XRP Hovers at $1.50 as Ripple, CSD BR Put Brazilian Fund on XRPL
Ripple (XRP) price hovered at $1.50 on Wednesday, dipped slightly by 0.5% over 24 hours, underperforming a flat broader market and moving independently of Bitcoin’s slight gain.
Traders said the price dip is primarily driven by a technical breakdown below a key support level, compounded by signals of increased available supply on exchanges.
XRP failed to hold the critical $1.50–$1.52 support area, which aligns with its 7-day simple moving average of $1.52 and the 38.2% Fibonacci retracement level.
Trading below this pivot suggests near-term bearish control. The 24-hour volume fell 5.51%, indicating a lack of aggressive buying to reverse the slide.
The market structure weakened as key support gave way, inviting further selling pressure toward lower levels. A reclaim of the $1.50 level could invalidate the immediate bearish bias.
According to market analysts, no clear coin-specific catalyst emerged in the last 24 hours, but bearish factors from recent sessions lingered.
These include $2.01 million in long liquidations reported on September 28 and a drop in the Binance Scarcity Index to -0.94, signalling more XRP is available for trading, which can precede selling.
While not a direct trigger, these factors contributed to a negative backdrop and likely amplified the technical sell-off. The immediate path hinges on the $1.44–$1.50 range.
Key U.S. economic data, including core PCE and jobs reports due this week, could sway broader market risk appetite. If XRP holds above $1.44, it may attempt to recapture $1.50.
A breakdown below $1.44, however, opens a path toward the next significant Fibonacci support at $1.34. The bias is cautiously bearish below $1.50, but a macro-driven market rebound could provide relief.
The reaction around $1.44 and inflows into XRP ETFs, which saw a modest $3.96 million inflow on September 28. XRP’s failure to hold a crucial support level, combined with increased supply on exchanges, points to near-term weakness.
Ripple, CBD BR Partner to Put Brazilian Fund Records on XRP Ledger
The Brazilian securities registration, custody, and settlement institution CSD BR announced a strategic partnership with Ripple. CSD BR currently has more than BRL 22 trillion in registered assets.
In partnership with Ripple, CSD BR has begun placing records for investment funds managed by BTG Pactual on the XRP Ledger as a secondary record of fund share ownership.
The Brazilian operator runs regulated registration, securities depository and settlement systems, and says the underlying assets are not being moved onto the blockchain itself.
Instead, fund shares deposited with CSD BR are represented as tokens on XRPL, while the existing CSD BR database remains the official record for registration, custody and settlement.
Approved banks and companies can read the blockchain copy directly and compare it with CSD BR’s database at any time.
That structure is designed to reduce the slow, costly reconciliation process that typically occurs when banks keep their own books and later match them against the depository’s records.
CSD BR is using a public blockchain while keeping control over who can own and transfer the tokens. The tokens use XRP Ledger’s Multi-Purpose Token standard, which is designed for financial assets that require tighter issuer controls than open cryptocurrencies like XRP.
