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The cryptocurrency market has continued its poor start to the week as Bitcoin, Ether, XRP, and other major cryptocurrencies underperform. Bitcoin could drop below the $114K level soon while Ether maintains a price above $3,600.
However, Ripple’s XRP has lost over 2% of its value and failed to keep its price above the $2.99 support level. The coin could record further losses soon as trading volume shows selling pressure.
BDACS launches institutional custody support for XRP
XRP is recording losses despite growing institutional adoption. Ripple announced a partnership with BDACS, a regulated crypto custodian for South Korean institutions, in February. Thanks to this partnership, BDACS has now added institutional custody support for XRP.
The firm informed its customers on August 5th that it would offer custody support for XRP, which it described as one of the most popular digital assets in South Korea.
This support is possible thanks to BDACS’ recent integration with Upbit, Coinone, and Korbit, the leading cryptocurrency exchanges in South Korea.
BDACS added that it would also roll out support for RLUSD, Ripple’s stablecoin, in the future. The firm will leverage Ripple Custody, a software platform built for institutions to store and manage digital assets securely.
The growing institutional adoption hasn’t stopped XRP from underperforming as the broader crypto market is currently undergoing a correction. XRP has lost 5% of its value over the last seven days and now trades around $2.95 per coin.
XRP could retest the $2.7 support zone as momentum indicators show weakness
XRP has failed to hold the major support level at $2.99 after losing 2% of its value in the last 24 hours and now risks dipping further. The XRP/USD 4-hour chart is bearish and efficient, suggesting a further leg down in the coming hours or days.
XRP fell from $3.04 to $2.97 on a 169.41 million volume surge as the bearish sentiment grows. It has found support around $2.89 but could decline further as the broader crypto market undergoes a correction.
The next major support zone coincides with the daily level at $2.72 and the 50% Fibonacci level at $2.78. XRP could likely test this support level over the next few hours or days if the bearish momentum continues.
The technical indicators are showing signs of weakness in momentum. The Relative Strength Index (RSI) of 51 shows a fading bullish momentum while the MACD lines are about to cross into negative territory.
However, if XRP recovers, it could surge higher and test the TLQ at $3.29 over the next few hours. The daily resistance level at $3.40 could halt any temporary rally unless XRP gains support from the broader crypto market.
The post The $2.7 support level in sight as XRP bulls fail to defend price above $2.99 appeared first on Invezz
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