XRP Soaks Selling Pressure: RLUSD for Institutions—Good or Bad For Ripple?

XRP, like most other crypto assets, remains under immense selling pressure, looking at the performance in the daily chart. The breakout below $0.55 and the inability of bulls to flow back and strongly peel back losses of September 7 is a concern. From the look of things, traders are confident. However, the pace at which the seventh most valuable coin grows depends on engagement. So far, this is low and underwhelming.

Despite the general optimism, sellers dominate. To put in the numbers, XRP is down 5% in the past week even after the 2% gain in the last 24 hours. At the same time, the average trading volume remains below $1 billion even though engagement is rising. In the coming sessions, how prices react within the September 7 trade range will shape the short-term trend. As it is, bears are in control.

Traders are closely monitoring the following trending Ethereum news:

• Ripple is set to launch RLUSD. However, according to reports, the stablecoin will be exclusively available for institutions. The token will specifically foster cooperation among institutions. Of note is that this decision is also to ensure security and compliance with existing laws.
• Even if the United States SEC appeals, they won’t be looking to challenge the status of XRP as a commodity. According to a Ripple lawyer, their appeal, if any, would likely focus on the blockchain company’s institutional sales.

XRP Price Analysis

XRP/USD is firm at press time.

The problem is that sellers are in control at press time despite the impressive growth over the weekend and Monday.

As long as prices are inside the bear bar of September 7, every attempt higher should be an opportunity for sellers to consider shorts.

This outlook will change once XRP expands above $0.55, amid rising engagement.

Conservative traders can also wait for a close below $0.50 before doubling down on shorts, targeting $0.45 and $0.38.