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- In a recent interview to Bloomberg president of Palau has confirmed its partnership with Ripple to launch stable coin
- Technical indicators are not in favor of bulls of XRP. XRP/BTC pair is up by 1.7% in the intraday session
Ripple has been in tussle with SEC for a long period of time. Recently Lewis Cohen has asked the court for an order for admission to appear as pro hac vice counsel in between Ripple Vs XRP Case. In a recent interview with Bloomberg, President of Palau has confirmed the country plans to collaborate with Ripple to launch stable coin. The president has stated that the country stable coin is in the effort to grow the digital economy. This new relationship has led to a temporary upside moment in the XRP price.Meanwhile the data from santiment has shown that XRP is one of the traded altcoins in the recent weeks.
XRP is currently ranked 6th in the cryptoverse and has a strong market dominance. Volume of the XRP has seen an increase of over 6% in the intraday session. Volume to market cap ratio of asset price suggests a weak upside trend.
Where Are XRP Bulls Heading To?
XRP price has failed to recover to its 90 Day high in the christmas. The price has seen a momentary relief but has again came in downtrend. XRP has been seeing a weak consolidated trend in price in weekly chart. On coming to the daily chart, the asset price is trading near $0.36 with a gain of 1.2%. The upside move of the digital asset price can see a halt near $0.5. Meanwhile, the support of XRP can be seen near $0.25. The asset price is trading below 50 and 100 DMA. If the asset price sees a positive crossover then a strong upside trend can be seen in future.
Conclusion
Ripple tussle with SEC is coming to an end as per the latest report. Ripple has also collaborated with Palau to create a stable coin. XRP price is currently in a consolidated trend but can move to a new high in future.
Technical Levels
Major Resistance:$0.5
Major Support:$0.25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
