The Digital Euro Association (DEA) has announced a partnership with Ripple to collaborate on central bank digital currencies (CBDCs).

Meanwhile, XRPUSD has been consolidating around 2.47000 after showing a bearish trend on the H1 chart. A bearish trendline is in place, suggesting the cryptocurrency may stay bearish for some time.

Ripple Supports CBDCs with DEA Partnership

"The DEA is working across Europe and global markets to drive the development and growth of CBDCs and, specifically, the Digital Euro. Ripple has invested significantly in the CBDC world, with a team of around 40 people globally, helping develop and deliver solutions for CBDCs and stablecoins," said James Wallis, VP of Central Bank Engagements, Ripple.

Ripple, known for its blockchain and crypto solutions in cross-border payments, has developed infrastructure to support CBDCs. It is currently working with Bhutan’s central bank on a CBDC pilot. Ripple is also a member of the Digital Pound Foundation and is expanding its CBDC efforts globally.

The DEA, based in Frankfurt, focuses on CBDCs, stablecoins, and digital money. Its mission includes promoting research and education on digital currencies and providing a platform for policy-makers, technologists, and economists.

XRPUSD, H1 Chart, Source: TradingView
XRPUSD, H1 Chart, Source: TradingView

XRPUSD Testing Key Level for Breakout

The XRPUSD H1 chart shows a bearish price movement following a trendline. As of now, it is trading around 2.47000, a key level where the price has previously bounced. A breakout at this level could lead to further bearish momentum, pushing the price lower. Conversely, if the level holds as support, it may not generate bullish momentum unless there is a breakout above the bearish trendline.

Source: Finance Magnates