Connect with us
Active Currencies 14574
Market Cap $2,657,361,765,305.40
Bitcoin Share 50.18%
24h Market Cap Change $-1.25

Is Ripple’s new partnership the boost XRP needs?

2min Read

Ripple has partnered with the Bank for International Settlements (BIS) following a tie-up with MasterCard. The sentiment around XRP turned bullish following the announcement. 

Ripple cracks a new partnership; should XRP investors have high hopes? 

Share this article

  • XRP was down by more than 1% in the last 24 hours.
  • A few metrics and market indicators suggested that its price could rally. 

Ripple [XRP] has been in a tough battle with the SEC for many months, which has made investors shy away from XRP. However, Ripple keeps finding ways to find the limelight, the latest being a partnership with the Bank for International Settlements (BIS).


Read Ripple’s [XRP] Price Prediction 2023-24


The newly announced partnership also highlighted the potential for an XRP rally, which was already showing minor bullish signs at press time. 

Good news for Ripple

On 20 August, Ripple was announced as an official partner of the “cross-border payments interoperability and extension taskforce,” a subgroup within the BIS Committee on Payments and Market Infrastructures.

This happened a few days after MasterCard’s CEO revealed that the company will be partnering with a few blockchain/Web3/payments players, including Ripple, for its CBDC partner program.

The aforementioned updates made XRP a topic of discussion in the crypto space as its social metrics rose. As per LunarCrush, XRP’s social engagement and social dominance shot up by 42% and 63%, respectively, in the last seven days.

Moreover, bullish sentiment around the token also surged by nearly 60%. 

Source: LunarCrush

Is XRP awaiting a bull rally?

The rising bullish sentiment meant that investors were expecting XRP’s value to rise. However, things were yet to be reflected on the token’s price chart.

According to CoinMarketCap, XRP was down by more than 1% in the last 24 hours. At the time of writing, it was trading at $0.5201 with a market capitalization of over $27.4 billion.

Nonetheless, a few of the metrics supported the possibility of an uptrend. Notably, whale activity around XRP was high. Alongside, the token’s MVRV Ratio registered an improvement over the last few days. However, its network growth dropped last week. 

Source: Santiment


Realistic or not, here’s XRP’s market cap in BTC’s terms   


Interestingly, though the MACD showed a bearish edge, it also suggested that the bulls could soon take over. XRP’s Relative Strength Index (RSI) was right near the oversold zone. This could increase buying pressure and, in turn, increase the token’s value.

Moreover, the Chaikin Money Flow (CMF) also registered a slight upward trend as it moved away from the neutral mark of 0, further increasing the chances of a northbound price action. 

Source: TradingView

Share

Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.