- Ripple cements its position with new partnerships, notably with the Bank for International Settlements (BIS) and MasterCard.
- Despite a recent drop, market indicators and metrics present a favorable forecast for XRP’s price.
XRP’s Vibrant Ambiance: Beyond the Numbers
In the volatile world of cryptocurrency, Ripple’s XRP, despite its ongoing SEC confrontation, has grabbed attention with its strategic collaborations. A remarkable partnership with the Bank for International Settlements (BIS) has made the community abuzz, and signs point toward an impending positive swing in XRP’s market trajectory.
👏 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
Bridging Financial Institutions: Ripple’s New Ventures
On August 20, Ripple was unveiled as an integral member of the
“cross-border payments interoperability and extension taskforce.”
This venture is a pivotal wing within the BIS Committee on Payments and Market Infrastructures. This move illustrates Ripple’s intent to be at the forefront of global payment solutions, aiming to simplify cross-border financial transactions.
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But BIS isn’t the sole feather in Ripple’s cap. Shortly prior, MasterCard’s CEO had brought to light their association with several notable entities in the blockchain, Web3, and payments domain, Ripple being a notable mention. This inclusion in MasterCard’s CBDC partner program signifies Ripple’s expanding influence in the decentralized financial space.
As Ripple continues to make strides, XRP’s social traction, as indicated by LunarCrush, has seen a significant upturn. Specifically, in the past week, there was a surge of 42% and 63% in XRP’s social engagement and social dominance respectively. A bullish sentiment, resonating with nearly a 60% increase, adds to the optimism.
A Market Upturn on the Horizon for XRP?
The collective sentiment is gearing towards XRP’s valuation gaining momentum. But this optimism is yet to mirror in its current market valuation. Data from CoinMarketCap reveals a slight dip, with XRP experiencing a 1% reduction in the last 24 hours, trading at a rate of $0.5201 and boasting a market cap surpassing $27.4 billion.
Yet, certain metrics shine a light on the promising side. Whale activity around XRP is noticeably robust. In addition, the token’s Market Value to Realized Value (MVRV) Ratio has been on an upward trajectory lately, although a slight decline in its network growth was observed recently.
Further insight into its market dynamics, the MACD (Moving Average Convergence Divergence) displays a minor bearish tilt. Still, indicators suggest an imminent bullish dominance. Aligning with this, XRP’s RSI (Relative Strength Index) is hovering close to the oversold segment, hinting at a potential spike in buying interest, which might uplift the token’s valuation.
Lastly, the Chaikin Money Flow (CMF) has also been trending upwards, distancing itself from the neutral baseline, anticipating a probable bullish market move.
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