XRP maintained a price of $1.49 in the last 24 hours, with trading fluctuating between $1.46 and $1.63 over the past week. Despite a minor uptick of 0.5% during the past day, XRP remained 7.7% below its level from seven days earlier, reflecting a recent pullback in the market.
Institutional moves support XRP
Ripple, the technology company behind the XRP Ledger (XRPL), reported the integration of XRPL as an additional recording and auditing mechanism in Brazil’s regulated financial sector. CSD BR, the country’s central securities depository, has initiated the use of XRPL to mirror information about investment fund shares issued by BTG Pactual. CSD BR will continue to serve as the official record-keeping system, while XRPL provides an added layer for registration and oversight.
Ripple characterized this development as a transition from pilot projects to a full-scale application in live markets, giving XRPL a significant position in Brazil’s financial infrastructure as XRP attempts to sustain its value above the $1.45 to $1.50 bracket.
Armada Acquisition Corp. II shareholders are set to vote on a proposed merger with Evernorth, a firm managing XRP treasury operations, on September 30. If the deal is approved and all closing conditions are satisfied, Evernorth plans to list on Nasdaq under the ticker symbol XRPN. The company, supported by Ripple, SBI, Pantera, and Kraken, is slated to launch with at least 473 million XRP and will invest across the XRP ecosystem.
Evernorth’s public listing requires further steps even if shareholders approve the transaction. The merger does not immediately trigger an XRP purchase after the vote.
Mini dictionary: Evernorth, a company backed by Ripple, SBI, Pantera, and Kraken, is focused on deploying capital and facilitating transactions within the XRP blockchain ecosystem as it pursues a public listing on Nasdaq.
Large XRP holders, often referred to as “millionaire wallets,” have increased their positions, accumulating over 470 million XRP over five days according to Santiment. Their collective holdings rose from 12.37 billion XRP to 12.80 billion XRP before September 24, with these purchases valued at approximately $724 million.
XRP institutional demand increased as US spot XRP ETF net inflows reached $75.59 million during the week ending September 25, bringing cumulative net inflows to roughly $1.79 billion. For the two most recent sessions, inflows totaled $3.96 million and $22.65 million respectively.
Technical outlook for XRP
On the daily chart, XRP traded near $1.50, rebounding from its August low near $1.00. The price climbed above all significant exponential moving averages: the 20 day EMA at $1.4608, the 50 day EMA at $1.3718, the 100 day EMA at $1.3716, and the 200 day EMA at $1.3114. The 20 day EMA is currently above the longer-term averages, with XRP approximately 2.5% higher than this mark.
If XRP manages to sustain a close above $1.46, bullish momentum could target the $1.55 to $1.60 resistance area. However, a daily close below $1.46 would leave the price vulnerable to support zones around $1.37 (50 and 100 day EMAs) and $1.31 (200 day EMA).
| Moving Average | Level |
|---|---|
| 20 day EMA | $1.4608 |
| 50 day EMA | $1.3718 |
| 100 day EMA | $1.3716 |
| 200 day EMA | $1.3114 |
The daily Relative Strength Index (RSI) stood at 56.50, with its moving average at 58.65. The indicator remains above its neutral level of 50 and is not in overbought territory, offering room for increased buying if momentum picks up. An RSI move above 60 could help XRP re-test recent highs, while a drop below 50 may coincide with increased downside pressure.
On the 4 hour chart, XRP traded at $1.4960 between the lower Bollinger Band of $1.4688 and the middle band at $1.5048, with the upper band at $1.5408. The price has consistently tested the lower band following its retreat from the recent top near $1.65.
XRP could make another run towards $1.60 if it manages to clear resistance at the $1.54 to $1.55 range, although a move below $1.46 would weaken the bullish outlook and increase risk for further declines.
Technical indicators are mixed on shorter timeframes, with the 4 hour MACD remaining slightly bearish. The MACD line was at -0.0071, compared to a signal line of -0.0064, and the histogram showed a small negative reading of -0.0007. A bullish crossover near the zero line alongside price movement above the Bollinger midline would be supportive of near-term upside.
