Aaryamann Shrivastava
FXStreet
- 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
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.
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