XRP Rebounds to $1.38 as Ripple Partners Project Eleven
XRP price climbed by 1.05% to $1.38 as Ripple partners with Project Eleven to audit its ledger. The token, which had hit a low below $1.30, ticked up, closely tracking Bitcoin’s 1.06% gain.
Investors’ optimism resurfaced on news that Ripple has partnered with post-quantum cryptography firm Project Eleven to audit and harden the XRP Ledger against future quantum computing attacks.
The plan includes implementing hybrid signature schemes and developing a quantum-secure custody wallet. This is a neutral-to-bullish long-term development for XRP.
The deal addresses a critical, albeit distant, technological risk, positioning XRPL as a secure and future-ready infrastructure for institutional finance, which could enhance its adoption appeal
This modest rise occurred despite a 15% drop in XRP’s own trading volume, indicating the move was more about broader market mechanics than coin-specific demand.
XRP’s gain almost exactly matched Bitcoin’s 24h performance, signalling it moved as part of a broader market rebound.
This rally was fueled by a short squeeze, in which over $265 million in leveraged positions were liquidated in 24 hours, with shorts accounting for 65% of the total. With the total crypto market cap up 1.2%, XRP benefited from this mechanical buying pressure.
While no new catalyst emerged in the last 24 hours, positive sentiment carried over from recent developments. On May 20, daily inflows into U.S. spot XRP ETFs nearly doubled to $1.48 million, driven solely by Franklin Templeton’s fund.
This coincided with the U.S. Senate Banking Committee’s bipartisan approval of the Digital Asset Market Clarity Act, which aims to reduce regulatory uncertainty for XRP.
Institutional interest and regulatory progress provide a supportive backdrop, though they are not the immediate trigger for today’s move.
XRP remains in a prolonged consolidation, trading between $1.29 and $1.50 for over 100 days. Technically, it faces immediate resistance at the 23.6% Fibonacci level near $1.39, with stronger resistance at $1.43. Support sits at the recent swing low of $1.35.
The market is in an accumulation phase, lacking momentum for a decisive breakout. A close above $1.43 on high volume to signal a bullish shift, or a break below $1.35 to confirm continued range-bound weakness.
XRP’s modest gain reflects a beta-driven bounce in a consolidating market, supported by steady institutional flows. The path of least resistance remains sideways until a catalyst breaks the multi-month range. Excess Liquidity Tops N6trn as CBN Keeps Interest Rate High
