XRP holds in the green like many of its peers, following closely in the footsteps of Bitcoin. The largest cryptocurrency surged to $35,000 during the Asian business hours on Tuesday amid speculation and optimism around the likely approval of BlackRock’s spot exchange-traded fund (ETF), upholding investor interest in the crypto market.
Up 4.3% in the last 24 hours, XRP price is trading at $0.55. It has seen a considerable increase in trading volume to $3.1 billion from barely $1 million less than two weeks ago. The most prominent international money remittance token boasts $29 billion in market capitalization and ranks #5 among other cryptos, including stablecoins.
Can XRP Price FOMO To $1
If interest in XRP continues ahead of the determination of the Ripple vs SEC lawsuit in 2024, investors could see a much larger spike above $1. Crypto investor @jaydee_757, says that XRP is dangling below a macro trendline that has lasted more than eight years.
A successful break above this bearish trendline would trigger the fear of missing out (FOMO) and push XRP higher. However, he cautions that “smart money” or investors who buy during the bear market bottom would jump in only to pump the price and dump to profit on previous positions while “dump money” — driven by FOMO will be “thinking they are winning” only to lose.
#XRP – Take a step back & focus on the Macro. We NEED to break 8-year trendline!
If it breaks, Smart money will jump in for their benefit! Dumb Money will FOMO in thinking they are winning LOL!
In the END, Smart Money wins (again), while Dumb money get REKT (again)! I’m ready!… pic.twitter.com/1ffY2JRdJB
— JD 🇵🇭 (@jaydee_757) October 24, 2023
Traders with exposure to XRP longs may want to keep their buy positions intact aware that the token is sitting comfortably above the bull market indicators like the 21-week Exponential Moving Average (EMA) (red), the 100-week EMA (blue) and the 200-week EMA (purple).
The affirmation of support at $0.54 likely to follow a daily close above the same level could signal the next climb above $0.6.
With the Relative Strength Index (RSI) at 54 showing a bullish divergence, XRP price has a higher probability to climb above $0.6 as opposed to dropping to retest support at $0.5.
XRP is likely to have bottomed out at $0.3 paving the way for the bull run within the confines of the ascending channel. The channel’s support is expected to keep the downside protected as bulls push to break resistance at the middle and upper boundaries.
Beyond $0.6 other key levels traders are required to keep in mind for potential corrections are $0.8 and $1. On the other hand, dips below $0.5 could see XRP sweep liquidity at the local support at $0.44 but if push comes to shove, dips could extend to the area between $0.34 and 0.38.
However, such a move is highly unlikely, especially if Ripple keeps winning against the Securities and Exchange Commission (SEC) in the lawsuit awaiting trial in 2024.
Ripple Partners With Uphold To Enhance Infrastructure
Ripple has announced a strategic partnership with Uphold, a global Web3 platform, to improve crypto liquidity for its cross-border payments infrastructure.
BIG NEWS: @Ripple Forges New Partnership with Uphold to Enhance Underlying Crypto Liquidity Infrastructurehttps://t.co/1gJh95KDTQ pic.twitter.com/FLSDQxO0co
— Uphold (@UpholdInc) October 24, 2023
According to Pegah Soltani, Ripple’s Head of Payments Product, the move will see the blockchain company improve its cross-border payments infrastructure by tapping “Uphold’s deep liquidity expertise” which “further underpins Ripple’s ability to offer fast and flexible cross-border payments around the world.
Uphold is a global leader in trading infrastructure, supporting the movement of value between crypto and fiat and across networks.
“The Uphold platform features a fully automated, high-frequency trading stack connected to 30 underlying trading venues allowing us to offer deep liquidity, multiple execution paths for transactions, and exceptionally tight spreads,” Simon McLoughlin, Uphold’s CEO said regarding the partnership.
Ripple has continued to grow its cross-border payments infrastructure across the world supported by the On-Demand Liquidity (ODL) product. Growth in ODL could positively impact the value of the native token, XRP used to facilitate transactions between sending and receiving parties.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
