XRP holds support around a key level, eyes $2.3; Check forecast

The cryptocurrency market has bounced back from the post-FOMC slump, with Bitcoin hitting the $93k level a few hours ago.

Leading altcoins such as Ether and XRP are also in the green.

Ripple’s XRP is up by more than 1% and could rally higher in the near term after defending the $1.9 support level once again. 

XRP lands on Solana, Ethereum, and others

XRP is up 1.4% in the last 24 hours and is now trading above $2.03 per coin. The positive performance comes as Bitcoin and other leading cryptocurrencies bounce back from the FOMC dip.

Another catalyst for XRP’s surge is the launch of XRP on a few blockchains. Hex Trust announced on Thursday that it will issue and custody wrapped XRP (wXRP) on Ethereum, Solana, Optimism, and HyperEVM.

wXRP is a 1:1-backed representation of native XRP designed to expand XRP’s DeFi and cross-chain utility beyond the XRP Ledger.

According to Hex Trust, the wXRP will be tradable alongside RLUSD on the supported blockchains.

wXRP will launch with more than $100 million in total value locked, ensuring immediate liquidity and reducing early-stage friction.

Thanks to this integration, authorized merchants can mint and redeem the wrapped asset in a regulated, automated environment, with all underlying XRP held in segregated institutional custody.

This will allow DeFi protocols to gain exposure to XRP and leverage it for liquidity, provisioning, and collateral without relying on unregulated third-party bridges. 

According to RippleX, the initiative aligns with growing institutional demand to use XRP and RLUSD across various blockchains within the crypto ecosystem. 

The announcement is structurally bullish for long-term utility.

However, it didn’t push XRP’s price higher in the near term, with the market still experiencing choppy price action since the start of the month.

While the price hasn’t significantly improved, XRP’s volume has increased, suggesting a profit-taking or repositioning by crypto traders ahead of the next move in XRP price.

XRP finds support around a key level

The XRP/USD 4-hour chart is bearish despite adding 1.4% to its value in the last 24 hours.

The cryptocurrency found support at $1.96 during the weekend and rallied by 3.66% by Tuesday.

However, the market corrected on Wednesday following the FOMC meeting, retesting the $1.9 support once again.

At press time, XRP is trading at $2.03 and could rally higher in the near term. 

If the daily support at $1.96 holds, XRP could rally higher and reclaim the $2.35 resistance level over the next few hours or days. 

The RSI on the 4-hour chart reads 42, suggesting a fading bearish momentum.

The MACD lines are also close to the neutral region, indicating that the buyers are regaining control of the market. 

However, if the daily candle closes below $1.96, XRP could decline towards the next daily support level at $1.77. 

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