XRP Declines as Standard Chartered Launches RLUSD Custody
Ripple (XRP) dipped by about 3% to $1.36, underperforming a slightly weaker broader market, driven by technical selling pressure breaking key support levels.
XRP is down on a negative beat in the cryptocurrency market amid Standard Chartered Bank’s latest update. In an update, Standard Chartered Bank announced it has launched institutional custody services for Ripple’s stablecoin, RLUSD, through its Dubai International Financial Centre branch.
This aims to support the stablecoin’s operation on the XRP Ledger and allow eligible institutional clients to use its digital asset custody infrastructure.
The Bank plans to extend the collateral mirror model to the institutional trading firm LMAX Group, allowing clients to use RLUSD as trading collateral while the tokens remain in the bank’s custody.
This model enables LMAX to confirm the value of qualified RLUSD holdings without requiring clients to transfer tokens; Standard Chartered said the move can reduce transfer-related risks and help institutions manage counterparty exposures.
RLUSD issuer Ripple and LMAX Group previously announced a collaboration in January 2026 to expand the stablecoin’s institutional use.
Standard Chartered stated that the added collateral functionality still needs to meet conditions, including final documentation, testing, regulatory requirements, and internal approvals.
XRP broke below its 30-day exponential moving average ($1.39) and the critical $1.38–$1.40 support area identified by analysts.
This breakdown was accompanied by a significant 75.57% jump in 24-hour trading volume to $1.9 billion, confirming strong selling pressure. The daily RSI at 32.3 indicates oversold conditions, which can sometimes precede a bounce but also reflects persistent selling.
The price action suggests traders are exiting positions as key technical levels fail to hold, amplifying the downward move. While broader crypto sentiment is neutral and Bitcoin saw minor outflows, XRP’s decline was disproportionately larger, suggesting coin-specific technical flows were the dominant factor.
The immediate trend is bearish below $1.43 resistance. The key test is the $1.35–$1.38 support band. A successful hold here, potentially aided by a soft U.S. CPI inflation report on October 14, could fuel a rebound toward $1.43.
However, a decisive break below $1.35 on high volume would likely extend the decline toward the $1.32–$1.25 demand zone. The market is at an inflection point, balancing oversold conditions against a clear breakdown in price structure.
The combination of a technical breakdown and high-volume selling has shifted momentum downward. While oversold, a recovery requires a $1.43 gain.Bitcoin Rises, Exchange-Traded Fund Inflows Signal Demand
