Ripple (XRP) price is down by 2.76% today, September 5, to trade at $1.40 at the time of writing. The drop comes after a strong jobs report pushed crypto prices down due to increased odds that the Federal Reserve will increase interest rates.
This drop comes despite the CEO of Ripple, Brad Garlinghouse, giving three reasons why the Bank for International Settlements (BIS) tested the XRP Ledger for data verification.
BIS Tests XRPL for Verification
The BIS released a paper on September 2, in which it stated that it had created a prototype to verify the authenticity of official statistics, as earlier reported by CoinGape.
The institution said that in this prototype, a statistical file is converted into a cryptographic fingerprint through the XRP Ledger, and the recipient can then compare that file with the available public records.
Ripple’s CEO now says that it is not surprising that the BIS tapped XRPL because the network boasts of being cheap and having a high throughput.
“Is it any surprise that BIS is testing with XRPL… low fees (check), fast settlement (check) and proven track record (check),” Garlinghouse said.
Data from XRPL shows that the network has an average transaction fee of 0.000088 XRP at the time of writing, while the speeds came in at 24.91 transactions per second.
The adoption by BIS also comes ahead of changes after Ripple voted in favor of amendments to the XRPL 3.3.0 upgrade before mainnet activation occurs on September 11.
XRP ETFs Record 8 Consecutive Weeks of Inflows
Data from SoSoValue shows that there have been eight straight weeks of inflows to XRP ETFs. These products have now recorded positive flows every week since July 17, with this trend signalling strong demand from institutions.
The rising inflows to the ETFs also come as the head of research at Bitwise, Ryan Ranmussen, said that XRP was the most asked-for token during a recent presentation by the firm to 400 wealth managers.
The total net assets for all five XRP ETFs that trade in the US have now reached $1.48 billion, with this being equal to 1.69% of XRP’s market cap of $88.44 billion.
XRP Prediction Faces Rejection From Key Resistance
The price of XRP today has been rejected at the resistance of $1.45 after a strong US jobs report increased the odds of the Federal Reserve hiking interest rates to 51%, per data from CoinGape prediction markets.
XRP has now dropped to test the support at the 200-day EMA of $1.35. If the price moves below this support, it will suggest that the long-term trend is now turning bearish, and the price could move to the psychological support of $1.20.
However, XRP value remains above the resistance of a bull flag pattern at $1.40. If buying pressure resumes and the price begins another uptrend, the altcoin could retest the August 22 high of $1.69.
The RSI reading of 60 suggests that the momentum is still favoring bulls, and the price could close above the resistance of $1.40.
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