Cryptocurrency enthusiasts are closely watching Ripple’s XRP as it makes significant gains, rising 4.3% in the last 24 hours to reach $0.55. XRP has witnessed a remarkable surge in trading volume, skyrocketing from a mere $1 million to $3.1 billion in less than two weeks.
An analyst known as @jaydee_757 has identified a macro trendline that XRP has been languishing below for over eight years. A successful breakthrough of this bearish trendline could ignite the fear of missing out (FOMO) among investors, resulting in a surge in XRP’s value toward $1.
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Traders holding XRP long positions should consider maintaining their positions, as the token currently sits comfortably above key bullish indicators such as the 21-week Exponential Moving Average (EMA) (red), the 100-week EMA (blue), and the 200-week EMA (purple).
Additionally, the Relative Strength Index (RSI) is at 54, showing a bullish divergence, indicating a higher likelihood of XRP surpassing $0.6 rather than retracing to test support at $0.5.
Experts suggest that XRP may have already hit its bottom at $0.3, setting the stage for a bull run within the confines of an ascending channel. The support provided by the channel is expected to protect against significant downside risks as bullish momentum pushes XRP to break through resistance at the middle and upper boundaries of the channel.
In a strategic move to enhance crypto liquidity for its cross-border payments infrastructure, Ripple has announced a partnership with Uphold, a leading global Web3 platform.
Ripple’s Head of Payments Product, Pegah Soltani, explains that the collaboration will leverage Uphold’s extensive liquidity expertise, strengthening Ripple’s capability to offer fast and flexible cross-border transactions worldwide.
Uphold boasts a robust trading infrastructure that facilitates the seamless movement of value between cryptocurrency and fiat, spanning various networks. Simon McLoughlin, CEO of Uphold, comments on their trading stack, which is connected to 30 underlying trading venues. This setup enables Uphold to provide deep liquidity, multiple execution paths for transactions, and exceptionally tight spreads.
Read Also: Uphold CEO Confirms 100% XRP Support and Reserves
The Ripple-Uphold partnership brings positive implications for XRP investors by improving the liquidity and efficiency of Ripple’s cross-border payments infrastructure. This development could drive higher adoption of XRP and result in an increased price.
Furthermore, the optimistic technical outlook for XRP suggests that the token is well-positioned for further gains. If XRP can successfully break through the resistance at $0.6, a rally toward $1 or even higher could be in store.
However, it is important to keep in mind the inherent volatility and unpredictability of the cryptocurrency market. Investors should conduct thorough research before making any investment decisions.
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