Ripple (XRP) is correcting below the immediate $1.00 support level on Tuesday as investors weigh escalating tensions in the Middle East. The remittance token has remained in a bearish trend for most of this year, with losses below $1.00 likely to dominate this week’s trading unless a sustained recovery ensues.
Ripple expands cross-border payments in Korea
Ripple announced on Monday that it has entered into a strategic partnership with Jeonbuk Bank to expand cross-border payments in Korea, building on its broader push in the region.
The blockchain-based enterprise solutions provider said in the press release that the collaboration aims to bring transaction settlement time to near-instant, boosting businesses that rely on intermediary banks via the SWIFT system.
Jeonbuk Bank is the first commercial bank in Korea to deploy Ripple Payments, underscoring the blockchain company’s expansion efforts.
“Jeonbuk Bank can now offer faster, more transparent, and cost-effective remittance services to its global business customers, including import-export companies, IT startups, and online content creators,” Ripple said in the press release.
Technical analysis: XRP sellers tighten grip
XRP trades slightly below $1.00, retaining a bearish near-term bias as it holds below the 50-day, 100-day, and 200-day Moving Average Exponentials (EMAs). The pair also remains below the downward resistance trendline, now tracked around $1.06, while the MACD indicator stays marginally negative and the RSI at 36 hints at lingering downside pressure.
Initial resistance lies at the descending trendline near $1.06, followed closely by the 50-day EMA at $1.07, creating a nearby cap ahead of the more significant 100-day EMA at $1.16 and the 200-day EMA at $1.35. With no clear structural supports on the daily chart, the pair would likely remain vulnerable to further downside while it trades beneath this stacked EMA resistance zone. Any recovery attempt would need to reclaim the trendline and 50-day EMA cluster to ease the immediate bearish tone.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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