XRP price wipes out losses, Ripple plans blockchain roadmap reveal for 2024


  • XRP price made a comeback above $0.56 ahead of XRPLegder fireside chat at ETH Denver event. 
  • Ripple plans to unveil its blockchain vision roadmap for 2024 at the event. 
  • Ripple announced a partnership with Zoniqx to build multi-asset tokenization on the XRPLedger. 

XRP price is influenced by the developments in Ripple and the updates in the SEC v. Ripple lawsuit. The altcoin climbed past the $0.56 level as the XRPLedger prepares to unveil its roadmap for 2024.

Also read: XRP price could sweep support at $0.50 as expert argues SEC is less likely to settle lawsuit against Ripple

Daily Digest Market Movers: Ripple prepares to share 2024 blockchain vision roadmap

  • On February 27, XRPLedger’s David Schwartz, the CTO of Ripple, is set to comment on advancement of interoperability, embracing EVM, and sharing Ripple’s 2024 blockchain vision roadmap with the community, in a fireside chat. 
  • The Ripple co-creator will dive into his thoughts for XRPLedger in 2024, and focus on the latest developments aimed at boosting the ledger’s functionality to support new use cases on the blockchain. 
  • Developers expect insights and solutions for smart contract execution and AI-Blockchain convergence on the XRPLedger, in David’s talk. 
  • Ripple’s 2024 roadmap has fueled anticipation among XRP holders and the altcoin wiped out its recent losses. 
  • The cross-border payment remittance firm announced a partnership with a Silicon-valley based firm that specializes in blockchain and AI, for multi-asset tokenization on the XRPLedger
  • The firm announced its partnership through an official tweet on X. (formerly Twitter). 
  • The partnership will help the remittance firm tokenize assets on the XRPLedger, making it accessible and boosting liquidity for cryptocurrencies. 

Technical Analysis: XRP price claws back losses

XRP price wiped out its losses from last week and the altcoin rallied past the resistance at $0.55. On Tuesday, XRP price climbed to a high of $0.56. The $0.55 level was a key resistance for XRP for over a month. 

The altcoin is rallying towards its $0.60 target. In its uptrend, XRP price faces resistance at the 61.8% and 78.6% Fibonacci retracement levels of the altcoin’s decline from its 2024 peak. 

The Moving Average Convergence/ Divergence (MACD) indicator and Awesome Oscillator (AO) support XRP price gains and signal that the uptrend is intact. 

XRP

XRP/USDT 1-day chart 

A daily candlestick close below the $0.54 level could invalidate the bullish thesis and the altcoin could find support at the 23.6% Fibonacci retracement at $0.52. 

Open Interest, funding rate FAQs

How does Open Interest affect cryptocurrency prices?

Higher Open Interest is associated with higher liquidity and new capital inflow to the market. This is considered the equivalent of increase in efficiency and the ongoing trend continues. When Open Interest decreases, it is considered a sign of liquidation in the market, investors are leaving and the overall demand for an asset is on a decline, fueling a bearish sentiment among investors.

How does Funding rate affect cryptocurrency prices?

Funding fees bridge the difference between spot prices and prices of futures contracts of an asset by increasing liquidation risks faced by traders. A consistently high and positive funding rate implies there is a bullish sentiment among market participants and there is an expectation of a price hike. A consistently negative funding rate for an asset implies a bearish sentiment, indicating that traders expect the cryptocurrency’s price to fall and a bearish trend reversal is likely to occur.


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