XRP recovers past $1.32 following Standard Chartered RLUSD custody addition

Key takeaways

• Following news of Standard Chartered’s participation in an RLUSD custody arrangement, XRP bounced back from $1.32.
• Institutional clients will be able to deposit RLUSD with the bank under the agreement between Ripple and LMAX.
• Inflows into XRP ETFs have reached roughly $12 million this month, reflecting a significantly slower pace compared to September.

As investors evaluated a custody partnership involving Standard Chartered, Ripple, and institutional trading platform LMAX Group, XRP recovered from support at $1.32.

The agreement, made public on Monday, will enable LMAX customers to deposit Ripple USD (RLUSD) at Standard Chartered, integrating banking-grade custody into their stablecoin operations.

While this milestone aids Ripple’s institutional expansion, technical projections for XRP remain cautious, and ETF investments have decelerated.

Standard Chartered brings bank custody to RLUSD

The partnership seeks to provide institutional clients with enhanced flexibility for safeguarding RLUSD and managing risk.

Waqar Chaudry, Standard Chartered’s Global Head of Digital Assets, noted that clients seek access to digital asset markets while preserving traditional standards for asset protection.

He mentioned that merging the bank’s services with those of Ripple and LMAX can assist institutions in integrating digital assets into their wider financial operations.

This pact centers on the custody of RLUSD, while its broader impact on XRP hinges on whether overall ecosystem adoption converts into token demand.

Data from RWA.xyz shows that the market capitalization of RLUSD has climbed to approximately $2.4 billion.

Furthermore, Ripple has sought licenses in key regions to facilitate payments and additional financial services utilizing the stablecoin for settlement.

The collaboration with Standard Chartered further strengthens this institutional network. Increased adoption of RLUSD could bolster activity across the XRP Ledger, creating new avenues for financial applications and payments.

Nonetheless, stablecoin expansion and XRP investment trends currently tell different stories.

Figures from SoSoValue indicate that XRP-focused ETFs have gathered roughly $12 million in net inflows throughout the month.

Should this rate persist, October inflows may conclude below $30 million—marking an approximate 75% decrease from September’s aggregate total.

While this outlook relies on market activity for the remainder of the month, present data implies that institutional investors have turned more cautious amid the correction in XRP.

A more robust recovery would require renewed purchasing demand to accompany developments in ecosystem custody and payments.

XRP price outlook: $1.28 holds the key to recovery

This recent bounce solidifies $1.32 as a critical short-term support zone, with analysts noting the 200-day exponential moving average sits close to this region.

A continued drop could turn attention toward $1.28, which analysts consider the final barrier supporting the recovery outlook. A decisive breakdown beneath this mark could trigger a steeper descent toward $1.

The Relative Strength Index has drifted down near 40, signaling sluggish momentum. By itself, this metric does not guarantee that selling pressure has run its course or that an immediate rebound is guaranteed.

As long as the $1.28 support holds, XRP maintains potential upward targets of $1.80 in the weeks ahead, with $2.10 as a subsequent milestone if buying momentum picks up. These targets remain conditional projections while XRP works to stabilize following its recent correction.

Frequently Asked Questions

• Why did XRP bounce from $1.32? XRP rebounded from support at $1.32 following news that Standard Chartered is involved in an RLUSD custody arrangement alongside Ripple and LMAX Group.
• What does the Standard Chartered deal involve? The agreement allows LMAX customers to place Ripple USD (RLUSD) with Standard Chartered, bringing bank custody capabilities to stablecoin activities for institutional clients.
• How are XRP ETFs performing this month? XRP-linked ETFs have attracted about $12 million in net inflows this month, indicating a substantially slower pace compared to September.
• What are the critical price support levels for XRP? The $1.32 price point serves as near-term support near the 200-day exponential moving average, while $1.28 acts as the final support level before potential declines toward $1.