Ripple Price Down by 2.09% – Time to Buy XRP Coin?

• Ripple Labs announced a partnership with the government of Palau to help them develop a digital currency strategy.
• Ripple is also gaining slight support amid cooperation with Visa. 
• The XRP/USD is likely to gain immediate support at the $0.9546 level and a surge in selling pressure can drive a downtrend.

The Ripple price is exhibiting a selling bias, having dropped from $1 to trade at $0.9790 on Friday. The previous day, the XRP/USD closed at $0.99440, with a high of $1.01599 and a low of $0.93781. Ripple continued its bullish streak for the sixth session and extended its gains to reach its highest level since December 1st.

Collaboration between Ripple Labs and the government of Palau

Recently, Ripple Labs announced a partnership with the government of Palau to help them develop a digital currency strategy. Ripple has gained support from banks and financial institutions worldwide as a means of transferring money across borders quickly and efficiently, which is why it is best known for its open-source payment protocol.

Palau is a small island country in Micronesia with a population of around 21,000 people. The island nation has partnered up with Ripple Labs to develop its own national digital cryptocurrency named “MVL” that its residents and tourists can use. The country has shown interest in making its own digital currency due to the increased popularity of BTC and other cryptos within its borders, as many locals have already invested in BTC and tokens like TRX. This report of a partnership between Ripple and the government of Palau is extending support to the XRP price.

With growing interest in blockchain and crypto as a whole, this might be a good opportunity to buy Ripple and rise with the market.

Ripple CEO Brad Garlinghouse’s stance on XRP growth

The CEO of Ripple, Brad Garlinghouse, took to Twitter and announced that it was the strongest year ever for XRP, despite the lawsuit over Ripple. He proceeded to outline the progress achieved by Ripple during the year, like launching new On-Demand Liquidity corridors and its central bank digital currency solution. He further said that all this growth came from outside the US as the SEC was aggressively taking an anti-crypto approach, and companies were already moving outside the US.

The CEO then went on to discuss Ripple’s accomplishments over the past year, including the launch of new On-Demand Liquidity (ODL) corridors and its central bank digital currency (CBDC) solution. “All of this increase has come from outside the United States,“ he believes.

Garlinghouse went on to say that SEC Chairman Gary Gensler has “adopted an aggressively anti-crypto attitude, and corporations are already fleeing outside of the US.” He claimed that “the SEC today won’t address inquiries concerning the legal status of ETH, much less anything else,” and went on to explain:

Calling cryptocurrency the “Wild West” is a farce; most comply with global financial regulators. Therefore, this industry should not be penalised for requesting regulatory clarity and having it enforced consistently and on a level playing field. The announcement that this year was the strongest ever for XRP also added some upward pressure on XRP/USD.

Visa pays $925 million for Ripple’s partner.

Ripple is also gaining slight support amid cooperation with Visa. Visa is always looking for new ways to provide better solutions to clients and businesses worldwide. The growth of digital assets is forcing traditional financial solutions and organizations to seek new alternatives to stay competitive in a highly competitive and inventive environment. This acquisition is part of Visa’s strategy to provide better solutions, greater transparency, and greater flexibility to consumers and businesses dealing with international payments.

CurrencyCloud currently manages around 500 clients from 180 different countries across the world. They will continue to provide solutions to these clients to expand their reach and provide solutions to make the sector more efficient. CurrencyCloud joined forces with Ripple in July 2020, right in the middle of the coronavirus pandemic. With Visa’s latest acquisition, it will be possible to use the RippleNet to communicate information across banks and financial institutions in different jurisdictions. However, there was no word on whether Visa intends to adopt Ripple’s solutions in the coming months or years.

Visa to collaborate with Ripple

Ripple (XRP) is the world’s sixth-largest cryptocurrency. It has been among the top 20 performing cryptocurrencies, increasing by more than 20% in the last seven days. Ripple has been offering financial solutions as an alternative to the standard banking services provided by SWIFT for numerous years.

Ripple now has over 300 clients worldwide and continues to attract financial institutions looking for faster, more efficient, and reliable cross-border transactions. With the latest agreement between Visa and CurrencyCloud, both Ripple and Visa may get access to a broader number of clients and offer new and innovative options for businesses that want to transfer and receive money.

Despite this, the new Visa acquisition is not expected to significantly influence Ripple’s operations. Indeed, there is currently no information on how Ripple and Visa could collaborate to improve their services. Therefore, it is only a matter of time before Visa decides to integrate CurrencyCloud into its company or operate it as a separate branch. Let’s talk about the technical side of the market.

Ripple (XRP/USD) daily technical levels

Support Resistance

0.94947 1.02765

0.90455 1.06091

0.87129 1.10583

Pivot Point: 0.98273

Ripple technical analysis – XRP/USD gains support at $0.9545

The Ripple price prediction remains bullish above the $0.9545 level on the technical front. Ripple retested a strong resistance level of $1 but somehow failed to slice through. The closing of candles under the $1 level signals a selling bias in the XRP/USD coin.

Looking at overall technical indicators, the bullish bias seems stronger in the long run. For instance, the 50-day exponential moving average provides solid support at the $0.9546 level. The RSI and Stoch RSI are showing divergence, which blurs Ripple’s short-term trend.

However, Ripple has formed an upward channel supporting it at $0.9546. A spike in demand above this level could lead the ripple price towards $1.0219 and $1.0720. Further, on the higher side, the breakout of the $1.0721 level could lead XRP/USD towards $1.1128.

In the 4-hours chart, XRP/USD is likely to gain immediate support at the $0.9546 level. However, a surge in selling pressure can drive a downtrend in XRP/USD. Therefore, a break below the 0.9546 level exposes the ripple price towards 0.8843 or 0.8510 support. Let’s consider taking buy trades over 0.9546 and vice versa. All the best.

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