Is Ripple’s new partnership the boost XRP needs?
- 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.
? Congrats on this outstanding achievement @Ripple!
Ripple was announced as an official partner of the “cross-border payments interoperability & extension taskforce,” a subgroup within the Bank for International Settlements (BIS) Committee on Payments & Market Infrastructures. pic.twitter.com/qk9ZuwZXzm
— Uphold (@UpholdInc) August 20, 2023
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%.
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.
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.