Ripple has failed to gain momentum over the past few days as it is stuck trading around the $2.2 region.
The bulls are attempting to shape the uptrend toward key hurdles at $2.36 and $2.52, with the resistance level around $2.3 still proving to be difficult for the bulls to overcome.
Despite the current market conditions, XRP spot Exchange Traded Funds (ETFs) continue to record steady inflows, indicating growing institutional interest.
Ripple RLUSD receives regulatory approval in the UAE
XRP is up by less than 1% in the last 24 hours and is trading around $2.2 per coin.
This performance comes despite Ripple USD (RLUSD), a Ripple-backed stablecoin, gaining approval as an Accepted Fiat-Reference Token by the Financial Services Regulatory Authority (FSRA) in Abu Dhabi.
This regulatory approval allows the use of RLUSD within the Abu Dhabi Global Market (ADGM).
As such, RLUSD is now eligible for use by Authorised Persons licensed by the FSRA to provide regulated financial services, as long as they comply with the set regulations.
While commenting on the approval, Jack McDonald, Senior Vice President of Stablecoins at Ripple, stated that,
“The FSRA’s recognition of RLUSD as a Fiat-Referenced Token reinforces our commitment to regulatory compliance and trust – two non-negotiables when it comes to institutional finance.”
Arvind Ramamurthy, the Chief Market Development Officer at ADGM, added that he looks forward to Ripple making use of the region’s robust regulatory framework, designed to support the sustainable growth of innovative firms and ensure the highest international standards of governance and compliance.
RLUSD is fast becoming one of the leading stablecoins in the crypto space, with a market cap of over $1.2 billion.
The stablecoin launched in 2024 and is issued under the New York Department of Financial Services (NYDFS).
In addition to the adoption, XRP ETFs continue to attract inflows. They recorded nearly $22 million in inflows on Wednesday, making it the ninth consecutive day of steady inflows.
This brings the cumulative net volume to approximately $644 million and net assets to $676 million, indicating that institutional investors are paying attention to altcoin-based ETFs.
XRP bulls eye the $2.35 mark
The XRP/USD 4-hour chart is bearish and inefficient as XRP has failed to push past the $2.35 resistance level over the past few days.
XRP tested and found support around the $1.85 level during the weekend and has surged past $2.0 since then.
However, RP has been consolidating around $2.20 mark since Tuesday. At press time, XRP is still trading around $2.2.
If XRP recovers, it could rally towards the first major resistance level at $2.35, which coincides with the 50-day EMA at $2.36.
The 4-hour RSI of 54 is above the neutral level, indicating a growing bullish narrative.
In addition to that, the MACD lines are also within the positive territory as buyers have been in control this week.
However, if the bulls fail to push above the key resistance level, XRP could extend its decline towards the daily support level around $1.96.
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