Despite Ripple’s advancements in institutional finance, including a cross-border tokenized Treasury settlement with JPMorgan and Mastercard, XRP has retreated to below $1.42 after failing to maintain its position above $1.45. This pullback is significant as it places XRP near the breakout zone that traders had been monitoring for confirmation just days prior.
In a notable development, Ripple, alongside JPMorgan, Mastercard, and Ondo Finance, completed a cross-border redemption of tokenized U.S. Treasuries on the XRP Ledger in under five seconds. The transaction utilized Mastercard’s Multi-Token Network before JPMorgan’s Kinexys platform facilitated the delivery of dollars to Ripple’s Singapore banking partner outside traditional hours.
This pilot underscores the growing focus on institutional tokenized finance, with DTCC planning a similar platform launch later this year. XRP experienced a decline from $1.4534 to $1.4137 over 24 hours, reversing an earlier attempt to reach $1.45. Significant selling occurred around May 6 at 13:00 UTC when 131.28M in volume caused prices to breach the $1.4460 support level.
After a sharp intraday recovery from session lows near $1.409, XRP stabilized around the $1.41 mark. The inability to surpass $1.45 is critical since this level has previously constrained upward movements during broader consolidation phases. Although XRP remains above the general $1.40 breakout area, momentum waned following the unsuccessful attempt to climb higher.
Currently, trading is confined between support near $1.41 and resistance levels ranging from $1.45 to $1.47, a range appearing increasingly unstable due to thin liquidity conditions. While analysts note a larger bull flag pattern on extended timeframes, shorter-term charts indicate distribution pressures during rallies.
The key support zone now lies at $1.40-$1.41, with its loss potentially undermining the recent breakout structure. To regain momentum toward $1.60 and beyond, reclaiming the $1.45-$1.47 resistance is essential. Given the thin liquidity conditions, there’s a heightened risk of more pronounced price movements once this range eventually breaks.