The price of XRP has climbed past the $2.30 mark as anticipation builds for the debut of XRPFi, a novel decentralized finance platform poised to significantly broaden the cryptocurrency’s utility.
Developed by Flare Networks, XRPFi is scheduled to activate on April 29. This launch will introduce much-anticipated smart contract capabilities to XRP, enabling holders to engage in staking, lending, borrowing, and trading activities within the Flare ecosystem for the first time. Historically, XRP users faced limitations, primarily holding or trading their tokens, as the native XRP Ledger lacks smart contract support, largely excluding it from the rapidly growing DeFi sector.
Flare Networks confirmed the upcoming launch date, signalling a major step forward for the digital asset.
Flare’s approach utilizes a wrapped version of the token, known as FXRP, allowing XRP to interact seamlessly with decentralized applications. This integration empowers XRP holders to generate yield, explore new avenues for asset growth, and access diverse financial services without relinquishing custody of their tokens to intermediaries.
XRPFi will employ Flare’s decentralized oracles for real-time price information, underpinning permissionless liquid staking, lending, and trading via integrated projects like Doppler Finance, Strobe Protocol, and Anodos Finance. The platform also utilizes Flare’s FAssets system, creating a trust-minimized bridge for assets from non-smart contract chains without relying on centralized entities.
Further boosting the token’s momentum, ProShares unveiled plans to introduce three XRP futures exchange-traded funds (ETFs) on April 30. These offerings—Ultra XRP, Short XRP, and Ultra Short XRP—will provide investors with leveraged and inverse exposure to XRP’s price movements, following tacit approval from U.S. regulators.
From a technical perspective, XRP displays strength, though traders should remain cautious. The relative strength index (RSI) hovers around 62, suggesting the asset is approaching, but not yet in, overbought territory. Continued buying pressure could push the price toward the next resistance level near $2.40. A decisive move above this could open the door to $2.55 or higher targets.
Conversely, initial support lies around $2.20, with a more substantial floor near $2.08. A drop below these levels might see XRP revisit the $2.00 zone. For now, short-term moving averages and the MACD indicator continue to trend upward, suggesting bullish sentiment currently prevails.