XRP Consolidates Amidst Institutional Adoption and New Funding Initiatives
Ripple’s XRP is currently trading around $2.24, facing a period of consolidation after testing resistance at $2.27. This comes amidst a generally sluggish cryptocurrency market.
Webus International Seeks $300 Million for XRP Treasury Strategy
Webus International, a China-based provider of AI-powered mobility solutions for the hospitality industry, has filed with the U.S. Securities and Exchange Commission (SEC) to raise $300 million. The funds are intended for a corporate treasury strategy focused on XRP.
The filing, made using Form 6-K, outlines Webus’s plans to secure a non-equity credit facility to support the treasury initiative and Ripple-powered payments. Samara Alpha, an asset management firm, will assist in establishing the strategic reserve and integrating Ripple-based payments into Webus’s network to streamline cross-border transactions within its travel and hospitality business.
Webus joins a growing list of companies adopting XRP and Ripple’s payment system. Institutional interest in XRP and related products has been on the rise. Recently, renewable energy firm VivoPower announced a $121 million XRP-focused treasury. This follows the launch of XRP futures contracts by Coinbase Derivatives and the CME Group.
XRP Price Analysis: Key Levels to Watch
XRP’s price is currently trading sideways, finding support around $2.22, near the 50-period EMA, and facing resistance near $2.26, around the 100-period EMA.
A recent recovery from a dip to $2.07 failed to break through the $2.27 resistance, leading to the current pullback.
The Relative Strength Index (RSI) has reversed after briefly peaking at 66, suggesting a potential bearish shift. If the RSI falls below 50, it could indicate further downward pressure.
Key support levels to watch include the 50-period EMA at $2.22, the recently tested level around $2.07, and areas of buyer congestion at $1.92, $1.85, and $1.61, all tested in April.
Derivatives Market Signals Potential Upside
Data from the XRP derivatives market suggests a potential bullish outlook. Open Interest (OI) has increased by 1.31% to $4 billion.
Increased trading volume, coupled with higher liquidations of short positions ($1.81 million) compared to long positions ($1.35 million) in the last 24 hours, could create a favorable environment for a sustainable recovery.
- XRP consolidating between the 50-period EMA support and 100-period EMA resistance.
- Webus International files with the SEC to raise $300 million for XRP treasury and Ripple-powered payments.
- Rising Open Interest in the derivatives market, coupled with short liquidations, hints at potential bullish momentum.
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