XRP holds at $3.18 as the U.S. passes a historic bill to replace FedNow with an XRP-based payment system, heralding a future direction toward integrating blockchain into national finance.
At the time of writing, XRP is trading at $3.18, with a market capitalization of $188.87 billion and 24-hour trading at $9.37 billion. XRP dropped by -3.30% in the previous 24 hours, but market analysts say it is part of healthy consolidative measures.
One significant piece of news out of the United States has been popular among the worldwide crypto space. Reportedly, legislation is signed into effect to replace the FedNow service with a next-generation payment infrastructure fueled by XRP.
Such historical development has the potential to revolutionize domestic as well as cross-border transactions with XRP as the core payment ecosystem in future America.
Analysts mention that the present price movement of XRP indicates a stage of consolidation. Popular crypto market analyst More Crypto Online noted that the currency is currently in a “holding pattern,” potentially building up energy for the next upward movement. Nevertheless, caution is still advised; breaking below the $3.13 level would signal that said bullish configuration is losing ground.
With legislative support finally ratified and further speculation building around institutional adoption, everyone continues to look toward XRP’s next significant price movement. Whether or not the asset surges higher or experiences near-term weakness will most likely hinge upon how the market absorbs said historic U.S. policy change.
Activity in XRP’s derivatives market cooled further as volume declined -21.42% to $9.68B and open interest slid -6.22% to $8.16B. Downside movement indicates less speculative positioning, and market participants appear cautious following recent price action and spikes in volatility.
Also Read | XRP Price Analysis: Key Levels to Watch as Price Targets $3.55
The OI-weighted rate remained at 0.0102%, indicating an even market between longs and shorts. Price movement remained stable in spite of decreasing volume, indicating market participants are still cautious, awaiting break signals before taking new positions.
Also Read | XRP Price Rally Holds Strong: Key $3.22 Support Critical for Next Move
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