Despite its 17.3% year-to-date (YTD) enhance, the XRP value stays in bearish territory. In the previous two weeks, XRP failed to interrupt the 200-day Exponential Moving Average (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. However, to set off a bullish momentum, it requires a break of the 200-day EMA, which is at present at $0.4147. The indicator reveals the long-term development, and a breach of this stage might spark a bullish transfer.
Meanwhile, the upside crossing of the 50-day EMA by the 200-day EMA must also be watched. Currently, the 50-day EMA is approaching the 200-day EMA, and the upward crossover, also called a golden cross, might additionally set up a brand new uptrend.
If this occurs, the principle bastion of the bears might 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 value stays bearish, 1-day chart | Source: XRPUSD on TradingView.com
XRP To Rise On This Rumor?
Fuel for an XRP rally might come from a brand new rumor inside the XRP neighborhood. A pseudonymous XRP influencer claims that international funds large Visa is secretly working with Ripple.
In a video posted on Twitter, he explains that Visa has teamed up with at the least 4 Ripple companions in recent times, both as a part of a partnership or a full acquisition. These are Earthport, Dee Money, CurrencyCloud and Novatti.
Back in 2014, Ripple Labs and Earthport introduced a world partnership. In December 2018 Visa made the acquisition of Earthport for $250 million, dealing with a battle with Mastercard within the acquisition.
The second firm Visa acquired after Ripple partnered with it’s CurrencyCloud. The firm introduced a partnership with Ripple in July 2020 to course of cross-border funds by way of RippleInternet. A yr 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 sooner 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 nations.
Novatti has been utilizing the XRP-based On-Demand Liquidity (ODL) answer since April 2021 to boost Australian remittance funds to Southeast Asia. Back in September 2020, Novatti launched a brand new fee 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? Because it’s the inspiration. They’re going to create income from this,” the influencer concludes.
However, it is very important notice that that is simply hypothesis. Both Earthport and CurrencyCloud are not listed as companions on Ripple’s web site.
Furthermore, these partnerships and acquisitions are normally about increasing the attain of Visa’s proprietary fee options – neither Ripple nor XRP have been talked about within the official press releases.
Therefore, it’s troublesome to say that Visa is secretly collaborating with Ripple. Still, these are attention-grabbing connections which will play a job sooner or later.
Featured picture from iStock, Chart from TradingView.com
