- XRP price is at the tail end of a long consolidation period.
- Colombia to put land title deeds on blockchain following a partnership agreement with Ripple Labs.
- A make-or-break moment awaits XRP price at $0.40.
XRP price has, since its major drop in June, consolidated in a narrow range running from $0.30 to $0.40. This slow, unresponsive price movement saw investors take a hands-off approach, making XRP price recovery a challenge. However, the cross-border token may soon break out of the range, climb to $0.50 and then move to $1.00.
The Colombian government partners with Ripple Labs to put land deeds on blockchain
The lawsuit against Ripple Labs and its top executives has not stopped the blockchain startup from spreading its wings, with the Colombian government becoming the latest on the partnership list. With Ripple Labs’ technology, Colombia hopes to transfer all land titles to the blockchain.
This development is part of a larger plan to rectify land distribution efforts that have for a long time triggered conflicts. According to the official government announcement, the project will build on technologies from Ripple and Peersyst.
“Land is everything in Colombia. This led to armed groups like the FARC starting a war with the government,” Peersyst Technology CEO Ferran Prat reckoned while speaking to Decrypt.
XRP price is likely to benefit immensely from such partnerships because they reassure investors that Ripple Labs is a company focused on expansion and growth. Besides, the persistent push for the adoption of Ripple-based technologies redirects attention from the lawsuit that has been dragging since December 2020.
XRP price closes in on a make-or-break moment
The international money remittance token is doddering at $0.37 at the time of writing. Immediate support is being provided by the Bollinger bands’ through line on the daily chart. Based on an analysis of the Relative Strength Index (RSI), XRP could close the day above a confluence formed by the 100-day Simple Moving Average (SMA) and the upper boundary of the Bollinger bands.
XRP/USD Daily Chart
XRP price’s bullish formation stems from the Bollinger bands, which are expected to squeeze further in the coming days. Although a break is usually expected in either direction, solid support at $0.33 and the RSI’s bullish divergence will guide movement to the upside.
Conversely, a report from Bitstamp exchange says that the exchange will delist at least 14 trading pairs on August 11, including XRP/PAX. The motive behind this delisting exercise has not been revealed at the time of writing. However, the move might negatively impact XRP price performance, especially with its long-standing exposure to the bear market.
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
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin 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?
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?