XRP Price Consolidates After Brief Rebound Amid Strong Bearish Pressure

• At the time of writing, XRP is trading at $0.526, down 0.60% in the last 24 hours.
• The price briefly rebounded only to find short-term resistance at $0.53 level.

By adding tokenized US Treasury notes (T-bills) to the XRP Ledger (XRPL), Ripple is increasing the platform’s functionality. As part of their relationship, Ripple and OpenEden, a leading supplier of tokenized RWA, have made this major milestone.

As a result of the partnership, XRPL holders would have access to US Department of Treasury-backed short-term government debt obligations. Additionally, it opens the door for more institutional adoption of DeFi solutions.

Amidst fresh macroeconomic data showing US job numbers for August were less than expected, the crypto market continues its downward spiral. Unexpectedly low US employment data caused Bitcoin’s (BTC) price to plummet.

Moreover, the $125 million settlement payment between the SEC and Ripple has been delayed, which has caused investor concern. According to attorney Fred Rispoli, the chances of an appeal are higher in this case. A possible bottom-up trend may be coming to an end, according to Santiment data, which shows increasing interest from large investors who have amassed 9.56 billion XRP.

Consolidation Phase

At the time of writing, XRP is trading at $0.526, down 0.60% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 57.06%. On a monthly time frame, the price is down 10%, highlighting the ongoing bear dominance. 

The price lately found support at $0.51 level after facing intense selling pressure amid overall market downturn. The price briefly rebounded only to find short-term resistance at $0.53 level. The XRP price is presently consolidating without a clear direction.

If the price manages to go below $0.49, then the price will likely decline further to test $0.42 support level. Conversely, if the price manages to climb above $0.56 level, then it will likely test $0.63 resistance level.