XRP remains below $3 despite growing institutional interest: check forecast

The crypto market has been underperforming since the start of the week.

The selling pressure has affected Bitcoin, ETH, XRP, and other major cryptocurrencies.

XRP is down 4% in the last seven days, with the bulls struggling to renew its upward trend despite growing institutional interest. 

Ripple and Securitize partner to push RLUSD Adoption

The Ripple ecosystem continues to attract institutional interest.

Ripple announced that its RLUSD stablecoin has been integrated into tokenized money-market funds from BlackRock and VanEck.

This latest development is thanks to Ripple’s partnership with Securitize.

A new smart contract on the Securitize platform allows investors in BlackRock’s BUIDL and VanEck’s VBILL funds to swap their shares for RLUSD on demand. 

According to Ripple, this latest development positions its RLUSD stablecoin as a settlement layer for real-world assets (RWA) while broadening its institutional adoption. 

Despite the growing institutional interest, XRP has been facing declining retail interest in recent days.

According to Coinglass, the futures Open Interest (OI) on XRP has dropped to $7.64 billion from $8.79 billion on Friday.

The decline in XRP’s OI suggests that traders are not too convinced about the coin’s upward momentum in the near term.

This implies that traders are closing their positions amid fears of an extended decline.

Bull struggle to renew uptrend as market remains bearish

The XRP/USD 4-hour chart remains bearish as XRP has recorded losses in recent weeks.

The coin is currently trading above its 100-day Moving Average (EMA) at $2.87 after dropping to the $2.69 level on Monday. 

The bulls are pushing to gain control, with the RSI now standing at 41. The MACD lines are still within the negative territory, indicating that the bears remain in control for now. 

A close above the 100-day EMA could allow the bulls to regain control and push the coin’s price higher in the near term.

The first major resistance level at $2.94 needs to be overcome before XRP can push above the $3.0 psychological level in the near term.

The recent high of $3.66 remains unlikely at the moment, with the broader crypto market undergoing a correction.

On the other hand, failure to surpass the $2.94 resistance level in the near term could allow the bears to strengthen their hold on the market.

XRP could retest the $2.70 support level created on Monday. An extended bearish run would bring the 200-day EMA at $2.59 into focus. 

The momentum indicators, including the RSI and the Moving Average Convergence Divergence (MACD), will likely give indications once the market switches bullish.

However, the indicators remain bearish, with the lack of liquidity in the futures market suggesting further downward movement in the near term. 

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