Due to institutional interest for Ripple-linked products, XRP price is making attempts to position itself above the key support level.
XRP is a cryptocurrency created specifically for making international payments and settling transactions on the Ripple platform. At press time, the coin is trading at approximately $1.40 with a decrease of around 1% over the past 24 hours.
UBS Disclosure Boosts XRP Price Attention
A recent post on X by BankXRP claims that “UBS Group, the largest wealth manager globally with $5.7 trillion in assets, has now officially made its XRP investment publicly available via a newly released SEC filing under its 13F form.”
In that same post, they showed that UBS acquired its exposure to XRP through Grayscale and Volatility Shares investment avenues pertaining to XRP. The post describes the news of UBS acquiring their XRP stake as possibly providing XRP’s institutional “stamp of approval” and promoting broader adoption of digital assets as a whole.
Also Read: XRP Price Consolidation Phase Signals Next Rally Toward $1.78 Target
XRP Price Continues Consolidation Structure
Following the recent UBS-related XRP disclosure narrative, the TradingView chart shows that XRP price appears to be forming a tight consolidation structure within its daily price action, continuing to hold prices above the upward-sloping support trendline at approximately $1.38 while showing immediate resistance in the area of $1.45.
In addition, XRP price has maintained price action below both the 50-day and 200-day moving averages, demonstrating that the overall trend continues to be under pressure, albeit slightly relenting some of that pressure.
At this time, with RSI at approximately 38, XRP price momentum is considered weak as price action remains below the neutral 50 level. With that said, XRP has still demonstrated relative strength in not rolling over lower than it technically could have by creating higher lows off of support, suggesting there are still active buyers operating within this range.
Should XRP price make a successful comeback to the $1.45 resistance level, then bullish momentum could build again through higher supply zones. Conversely, if XRP closes below the support level of $1.36, then it may retest lower support zones. Regardless, the cryptocurrency market remains highly volatile.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: XRP Charts Gain 1 Massive X Upgrade
