XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

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Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market.
SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.
This marks SG-FORGE’s third blockchain integration following deployment on Ethereum and Solana.

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday. An attempt to break above seller congestion at $1.50 failed to gain traction this week, reflecting persistent risk-off sentiment and hawkish Federal Open Market Committee (FOMC) minutes released on Wednesday.

The broader market is also rife with geopolitical tensions between the United States (US) and Iran, constraining sentiment. XRP spot Exchange-Traded Funds (ETFs) reflected the weak sentiment, with outflows of $2.2 million on Wednesday as reported.

Meanwhile, support at $1.40 is critical for resuming XRP’s recovery, but if broken, the downtrend could extend to the October 10 low at $1.25.

SG-FORGE’s EUR CoinVertible launches on the XRP Ledger

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

SG-FORGE stated that the key drivers of the integration include increasing adoption and leveraging XRPL’s unique characteristics, such as scalability, low-cost transactions, security, and decentralization. The launch 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.

EUR CoinVertible is also available on the Ethereum (ETH) and Ripple (XRP) blockchains, with the XRPL integration reinforcing the company’s commitment to offering access to compliant crypto-assets.

XRP continued to trade lower despite news of the EUR CoinVertible-XRPL integration, indicating that risk-off sentiment remains a hindrance to a sustainable price recovery.

Technical outlook: XRP edged lower as sellers tighten grip

XRP is trading around $1.41, with support at $1.40 still intact. However, the remittance token remains below the 50-day Exponential Moving Average at $1.70, the 100-day EMA at $1.91 and 200-day EMA at $2.12, all of which slope lower, keeping the broader bearish bias steady. The descending trend line from $3.66 (all-time high) limits recoveries, with resistance seen near $2.09. A close above the trendline barrier would open room toward the EMA cluster, which starts at $1.70.

At the same time, the Relative Strength Index (RSI) at 38 (below midline) on the daily chart underscores the weak tone. A further decline toward oversold territory would make XRP less attractive to investors and increase the odds of an extended sell-off. The October 10 low at $1.25 aligns as the next tentative support.

Meanwhile, the Moving Average Convergence Divergence (MACD) upholds a bullish tone on the same chart, with the MACD line holding above the signal line. The histogram bars are modestly above the zero line but contracting, suggesting momentum is still fragile. Holding above the immediate $1.40 support is critical for resuming the uptrend toward Sunday's high at $1.67. It is worth mentioning that the Parabolic SAR trails the spot price, offering support at $1.25.

Cryptocurrency prices FAQs

How do new token launches or listings affect cryptocurrency prices?

Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.

How do hacks affect cryptocurrency prices?

A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.

How do macroeconomic releases and events affect cryptocurrency prices?

Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.

How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?

Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.

(The technical analysis of this story was written with the help of an AI tool.)