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Ripple under pressure: partnership with Absa Bank and falling XRP prices!
XRP trades below $2.50 while Ripple partners with Absa Bank in Africa. Short-term outlook remains bearish.
Ripple under pressure: partnership with Absa Bank and falling XRP prices!
Ripple (XRP) has had a challenging trading week as the price traded below $2.50 on Wednesday. The retrace attempt to recover from last week's flash crash was rejected on Monday with resistance at $2.63. The cryptocurrency's short-term bearish outlook has strengthened and the chances of a rise to $3.00 appear to be fading. Key support levels include $2.40, tested on Tuesday, and $2.20, last tested in July.
Amid these turbulent developments, Ripple has announced a partnership with Absa Bank. This collaboration aims to provide digital asset custody services in South Africa. Absa Bank is the first African institution to use Ripple’s custody technology. This initiative aims to meet the growing demand for secure and regulatory compliant digital custody services in emerging markets. Reece Merrick, the managing director for the Middle East and Africa at Ripple, highlighted the changing nature of value storage and exchange in Africa.
Market development and trading activities
According to current market developments, retail interest in XRP temporarily stabilized on Tuesday, but continued a downward trend on Wednesday. The average trading volume was USD 4.19 billion. In addition, the futures open interest (OI) is significantly below the values of last week, when there was a significant market correction. Technical indicators continue to signal a bearish trend for XRP; the MACD signal has been maintaining selling pressure since Thursday. Additionally, the Relative Strength Index (RSI) is below a descending trend line at 36, indicating increasing bearish pressure.
A potential reversal point could occur above the $2.40 support level, aiming to reach the 200-day Exponential Moving Average (EMA) at $2.63. Ripple is also pursuing expansion in Asia and the Middle East, with a focus on partnering with financial institutions and government agencies to meet the needs of the digital market.
For investors, the situation in the Ripple market remains tense as they closely monitor developments, especially regarding the new partnerships and the market analysis that could show potential signs of recovery.