Key Highlights
- XRP currently sits at $1.37, declining more than 4% over the past week following four back-to-back bearish sessions
- Thursday saw $5.83 million exit XRP spot ETFs listed in the United States
- April 30, 2026 marked Rakuten Wallet’s official launch of XRP spot trading and payment services
- This deployment connects XRP to Rakuten Pay’s 44 million active user base and approximately $23 billion worth of loyalty points
- Futures market data indicates modest optimism with long-to-short positions at 1.03
Ripple’s XRP token continues its bearish trajectory, trading at $1.37 this Friday, May 1, following a streak of four consecutive down days that resulted in weekly losses exceeding 4%.
The asset remains positioned beneath all critical exponential moving averages. Immediate resistance stands at the 50-day EMA of $1.40, with the 100-day EMA forming another barrier at $1.51.
Technical indicators reflect ongoing weakness. The daily Relative Strength Index reads 45, falling short of the neutral threshold at 50. Meanwhile, the MACD indicator has deepened into negative territory, reinforcing the bearish outlook in the near term.
Support levels emerge around the $1.30 mark, where previous buying activity has surfaced. A breach below this level could see XRP testing the lower trendline of its descending channel formation around $0.75.
Institutional money flows reflected hesitation throughout the week. According to SoSoValue metrics, XRP spot exchange-traded funds experienced $5.83 million in net outflows on Thursday, breaking a brief two-day period of positive inflows.
Rakuten Wallet Expands XRP Access to Massive User Base
Rakuten Wallet executed its official launch of XRP spot trading and payment capabilities on April 30, 2026, specifically targeting the Japanese market. The platform now allows users to transform their accumulated Rakuten loyalty points into XRP tokens, which can subsequently be utilized across more than 5 million merchant locations globally.
The Rakuten platform maintains over 3 trillion loyalty points in active circulation, representing approximately $23 billion in total value—all of which can now be exchanged for XRP. This strategic rollout positions XRP before Rakuten Pay’s extensive network of 44 million active users.
To incentivize early participation, Rakuten Wallet has initiated a rewards program. Customers purchasing 30,000 yen or more in XRP will receive 500 yen worth of XRP as a bonus, while those reaching the 100,000 yen threshold earn 1,500 yen in XRP rewards.
The service is currently accessible through Android devices as part of an early access release. Apple iOS compatibility is scheduled for a subsequent update.
Online Sentiment Shows Bullish Tilt
Data from Santiment Intelligence reveals that XRP’s positive social media sentiment has climbed to its second-strongest reading over the last nine months, with the Rakuten announcement contributing to the uptick.
However, this enthusiastic sentiment hasn’t translated into meaningful price appreciation. The token has shed approximately 55% of its value during the same nine-month period, according to TradingView charts.
Futures market indicators provide a glimmer of hope. CoinGlass data reveals XRP’s long-to-short ratio standing at 1.03, marking one of its highest readings in more than 30 days. Additionally, the open interest-weighted funding rate turned positive on Friday at 0.0015%, indicating a slight tilt toward bullish trader positioning.
The Rakuten Wallet service remains available exclusively on Android devices, with iOS users awaiting the platform’s official release on Apple’s operating system.
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