Share:
  • XRP price is testing crucial support after rising by nearly 15% in the past week.
  • Ripple and Uphold announced their partnership to enhance crypto liquidity capabilities on a global scale.
  • Ripple proponent attorney John Deaton called the SEC an absolute disgrace for its prosecution of Ripple and LBRY.

XRP price is eyeing $0.60 as Ripple continues to receive support from its community. The SEC attacking the firm is still a matter of criticism, especially to Ripple enthusiasts who believe the regulator has let bad actors in the crypto space persist.

Daily Digest Market Movers: Ripple and Uphold to enhance cross-border payments

Ripple  joined hands with global Web3 financial platform Uphold, according to an announcement on Tuesday. The new partnership will provide the payment processor with enhanced crypto liquidity capabilities, which are crucial in improving cross-border payment infrastructure.

Ripple’s partnership with banks across the globe has been made in an effort to establish itself as the largest instantaneous cross-border payment processor. Worldwide, governments adopting crypto regulations, as well as Ripple partnering with such firms, will help the company achieve its goals. The impact of the same can be witnessed on XRP price as well.

Additionally, the support that Ripple has been receiving from the community, as always, continues to be at its best. Proponents like attorney John Deaton have time, and again highlighted the Securities and Exchange Commission’s (SEC) ruthlessness. 

Deaton took to X, formerly Twitter, calling the regulator out for prosecuting good actors in the crypto industry, such as LBRY and Ripple, while not batting an eye on alleged fraudsters such as FTX, Sam Bankman-Fried and others that were meeting with the SEC, CFTC and Congressional members.

Deaton stated,

“It should anger you when you realize what an absolute disgrace the SEC has become.

Technical Analysis: XRP price could see green

XRP price trading at $0.553 is testing a key resistance level of $0.551 after rising by more than 14.7% in the past seven days. Establishing this level as a support floor is crucial for the altcoin’s rally toward $0.600.

Reclaiming this price point will confirm a bull run for the XRP price and set the cryptocurrency on the path to recovery from the losses it witnessed throughout August. The Relative Strength Index (RSI) in the bullish zone is indicative of the potential XRP still has for posting green candlesticks.

XRP/USD 1-day chart

XRP/USD 1-day chart

However, XRP still needs to chart an 8% rally in order to reach $0.600, and a failed breach of this barrier may pull it back down to the present trading price. Losing the $0.551 level, would invalidate the bullish thesis. 

Cryptocurrency prices FAQs

How do new token launches or listings affect cryptocurrency prices?

Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.

How do hacks affect cryptocurrency prices?

A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.

How do macroeconomic releases and events affect cryptocurrency prices?

Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.

How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?

Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.

 

 

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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Ethereum price scrapes $3,000 psychological threshold after 20 months, inspiring conjecture on altseason

Ethereum price scrapes $3,000 psychological threshold after 20 months, inspiring conjecture on altseason

Ethereum price has managed to test a crucial milestone for the first time in months, which is a remarkable show of strength considering Bitcoin price has hinted at a fall. This means that Ether has managed to sidestep the BTC cue.

More Ethereum News

VanEck spot BTC ETF trading volume inspires strength in Bitcoin price

VanEck spot BTC ETF trading volume inspires strength in Bitcoin price

VanEck spot BTC ETF, HODL, went parabolic on Tuesday, soaring 14X in a day. With over $258 million in trading volume today, HODL boasts a 60X product average with 32,000 individual trades. WisdomTree’s BTCW and BlackRock’s IBIT are also making headlines with skyrocketing trading volumes.

More Cryptocurrencies News

Bitcoin Price Prediction: $160 million long positions liquidated as BTC slips 2%

Bitcoin Price Prediction: $160 million long positions liquidated as BTC slips 2%

Bitcoin price has extended a leg south after trading within a range for days. While the move has harmed multiple traders, it is the first sign that the next directional bias may be finally ready to show. 

More Bitcoin News

Worldcoin price crashes 10% as AI narrative fades

Worldcoin price crashes 10% as AI narrative fades

Worldcoin (WLD) price was one of the AI tokens that benefitted the most from sector hype in February, rallying almost 270%. However, as the theme is now priced in, WLD holders appear to be booking profits en masse.

More Worldcoin News

Bitcoin: BTC eyes $60,000 but correction looms

Bitcoin: BTC eyes $60,000 but correction looms

BTC has been moving up only since January 22 but could slip into a consolidation before the next leg up. With the rate at which BTC is climbing after the ETF approval, coupled with strong fundamentals, investors should consider buying the dips before BTC hits $60,000.

Read full analysis

BTC

ETH

XRP