Ripple XRP sentimental analysis: XRP/USD struggling above $0.31 ignoring positive news
|- XRP/USD has failed to break past the critical $0.35 hurdle on a couple of attempts.
- Mercury FX has recently launched cross-border payments using xRapid system to the Philippines.
- CEO of Binance, Zhao Changpeng believes XRP is not a security.
Investors have been changing their sentiments towards the world’s third-largest cryptocurrency XRP. However, it has not been enough to support significant price growth. In fact, XRP/USD has failed to break past the critical $0.35 hurdle on a couple of attempts.
Meanwhile, Mercury FX, Ripple’s partner has recently launched cross-border payments using xRapid system to the Philippines. The financial giant that has offices in London, Hong Kong, and Cape Town is also planning to launch ten more corridors that that will see users send XRP using the xRapid blockchain payments platform by Ripple.
In other news recently reported that Huobi, a China-based cryptocurrency exchange has added support for XRP on its over-the-counter (OTC) trading platform. The platform already supports other digital assets like Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). XRP users who prefer peer-to-peer trading will take advantage of the platform hence increasing access to the digital asset.
Ripple’s XRP was also added to Coinbase as a tradable instrument. The move to list XRP on Coinbase Pro was seen as a confirmation that XRP is not a security in spite of the ongoing court case. Moreover, the support means that customers who live in areas where Coinbase operates can have easy access to XRP.
In addition to that, the CEO of Binance, Zhao Changpeng recently said via a podcast that he believes XRP is not a security. He said that his exchange has and will continue to support XRP. He is aware of the court case that alleges XRP is a security token but says that until it is proven “guilty,” it will remain a cryptocurrency.
As we can see, XRP has had a fair share of good news and industry support in the past few days. However, there has been little to no conversion in terms of price increase. The price continues to struggle above the support $ 0.31 ignoring the above sentiments and other vital fundamentals.
At press time, XRP is trading at $0.3167 after correcting lower 0.60% on the day. The price is sluggish and, therefore, the movement to the upside will continue to be limited. Similarly, we can expect the price to trend sideways between $0.31 and $0.32 in the near-term.
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