XRP Price Finds Support, Eyes 15% Climb as Collaboration with HSBC Boosts Ripple Sentiment

■  Ripple price has found support at $0.5981, breaking a 20% fall that began on November 7.

■  It comes on the back of a collaboration with HSBC, combining Metaco with Ripple for banking infrastructure.

■  XRP price could pull north if bulls defend this position, with a 15% climb to $0.6820 in the cards.

■  The bullish thesis will be invalidated upon a decisive candlestick close below the critical support at $0.5981.

Ripple (XRP) price has found support after a multi-week fall, pivoting around this level as it calculates a possible correction. The inflection is influenced by a new partnership between Ripple and HSBC, one of the world’s largest banks.

Metaco’s HSBC deal with Ripple foreshadows possible growth for XRP

Ripple acquired Swiss digital asset custody firm, Metaco, earlier in the year. However, recent revelations that the firm is working with one of the world’s largest banks, HSBC, have excited bullish sentiment for XRP community members.

According to XRP community members, HSBC choosing Ripple as its custody technology partner is a clear manifestation of financial institutions looking to adopt XRPL and most importantly XRP token.  

According to Metaco CEO Adrien Treccani, “There is an indirect link between Ripple protocols and Metaco’s banking clients. Treccani explains this correlation as the adoption of Ripple and Metaco's solutions further promoting the adoption of the XRPL as a protocol,” adding that, “Every success of Ripple the company is also a success for the XRP Ledger.”

Ripple has been active in courting banks with the goal of streamlining cross-border payments. Treccani points to XRPL as one of the longest-serving examples of a private tokenization blockchain.

As such, the amalgamation of Metaco and Ripple provides a complete suite, made up of an infrastructure layer and a services layer, delivering a financial powerhouse with a well-packaged vertical stack comprising tokenization life cycle, payments primitives, and liquidity management all from one vendor.

XRP price finds support as Ripple Metaco partnership suggests growth

Ripple (XRP) price has found support at $0.5981 in the daily timeframe after a 20% fall beginning November 7. The bulls are pushing to establish a presence in the XRP market, indicated by the green histogram bars of the Awesome Oscillator (AO) in positive territory. Experts have also identified an inverted Head-and-Shoulders pattern on the XRP price chart against the USDT stablecoin in the three-day timeframe, forecasting a 60% upswing to $1.234.

Increased buying pressure above current levels could see Ripple price extend to test the supply zone ranging from $0.6582 to $0.7186. To confirm the continuation of the trend north, the price must break and close above the midline of this order block at $0.6820.

In a highly bullish case, Ripple price could stretch further, foraying above the $0.8000 psychological level to collect the sell-side liquidity (SSL) that continues to reside above. Such a move would render the supply barrier into a bullish breaker, serving as the jumping-off point for more gains.

XRP/USDT 1-day chart, Source: TradingView

On the flipside, if selling pressure overpowers buying pressure, Ripple price could lose the $0.5981 support, paving the way for a spiral down into the consolidation phase between $0.4735 and $0.5392. A break and close below the $0.5981 support level would invalidate the bullish thesis.

The Relative Strength Index (RSI) position below 50 supports the bearish thesis, showing weak price strength as bears continue to show resilience. Its deviation to the south shows that momentum is falling.  

Notice that the RSI attempted to cross above the signal line (yellow band), but the move proved premature, with the two bands deflecting in favor of the bears.