While the price sees a rally on the weekly charts, Ripple joins JPMorgan and Mastercard in a pilot transaction. Learn the details and the potential broader impact.
XRP has been on an upswing on the weekly charts, while there have been some noteworthy developments regarding Ripple. Notably, Ripple, JPMorgan (NYSE:), Mastercard (NYSE:) and completed a landmark pilot transaction. This transaction is the first real-world example of tokenized US Treasuries being settled across multiple borders and banks in near real time.
A Cross-Border Settlement Milestone
According to the official announcement by Ondo, this partnership of leading international financial companies allowed XRP Ledger to interface with interbank settlement infrastructure. To clarify, Ondo Finance processed Ripple’s OUSG redemption on the XRP Ledger. Concurrently, Mastercard’s Multi-Token Network directed instructions to Kinexys, which is run by JPMorgan.
It was reported that JPMorgan subsequently sent USD to Ripple’s Singaporean bank account. The transaction is noteworthy because it combined a public blockchain network, tokenized U.S. Treasuries and institutional banking infrastructure in a single, cross-border workflow operating close to real-time.
This transaction also showed an operational advantage as the settlement was done outside of normal banking hours. In other words, all these entities have made a step closer to a system of fully operational 24/7 financial markets.
The XRP Price Is on a Weekly Climb
At the same time, the price of XRP has been on the rise on the weekly charts. CoinMarketCap shows that the value grew from around $1.35 to over $1.40 in the past seven days. This can be seen as a continuation of the monthly uptrend for XRP which saw it pump nearly 10%.
Currently, XRP is facing immediate resistance at the $1.45-$1.50 levels which are key technical barriers. This is a must-cross zone for the bullish momentum to keep going. The big long-term resistance zone sits between $1.80-$1.90 with $2 coming if a breakout happens. Meanwhile, the support levels sit at $1.37-$1.35. It could potentially fall to a one-month low of $1.31 if it goes below those levels.
Technical Indicators Are Showing Mixed Signals
On the other hand, the technical analysis for XRP is painting a more complex picture. Investing.com shows that there are some bearish and bullish signs. For instance, the ultimate oscillator now has a value of 57 which is in the buy zone but still not overbought (above 70). This suggests that there is bullish momentum for XRP at the moment. The 13-day bull/bear power indicator says bulls have the upper hand, with a value of 0.0019.
The STOCH (9,6) indicator is at 40, which is below the halfway mark (below 50). This shows the price has been closing in the lower half of its 9-period range which shows a downward price trend.
Also, its MACD (12,26) indicator has a value of -0.002 and has a sell signal. In other words, the 12-day moving average is below the 26-day moving average. These mixed signals suggest the market structure is good on longer time frames. Even so, traders could be watching for price fluctuations at key resistance levels.
A Sign of Where Financial Infrastructure Is Heading
Apart from the short-term XRP effects, the pilot transaction may impact the broader market. This is because public blockchain infrastructure and institutional banking networks are starting to work together.
Plus, the collaboration between all these big financial entities could bring 24/7 global markets that never close. Amid all this, the XRP price continues to gain traction even though it seems that traders are moving into a cautious short-term approach according to technical indications.