Ripple Price Down By 8.25% – Time to Buy XRP Coin?

• This could be the best time to buy XRP as the broader crypto market is reeling from the bearish wave and is down by 7.06% with $2.06 trillion on recorded value
• Ripple has been all about environmental sustainability and this has reflected in the recent partnership with carbon-neutral securities exchange Xange.com
• The Republic of Palau has also tapped Ripple for its digital currency strategy

Savvy investors have the opportunity to buy XRP as the broader crypto market has been on a consolidation through much of the past week and today is no different.

At press time, the nascent industry has shed 7.06% of its gains and top altcoin XRP has shared the same fate as the cross-border payment solution trades below the $0.7559 trendline at $0.7390. The previous day, XRP hit a two-day high of $0.8019 showing a growing struggle with the bears as the year unwraps.

Xange.com’s Partnership With Ripple Hidden Bullish Sentiment

Ripple enables trustless and cheap cross-border payment among several financial institutions. Aside from moving digital assets, Ripple’s On-Demand Liquidity hub RippleNet is also used in moving fiat among banks.

Meanwhile, the Ripple blockchain uses a Federated Consensus Algorithm (FCA), which allows the protocol to consume less energy in validating transactions.

Given its push for carbon neutrality across the evolving blockchain ecosystem, the digital protocol has been selected by United Nations’ partner Xange.com. Xange.com runs a sustainability-focused securities exchange and has tapped Ripple due to its low carbon footprint to develop a Carbon Credit Solution.

The partnership is targeted at creating a carbon credit infrastructure for the African Great Green Wall Initiative.

Ripple’s growing use cases in solving real-world challenges will go a long way in boosting the price performance of the XRP digital asset.

Inflation Fears Prime XRP For Record Year

Fiat devaluation is on the rise as inflation bites hard on investors’ income. With the November figure standing at a 40-year high of 6.8%, investors are gradually turning to cryptocurrencies as a means to hedge and store value. XRP has a marked limit and finite supply of only 100 million tokens making the digital asset a suitable mechanism for storage.

Ripple Joins Forces With Palau For CBDC Initiative

Central bank digital currencies (CBDCs) are gradually becoming household names given the drive by national banks to develop digital formats of their fiat currencies. The move is expected to address the recurring rise of fiat-backed assets called stablecoins developed by private companies.

One of such efforts is the one by the island nation Republic of Palau. In a blog post, Ripple announced the selection of its XRP Ledger (XRPL) to develop the country’s first digital currency. The partnership would focus on developing a CBDC strategy and a USD-backed digital currency for the country. This deal is a huge boost to crypto and XRP because the country chose the protocol due to its climate-friendly platform.

Ripple Technical Analysis – XRP Feeling The Broader Market Consolidation

The fundamental strength for XRP is impressive; however, the technical aspect of the coin has been following the strong current of the broader crypto market. XRP is trading in the red zone as the bearish waves sweep across the nascent industry.

On the daily chart, XRP is going to see an immediate resistance at the $0.83 price level, this would likely be below followed by a consolidation phase. However, this presents a buying opportunity as investors could buy XRP at the current price of $0.7470 to enjoy a profit of 11.37% on the upside.

XRP’s 100 hourly simple moving average (SMA) stands at $0.88, showing a serious struggle to reclaim its previous high. The 23.6% Fibonacci retracement level puts XRP at $0.88, with the 50% metric serving as likely support at $0.8265 if there is a sharp decline as the digital asset rises.

Meanwhile, as the broader crypto market consolidates, XRP may likely seek support at the $0.7390 and brace for a bullish run. This still presents an ideal position to buy XRP for massive returns.

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