The cryptocurrency market remains in a tight band as Bitcoin has been trading between $68,000 and $72,000 over the past few days.
XRP, Ripple’s native coin, is trading above $1.40 once again after adding 3% to its value since Thursday.
The positive performance is supported by a growing retail interest and Ripple’s expansion in the Asia-Pacific (APAC) region.
Ripple obtains Australian license to expand payment services
XRP is trading at $1.415 per coin, up 3% in the last 24 hours.
The boost comes after Ripple announced that it has secured an Australian Financial Services License (AFSL) to expand its regulated footprint in the APAC region.
According to the company, this license permits it to expand its payment services in Australia by connecting fintechs and enterprises seeking faster, more efficient, and secure cross-border value transfers, all within a regulated framework.
Ripple is expected to finalize the acquisition of BC Payments Australia Pty, a financial services provider, before the license is issued.
In addition to this fundamental news, the derivatives market supports a bullish outlook for XRP.
CoinGlass’s futures Open Interest (OI) for XRP reads $2.60 billion, up from the $2.11 billion recorded on Thursday.
The increase in OI mirrors XRP’s growth from the Iran war-triggered crash to $1.27 to the current price of $1.415.
It also suggests that investor confidence is improving, potentially sustaining bullish momentum.
Technical outlook: XRP targets the $1.49 resistance level
The XRP/USD 4-hour chart has been consolidating over the past few days, with the coin stuck between $1.27 and $1.45.
Currently, XRP is trading below the clustered 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), which are all trending lower, capping the recovery efforts.
Momentum indicators have improved in the last few hours, with the Moving Average Convergence Divergence (MACD) indicator above the signal line.
The Relative Strength Index (RSI) on the 4-hour chart reads 62, above the neutral zone and approaching the overbought area.
The increase in RSI suggests a persistent buying pressure among traders and investors.
If the daily candle closes above Tuesday’s high of $1.41, XRP could rally higher towards the 50-day EMA at $1.52.
A sustained move through the 50-day EMA would be needed to challenge the broader bearish trend as highlighted by the downward sloping 100-day EMA at $1.73 and the 200-day EMA at $1.98.
However, if the bulls fail to close the daily candle above $1.41, immediate support is seen around the $1.35–$1.36 demand region.
An extended bearish performance would reinforce the downtrend, paving the way toward $1.30, then the $1.27 area.
If the price holds below the 50-day EMA and the resistance trend line, XRP would find it hard to embark on a sustainable recovery.
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