XRP continues to trade under pressure, slipping below the psychologically important $1.00 mark on Tuesday. The decline comes even as Ripple expands its banking partnerships, most recently with South Korea's Jeonbuk Bank, highlighting a disconnect between fundamental developments and market sentiment.
Derivatives data points to bearish positioning
According to CoinGlass, the long-to-short ratio for XRP stands at 0.92, near its lowest level in a month. A reading below 1 indicates that short positions outnumber long positions, suggesting that derivatives traders are leaning bearish. Funding rates have also turned negative, currently at -0.0021%, after being positive at 0.0055% on Monday. Negative funding rates mean short traders are paying long traders, a sign of bearish sentiment, though it can sometimes precede a short squeeze.
On-chain indicators mixed
CryptoQuant data shows that XRP's futures market has seen large whale orders, while most other indicators remain neutral. This could support a recovery if larger investors continue to build positions and market conditions improve. However, the overall cautious tone suggests that the token may face additional downside before any meaningful rebound.
Ripple's banking expansion
Despite the price weakness, Ripple continues to make strides in the banking sector. Jeonbuk Bank, a South Korean financial institution, has announced a partnership with Ripple to deploy its cross-border payment system for business customers. The Ripple Payments platform will enable the bank's clients to settle overseas transfers in seconds to minutes, with 24/7 operations. The service targets businesses such as import-export companies, technology startups, and online content creators.
This development underscores Ripple's growing footprint in traditional finance, yet it has not been enough to lift XRP's price. The market appears to be focusing on broader crypto uncertainty and technical weakness rather than fundamental news.
Technical outlook: key levels to watch
XRP is down roughly 1% in the last 24 hours, trading around $0.99. It has slipped below its descending trendline and remains under its major daily exponential moving averages (EMAs). The 50-day EMA sits at $1.07, the 100-day at $1.15, and the 200-day at $1.34, forming multiple layers of overhead resistance.
Momentum indicators reinforce the bearish view. The Relative Strength Index (RSI) is near 43, reflecting weak buying momentum without being oversold. The Moving Average Convergence Divergence (MACD) is slightly negative, indicating lingering bearish pressure rather than a reversal.
For a recovery, XRP must first reclaim and hold above $1.00. A successful move could bring the 50-day EMA at $1.07 into focus, followed by the 100-day EMA at $1.15 and horizontal resistance at $1.30. The 200-day EMA at $1.34 and the higher resistance level at $1.90 represent more distant upside targets.
On the downside, there is no clear support level immediately below the current price, leaving XRP vulnerable to further declines if demand does not return around the $1.00 region. The broader crypto market's performance, as seen in Bitcoin's recent slip below $64K, may also influence XRP's trajectory.
Investors are also watching other altcoins, such as Ethereum's drop below $1,900, as part of a wider risk-off sentiment. Meanwhile, digital asset infrastructure expansion continues, but that has not yet translated into sustained price gains for XRP.
This article is for informational purposes only and does not constitute financial advice.
