XRP holds steady as ETF inflows return and Ripple deepens footprint in Brazil

• XRP holds modest weekly gains above $1.52 despite the Middle East war-driven volatility across global markets.
• Ripple announced the expansion of its payment offerings in Brazil and is preparing to apply for a Virtual Asset Service Provider license.
• XRP experiences mild inflows into ETFs following eight consecutive days of muted activity.

Ripple (XRP) hovers above $1.52 at the time of writing on Wednesday, as cryptocurrency prices steady despite the ongoing war in the Middle East. The remittance token is showing an improving technical outlook, holding onto weekly gains from the opening of $1.45.

Despite the steady price increase, higher support remains key to sustaining XRP’s recovery, with the short-term target around $1.70 and the medium-term target at roughly $1.95.

Ripple expands payments offerings in Brazil

Ripple announced on Tuesday that it is deepening its footprint in Brazil to accelerate institutional adoption. The endeavour will ride on new product capabilities spanning cross-border payments, digital asset custody services, prime brokerage, and treasury management.

The blockchain company added that it plans to apply for a Virtual Asset Service Provider (VASP) license under the country’s new regulatory framework, issued by the Central Bank of Brazil (BCB).

The Ripple Payments service has processed over $100 billion in global cross-border transfer volume spanning over 60 markets. Ripple stated that the platform “is the end-to-end solution for moving money across borders – giving institutions a faster, more transparent way to send, receive, and settle funds in both fiat and stablecoins.”

Institutional interest returns as retail demand cools

XRP spot Exchange-Traded Funds (ETFs) saw a resurgence of inflows on Tuesday, following eight days of muted activity. According to SoSoValue data, inflows totalled $4.6 million, marking a significant improvement from the nearly $6 million of outflows recorded on Monday.

Cumulative inflows have increased slightly to $1.21 billion while net assets under management total $1.08 billion. Nevertheless, steady inflows are required to reinforce positive market sentiment. Therefore, traders need to temper their expectations until a trend is established.

Meanwhile, the derivatives market appears to be cooling, with futures Open Interest (OI) sliding to $2.79 billion on Wednesday, from $2.87 billion on Tuesday. The OI had steadily increased from lows of $2.11 billion on March 4, suggesting a growing interest from retail investors as the XRP price ticked up from the $1.34 monthly low.

Technical outlook: XRP holds key support

XRP is trading above $1.52 amid a mild bullish bias, reinforced by the Moving Average Convergence Divergence (MACD) indicator, which remains above its signal line and in positive territory on the daily chart. Slightly expanding green histogram bars suggest building upside momentum after the recent push from the $1.45 area.
It is worth noting that the dominant descending resistance trendline that capped every recovery attempt from the record high of $3.66 remains intact and continues to define the overarching bearish structure despite the latest bounce.

Still, initial resistance lies at $1.61, aligning with Tuesday's high, followed by the 100-day Exponential Moving Average (EMA) at $1.70 and the 200-day EMA at $1.95.

On the downside, immediate support is seen around the pivotal level at $1.50, the latest consolidation shelf, followed by the weekly open at $1.45. The Money Flow Index (MFI) reading is around 70, easing slightly near overbought levels, signaling a potential pullback. A daily close below $1.45 would negate the nascent bullish bias and expose a deeper correction toward Friday's low at $1.38.

(The technical analysis of this story was written with the help of an AI tool.)