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The cryptocurrency market is having a breather today as most coins are in the green.

Bitcoin has defended the support level around $65,700, while Ripple’s XRP is eyeing higher levels as the bulls held on to the $1.40 support.

The bulls will now attempt to break above the $1.50 psychological level once again, but could face challenges due to the seller congestion around that region. 

The institutional interest remains weak, with outflows of $2.2 million on Wednesday. 

XRP is up by less than 1% in the last 24 hours and is now trading at $1.42 per coin.

The coin briefly dropped below the $1.4 support level but quickly bounced back thanks to improved performance from the broader crypto market.

The recovery comes after Societe Generale-FORGE (SG-FORGE), a regulated digital-asset subsidiary of the French banking group Societe Generale, announced the integration of EUR CoinVertible (EURCV), a euro-denominated stablecoin on the XRP Ledger (XRPL).

The company revealed that the primary reasons behind this integration include increasing adoption and leveraging XRPL’s unique characteristics, such as scalability, low-cost transactions, security, and decentralization.

According to SG-FORGE, the integration is also supported by Ripple’s custody solution, as well as the opportunity to explore other new cases, for example, merging EUR CoinVertible with existing and new Ripple products.

The integration also means that EUR CoinVertible is now available on the Ethereum (ETH) and Ripple (XRP) blockchains, 

The news has prompted XRP to snap out of its recent losing streak, with the bulls now eyeing a key psychological level in the near term. 

XRP is up by less than 1% since Thursday, but its structure remains weak.

The bulls have defended the $1.40 support level, but XRP is still trading below the 50-day Exponential Moving Average at $1.70, the 100-day EMA at $1.91, and the 200-day EMA at $2.12.

These levels serve as strong resistance levels in the near to medium term.

If the daily candle closes above the $1.70 50-day EMA, XRP may rally towards the $2.09 resistance level, with the 100-day EMA of $1.91 also posing a challenge.

The Relative Strength Index (RSI) at 45 on the 4-hour chart suggests a recovery might be on the horizon.

A further increase toward neutral territory would make XRP less attractive to investors and increase the odds of an extended bullish run. 

The Moving Average Convergence Divergence (MACD) upholds a bullish tone on the same chart, with the MACD line holding above the signal line.

Holding above the immediate $1.40 support is critical to enable XRP to retest the Sunday high of $1.67. 

However, if the $1.40 support level fails to hold, XRP will likely retest the October 10 low of $1.25 in the near term.

The post XRP bulls eye $1.50 after SG-FORGE integration appeared first on Invezz

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