XRP eyes $2.5 on latest funding round, Mastercard partnership

The cryptocurrency market is having a temporary relief following a bearish start to the week. Bitcoin is trading above $103k after dropping below $100k on Tuesday, while Ether is close to the $3,400 region.

Ripple’s XRP is also trading above $2.3 after temporarily dropping to the $2 psychological level earlier this week. With market conditions improving, XRP could rally higher in the near term.

u,Ripple raises $500m in latest funding round, partners with Mastercard

XRP is the best performer among the top 10 cryptocurrencies by market cap, adding nearly 5% to its value in the last 24 hours.

The positive performance comes following two crucial news within the Ripple ecosystem.

On Tuesday, Ripple announced that it had raised $500 million from major institutional investors, including Fortress Investment and Citadel Securities.

This latest development pushed the company’s valuation to $40 billion.

The funding round also saw participation from Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace. Ripple has been expanding its offerings in the crypto space in recent months.

It has also acquired several companies to enable it to expand its services, most recently the crypto wallet firm Palisade.

In a statement, Brad Garlinghouse, Ripple CEO, said,

In addition to the funding round, Ripple also announced its partnership with Mastercard, WebBank, and crypto exchange Gemini to test using its RLUSD stablecoin to settle fiat credit card transactions over a public blockchain.

The partnership is designed to show how regulated stablecoins can streamline traditional financial infrastructure without sacrificing compliance or safety.

Ripple added that WebBank, the issuer of the Gemini Credit Card, will explore settling Mastercard transactions using RLUSD on the XRPL. 

XRP eyes $2.5 as bullish momentum returns

The XRP/USD 4-hour chart is bearish and inefficient, with the coin rallying to gain efficiency in the near term. The technical indicators are improving after experiencing oversold conditions earlier this week.

The RSI of 46 is near the neutral 50, indicating that the bearish momentum is fading. The MACD lines are also close to the bullish crossover, with buyers currently in control of the market.

If the recovery continues, XRP could rally towards the first major resistance level at $2.53 over the next few hours or days. An extended rally would allow XRP to reclaim the weekly low of $2.7.

However, if the market correction resumes, XRP could retest the Tuesday low of $2.06 over the coming hours or days. The support level at $1.96 could provide a temporary bounce if the market continues to dip.