XRP faces another uphill battle at $0.7 as traders gaze upon gains to $1 after Ripple payments launched to support merchants globally.
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XRP bulls are ready to take on the bears again by stepping above the immediate resistance at $0.7. The cross-border money remittance token has since October sustained a significant uptrend, allowing traders to capitalize on scalping opportunities.
Although XRP price rose to levels last seen in July at $0.73 earlier this week, it lacked the momentum to keep the rally going toward $1. The correction below $0.7 can be attributed to profit-booking activities.
XRP Price Prediction: Bulls Make A Comeback For Gains Above $1
An ascending channel affirms the bullish grip on the price, especially with the middle boundary providing immediate support.
The Moving Average Convergence Divergence (MACD) signals that buyers have the upper hand and XRP price is poised for a run-up above $0.7 and subsequently to $1.
Traders considering fresh exposure to XRP longs can carry on assured that the uptrend will not snap, leaving them to count losses. With the blue MACD line above the red signal line, the path with the least resistance is essentially to the upside.
MAs like the 50-week Exponential Moving Average (EMA) (red), the 100-week (blue), and the 200-week EMA (purple) all validate the bullish thesis.
Looking out for how XRP price reacts to resistance at $0.7 could determine the direction it takes. A break above the immediate hurdle would further reinforce the bullish outlook.
However, a weekly close below the same level may cause instability in the market as traders seek to book profits to buy XRP at a lower price point, for instance, the support at $0.6.
Ripple Introduces Payments Solutions For FIs and SMEs
Ripple believes it has the responsibility to fill the gap where “traditional payment rails have fallen short,” with businesses forced to seek modern solutions to support their operations.
At the core of Ripple’s business, is the movement of value in the same way as information is transmitted today. Supporting seamless cross-border payments with blockchain-based is the company’s unwavering vision.
Ripple unveiled various “money transmitter licenses across numerous US jurisdictions and the Monetary Authority of Singapore” during this year’s Swell conference.
Introducing Ripple Payments—the next evolution of Ripple’s payments product delivering a licensed end-to-end solution for FIs and SMEs with 70+ payout markets, expanded crypto liquidity options, integration with the XRP Ledger DEX, and much more.https://t.co/khOxtCnXin
— Ripple (@Ripple) November 8, 2023
These licenses will allow the company to introduce Ripple Payments in these jurisdictions, with “customers… able to access nearly 100% of global payout coverage to more than 70 payout markets through Ripple’s international payments network,” using only one single onboarding.
“Ripple Payments supports our products, allowing us to serve our customers globally in a dramatically more effective way than the legacy financial system,” Peter Jensen, RocketFuel CEO.
RocketFuel is a payment provider leveraging Ripple’s robot payments network for its merchants via both crypto and fiat.
Ripple will also bolster its position in the market by integrating the payments service with the XRP Ledger’s native decentralized exchange (DEX) to achieve much-needed liquidity and product performance.
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