Regardless of its 17.3% year-to-date (YTD) enhance, the XRP worth stays in bearish territory. Up to now two weeks, XRP failed to interrupt the 200-day Exponential Shifting Common (EMA) in a number of makes an attempt.
At press time, XRP was buying and selling at $0.3970 and located assist on the 50- and 100-day EMAs. Nonetheless, to set off a bullish momentum, it requires a break of the 200-day EMA, which is presently at $0.4147. The indicator exhibits the long-term pattern, and a breach of this stage might spark a bullish transfer.
In the meantime, the upside crossing of the 50-day EMA by the 200-day EMA also needs to be watched. At present, the 50-day EMA is approaching the 200-day EMA, and the upward crossover, also referred to as a golden cross, might additionally set up a brand new uptrend.
If this occurs, the principle bastion of the bears might then be the resistance zone at $0.54. If the bulls handle to interrupt by means of the extent, XRP will climb to a 9-month excessive, a stage that XRP traders haven’t seen because the Terra Luna collapse.
XRP To Rise On This Rumor?
Gasoline for an XRP rally might come from a brand new rumor throughout the XRP neighborhood. A pseudonymous XRP influencer claims that international funds large Visa is secretly working with Ripple.
In a video posted on Twitter, he explains that Visa has teamed up with not less than 4 Ripple companions in recent times, both as a part of a partnership or a full acquisition. These are Earthport, Dee Cash, CurrencyCloud and Novatti.
Again in 2014, Ripple Labs and Earthport introduced a world partnership. In December 2018 Visa made the acquisition of Earthport for $250 million, going through a battle with Mastercard within the acquisition.
The second firm Visa acquired after Ripple partnered with it’s CurrencyCloud. The corporate introduced a partnership with Ripple in July 2020 to course of cross-border funds by means of RippleNet. A yr and a half later, in December 2021, Visa acquired CurrencyCloud.
The companions that each Ripple and Visa are working with are Novatti, a long-time companion of Ripple, and DeeMoney. The latter partnered with Ripple in March 2018 to allow quicker and cheaper cross-border funds.
In December 2022, DeeMoney and Visa agreed to a partnership to allow close to real-time cross-border funds and ship Thai baht to over 170 nations.
Novatti has been utilizing the XRP-based On-Demand Liquidity (ODL) resolution since April 2021 to reinforce Australian remittance funds to Southeast Asia. Again in September 2020, Novatti launched a brand new cost platform for earmarked Visa playing cards.
The influencer sees these connections as proof that Ripple and Visa are secretly working collectively. “Ripple goes in, Visa acquires it. Why? As a result of it’s the inspiration. They’re going to create income from this,” the influencer concludes.
Nonetheless, you will need to observe that that is simply hypothesis. Each Earthport and CurrencyCloud are now not listed as companions on Ripple’s web site.
Moreover, these partnerships and acquisitions are normally about increasing the attain of Visa’s proprietary cost options – neither Ripple nor XRP have been talked about within the official press releases.
Due to this fact, it’s troublesome to assert that Visa is secretly collaborating with Ripple. Nonetheless, these are fascinating connections which will play a task sooner or later.
Featured picture from iStock, Chart from TradingView.com