vault.
The integration lets users convert XRP into Flare's FXRP token, bridge it to Ethereum, deposit it as collateral on the Morpho lending protocol, and borrow $RLUSD.
Flare's co-founder and CEO, Hugo Philion, said that 'XRP is one of the largest assets in crypto and one of the least used in DeFi. That gap came down to infrastructure.'