XRP Stalls, Ripple Invests in Notabene as BitMEX Plans to Shut Down
XRP price stalled below $1.10 amid Ripple’s investment in Notabene, aimed at integrating $RLUSD into its network. Stablecoin operator Notabene announced that it has received a strategic investment from Ripple, with the specific investment amount not yet disclosed.
The two parties will collaborate on enterprise-level stablecoin payments, including integrating Ripple’s USD stablecoin $RLUSD into the Notabene Flow B2B stablecoin payment platform.
The two parties also plan to further expand the application of $RLUSD in institutional payment networks, accelerating the adoption of compliant stablecoin infrastructure by banks, payment institutions, and fintech companies.
With Ripple deepening its footprint across the globe through a series of partnerships with reputable financial institutions, one would have thought the XRP price would be soaring.
The token rarely maintains an uptrend, which makes investors question whether the improved fundamentals or Ripple’s unwavering cross-border payments vision is price-sensitive.
The token trades below $1.10 support level due to selloffs which aligned with broader market movement. Bitcoin, Ethereum, and Binance Coin have also plunged as sentiment switched negatively during the weekend trading session.
XRP’s decline closely mirrored a dip in the total crypto market cap, which fell 1.06% in 24h. Bitcoin, the market leader, dropped 1.29%. XRP’s slightly larger drop of 1.82% shows it moved with the market but underperformed, a typical beta reaction during risk-off sentiment.
The immediate structure shows XRP trading between key support near $1.05 and resistance around $1.15. The overall market sentiment remains in “Fear”.
Without a distinct secondary driver, the price action appears to be a straightforward reaction to wider market flows. A decisive break below $1.05, which could trigger further selling toward $0.95. Conversely, a reclaim of $1.15 with strong volume would signal a shift in momentum.
Cryptocurrency exchange BitMEX has announced it will shut down its operations, effective September 23, and said that users’ assets remained safe and under their control.
The owner and operator of BitMEX, HDR Global Trading, made the decision as part of a strategic review of the business, the exchange said in a post on X.
BitMEX also urged users to close their open positions and withdraw their funds before the closure. The co-founders of BitMEX, Benjamin Delo, Arthur Hayes and Samuel Reed, had pleaded guilty in 2022 for failing to implement a Bank Secrecy Act-compliant anti-money laundering program.
However, U.S. President Donald Trump pardoned them last year as part of his administration’s policy of looser regulation on crypto.
Prosecutors had accused BitMEX and the founders of willfully violating the Bank Secrecy Act between 2015 and 2020 by failing to adopt anti-money-laundering and ‘know your customer’ programs.
Founded in 2014, BitMEX provides institutional and professional derivative traders with an exchange platform. It has more than 2 million traders on its platform, according to its website.
