Regardless of its 17.3% year-to-date (YTD) enhance, the XRP worth stays in bearish territory. Prior to now two weeks, XRP failed to interrupt the 200-day Exponential Transferring 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 at the moment at $0.4147. The indicator reveals the long-term development, and a breach of this stage may 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 the moment, the 50-day EMA is approaching the 200-day EMA, and the upward crossover, also referred to as a golden cross, may additionally set up a brand new uptrend.
If this occurs, the primary bastion of the bears may then be the resistance zone at $0.54. If the bulls handle to interrupt by way of the extent, XRP will climb to a 9-month excessive, a stage that XRP buyers haven’t seen because the Terra Luna collapse.
XRP To Rise On This Rumor?
Gasoline for an XRP rally may come from a brand new rumor inside the XRP group. A pseudonymous XRP influencer claims that international funds big Visa is secretly working with Ripple.
In a video posted on Twitter, he explains that Visa has teamed up with a minimum of 4 Ripple companions lately, 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 way of RippleNet. A 12 months 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 international locations.
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 notice 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 often about increasing the attain of Visa’s proprietary cost options – neither Ripple nor XRP have been talked about within the official press releases.
Subsequently, it’s troublesome to assert that Visa is secretly collaborating with Ripple. Nonetheless, these are attention-grabbing connections that will play a task sooner or later.
Featured picture from iStock, Chart from TradingView.com