XRP Rises as HKIMR Recognises Ripple for Cross-Border Payment
XRP price rose 2% over the past 24 hours to $1.15 as the Hong Kong Institute for Monetary Research (HKIMR) recognised the token as a cheaper cross-border payment option.
Investors’ buying sentiment was lifted after depressed trading activity, despite significantly improved fundamentals, amid Ripple’s persistent efforts to expand its cross-border payment footprint.
With a $1.07 billion transaction value, XRP trading volume has fallen by 42% in 24 hours to $71.14 billion, while market capitalisation was last seen at $71.14 billion on Saturday.
The token fluctuates with Bitcoin price movements in a relatively bearish cryptocurrency trading environment, heavily influenced by geopolitical conditions and US Federal Reserve interest rate expectations.
XRP staged a recovery as the Hong Kong Institute for Monetary Research (HKIMR) has officially acknowledged XRP as enabling cheaper, more efficient international payments, according to the institute’s latest report.
Traditional correspondent banking, which relies on chains of intermediary banks to move money across borders, has long been criticised for its high fees and slow settlement times.
The report stated that XRP enables cross-border settlements in three to five seconds with fees averaging $0.0002 per transaction, and Ripple’s On-Demand Liquidity service eliminates pre-funded currency accounts, freeing up capital that would otherwise sit idle at correspondent banks.
XRP’s gain closely tracks a simultaneous rise in Bitcoin (+1.53%) and the total crypto market cap (+1.44%). The token’s short-term direction remains closely tied to broader crypto market movements rather than independent fundamentals.
Technically, XRP is testing a critical support zone between $1.10 and $1.15. The immediate trigger for direction will be whether Bitcoin sustains its own bounce above $63,500.
If XRP holds support, the next resistance is the 20-day EMA near $1.19. A daily close below $1.10 would signal weakness toward the $1.05 low. A decisive break above $1.20 on increasing volume would signal stronger bullish momentum. XRP Price Declines to $1.12 on Forced Liquidations, US Fed Tone
