- XRP price is slowing down after the recent rally to gather steam for the next run-up.
- Uphold launches XRP debit cards as it partners with GlobaliD.
- A decisive 9-hour candlestick close above $0.785 will confirm the start of an uptrend.
XRP price is trading above two critical support levels. A retest of either of these barriers will likely trigger an upswing that shatters the range high and scales to tag new swing highs.
Uphold to launch XRP debit cards with cashback in XRP tokens
Uphold, a digital money platform, recently partnered with GlobaliD, a digital identity platform, to launch XRP debit cards. Interestingly, these cards are from Mastercard and provide 5% cashback paid out in XRP tokens.
The announcement reads,
The XRP debit card tries to combine the power and flexibility of the Uphold platform with the compliance and oversight that GlobaliD provides. Using the debit card, the users would be able to pay in fiat or digital currencies, but the cashback would always be in XRP.
This development is fundamentally positive for XRP and promotes the adoption of digital currencies while users can accumulate Ripple passively. This news comes as the SEC v. Ripple lawsuit is still ongoing.
During the Aspen Security Forum on Wednesday, Brad Garlinghouse, the CEO of Ripple, commented on the case,
You know, to say that we have certainty, we have clarity, is like the alcoholic saying, 'I don't have a problem.’
A win for Ripple, in this case, would be a massive morale booster for the community and might trigger an explosive bull run.
XRP price eyes a higher high
XRP price came very close to retesting the range high at $0.785 but failed during the recent upswing. Since this point, Ripple has been on a slow and steady consolidation that is sloping downwards.
Although XRP price seemed like it would retest the immediate support level at $0.689, it has not. Going forward, investors can expect the bulls to gather steam after a retest of either $0.689 or the demand zone below it that extends from $0.623 to $0.671.
This move would create a higher high and allow the sidelined investors to step in and trigger a new uptrend. The resulting bull rally must slice through $0.785 and flip it into a support level to confirm further ascent.
Doing so might open the path to $0.90, roughly 30% from $0.689. In a highly bullish case, the $1 level might be tagged.
XRP/USDT 12-hour chart
Regardless of the optimistic outlook, things could turn awry if XRP price shows no strength during the retest of the demand zone extending from $0.623 to $0.671. A breakdown of this barrier will push Ripple down to $0.590.
If this support level is breached, it will invalidate the bullish thesis and potentially trigger a sell-off to subsequent footholds.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?