XRP rises as Singapore BLOOM project onboards Ripple to test RLUSD cross-border capabilities
- XRP rises above $1.42 as crypto prices broadly recover on Wednesday.
- Ripple joins Singapore’s BLOOM sandbox initiative to test RLUSD stablecoin for cross-border trade settlements.
- XRP derivatives market strengthens amid growing risk appetite, with futures Open Interest reaching $2.42 billion.
Ripple (XRP) edges up above $1.42 at the time of writing on Wednesday, reflecting a moderately bullish widespread bias that has seen Bitcoin (BTC) extend gains above $71,000.
Ripple to test RLUSD cross-border settlement in Singapore’s BLOOM sandbox
Ripple has been onboarded to participate in BLOOM, an initiative by the Monetary Authority of Singapore (MAS). BLOOM, short for Borderless, Liquid, Open, Online, Multi-currency, is a sandbox designed to support settlement capabilities for tokenized liabilities and regulated stablecoins.
The initiative leverages Ripple’s institutional-grade infrastructure built on the XRP Ledger (XRPL) and the Unloq platform to showcase Singapore’s interoperable settlement infrastructure. Together, Ripple and Unloq aim to utilize assets such as stablecoins and tokenized liabilities to address existing inefficiencies in cross-border trade settlement.
“Built on the XRP Ledger, SC+ Solution, Unloq’s smart-contract-driven trade finance platform uses RLUSD to automatically trigger payments the moment the shipment is verified,” Ripple stated in the press release.
XRP attracts retail interest, ETF inflows
Interest in XRP is gradually improving this week, with futures Open Interest (OI) rising to $2.42 billion on Wednesday from $2.39 billion on Tuesday. Reflecting the notional value of outstanding futures contracts, the OI dropped to $2.33 billion on Monday after peaking at $2.87 on March 17. A persistent increase in OI is required to sustain steady price increases.
Meanwhile, unlike Bitcoin and Ethereum Exchange-Traded Funds (ETFs), which saw outflows of $75 million and $41 million, respectively, XRP recorded mild inflows of $1.4 million on Tuesday. SoSoValue data shows net assets under management averaging $978 million while cumulative inflows stand at $1.21 billion.
Technical outlook: XRP rebound steadies as support holds
XRP hovers above $1.42 amid a mildly bullish outlook, supported by the Moving Average Convergence Divergence (MACD) indicator, which holds marginally above the signal line on the daily chart. The Relative Strength Index (RSI) softens just under the 50 mark on the same chart, reinforcing a consolidative phase rather than a bullish one.
Still, the price holds well below the 50-day, 100-day and 200-day Exponential Moving Averages (EMAs), keeping the broader structure under downside pressure despite the medium-term uptrend line origin near $1.12.
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Meanwhile, immediate support lies at $1.40, a pivotal threshold, followed by the weekly low of $1.36, where a decisive close below would open a deeper pullback toward the $1.30 demand zone. On the topside, initial resistance stands at $1.49, aligning with the 50-day EMA. A sustained break above that hurdle would expose XRP to the $1.54 area, which capped the latest rally.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
(The technical analysis of this story was written with the help of an AI tool.)
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