XRP’s market momentum continues to dwindle, experiencing a decline of approximately 4-5% over the past 24 hours. This trend marks the extension of a consolidation phase into its third consecutive day, primarily driven by a technical breakdown below key moving averages and a broader downturn within the cryptocurrency market.
In a significant development, Deutsche Bank has formed a partnership with Ripple, the U.S.-based technology company, to develop a blockchain ledger. This collaboration represents a major institutional milestone for Ripple, aiming to enhance the use of its payment infrastructure in cross-border settlements, digital asset custody, and foreign exchange operations. Despite the credibility this partnership lends to Ripple, it is not expected to have a direct impact on XRP’s market momentum. Reports indicate that Deutsche Bank plans to integrate Ripple’s payment infrastructure to replace the traditional SWIFT messaging system, without utilizing XRP as a bridge currency for liquidity.
The German weekly business magazine Der Aktionär highlighted Deutsche Bank’s strategic positioning in this technological evolution, emphasizing its reliance on Ripple technology to transform global payment systems. Deutsche Bank is reportedly working to modernize its foreign exchange services and multi-currency accounts by collaborating with Ripple-based service providers. The article noted that while conventional systems require numerous intermediate steps, Ripple technology allows for nearly real-time processing, thereby enhancing the efficiency and transparency of cross-border payments. This blockchain solution is recognized for its security features, which help minimize risks and lower costs.
Currently, XRP is trading at $1.41, falling below the $1.50 resistance level. Historically, February has not been favorable for XRP, as the cryptocurrency has faced significant volatility during this month. As a result, XRP is consolidating while testing a critical support zone between $1.38 and $1.42. The overall market sentiment is bearish; the Fear & Greed Index indicates a state of “Extreme Fear” at a low of 7, despite some slight gains in prominent digital currencies such as Bitcoin and Ethereum.
Market analysis shows that XRP is trading under both the 50-Day Simple Moving Average (SMA) of $1.80 and the 200-Day SMA of $2.32, suggesting that bearish trends are likely to persist even in light of institutional advancements like the collaboration with Deutsche Bank.
In a related development, the Dubai Land Department has initiated a plan to tokenize real estate on the XRP Ledger (XRPL). Reece Merrick, Ripple’s Senior Executive Officer and Managing Director for the Middle East & Africa, announced the launch of Phase Two of this Real Estate Tokenization Project. According to Merrick, the project marks a significant advancement in real-world asset adoption in Dubai, as controlled secondary market trading for tokenized properties on the XRPL is now live, secured by Ripple Custody through its partner.
