While XRP’s price is currently experiencing a downward trend, broader market conditions suggest this may not last. Ripple’s ongoing community support and growing institutional partnerships indicate a potential price rebound.
Market Movers for the Daily Digest: Ripple and Uphold to Improve Cross-Border Payments
An announcement on Tuesday stated that Uphold, a global Web3 financial platform, and Ripple had partnered. Better crypto liquidity capabilities, which are essential for enhancing cross-border payment infrastructure, will be made available to the payment processor through the new relationship.
The goal of Ripple’s global bank partnerships is to position the company as the biggest instantaneous cross-border payment processor. Governments throughout the world enact laws pertaining to cryptocurrencies and Ripple collaborating with these businesses will aid the company in achieving its objectives. The price of XRP is likewise affected by the same.
Furthermore, Ripple continues to receive the best support possible from the community, as it always has. Advocates such as lawyer John Deaton have time and time again brought attention to the brutality of the Securities and Exchange Commission (SEC).
Deaton took to X, the former Twitter, criticizing the regulator for pursuing legal action against legitimate players in the cryptocurrency space, such as LBRY and Ripple, while ignoring purported scammers, like FTX, Sam Bankman-Fried, and others, who were having meetings with representatives of the SEC, CFTC, and Congress.
As Deaton put it,
“When you realize what a complete embarrassment the SEC has become, it should infuriate you.
Technical Analysis: The XRP price may rise.
With a price increase of more than 14.7% over the last seven days, XRP is currently trading at $0.553, testing a critical resistance level of $0.551. It is imperative that this level be established as a floor of support for the altcoin’s rally towards $0.600.
Regaining this price will validate the XRP’s bull run and put the cryptocurrency on a course to recoup from the losses it sustained throughout August. The possibility that XRP may still produce green candlesticks is indicated by the Relative Strength Index (RSI) in the bullish zone.
To hit $0.600, XRP must still stage an 8% surge; if this barrier is not overcome, it could revert to the current trading level. Losing the $0.551 mark would make the bullish premise incorrect.
