XRP rally likely as Bank of International Settlement adds Ripple to its interoperability task force

XRP price rise is on the cards as the payment service provider is making advancements in not just cementing its win against the SEC but also in the fintech space. Joining hands with the Bank of International Settlement, Ripple is now a part of the task force established for cross-border payments.

The SEC might not fight Ripple

The recent rulings regarding the ongoing lawsuit by the Securities and Exchange Commission (SEC) against Ripple have been in favor of the payment processor. The XRP parent chain initially partially won the ruling of “XRP not being a security” in July. Earlier this week, the SEC appealed this decision and filed a motion, which was denied by US District Court Judge Analisa Torres.

Now discussing the same, popular Ripple proponent John Deaton stated that the chances of the regulatory body going to a trial are rather slim. He added that it is possible that the SEC might attempt to either dismiss the case or, at the very least, settle with Ripple.

The reason given by Deaton is that the SEC would not want to try the case, especially since the possibility of the regulator winning is very bleak. Furthermore, as the trial goes on, it would be rather expensive, which, in Deaton’s opinion, the SEC would choose to refrain from and instead dedicate the same resources to other cases.

If the SEC were to back away from a trial, it would serve as a huge boost for XRP price.

Ripple and the Bank of International Settlement join hands

Ripple was recently announced as part of the task force established by the Bank of International Settlement (BIS) for cross-border payment interoperability and extension. This partnership was recently confirmed by both Ripple and BIS indirectly. Speaking on different platforms, executives of both entities discussed Tokenization as part of their New Monetary System.

BIS has been experimenting with blockchain to establish efficient interoperability and cross-border payment for a while now. For the same in addition to Ripple, BIS added other entities, such as Mastercard, to its task force 

XRP price to see more upside

XRP price, trading at $0.524, is presently maintaining the uptrend it started about a month ago, during which it managed to rise by more than 10%. While the recovery is slow compared to past instances, it is the first consistent growth noted since the crash of July.

Looking at the Relative Strength Index (RSI), it is evident that bullish momentum has room to continue. The indicator is in the bullish zone above the neutral line at 50.0, suggesting demand for XRP could still grow before the market is overheated.

Should this be the case, XRP price could breach the month-old barrier at $0.542, which would also flip the 50 and 100-day Exponential Moving Average (EMA) into a support floor. This would enable a further rise beyond the $0.550 mark.

XRP/USD 1-day chart

However, if the breach fails and XRP loses the uptrend support, it could fall to $0.505, losing which would invalidate the bullish thesis and send the altcoin below $0.500 toward $0.476.