- Ripple’s XRP surged above $0.65, fueled by a 4.29% increase and boosted by a new partnership with Mastercard and Ripple’s participation in the Federal Reserve’s fintech conference.
- Investor optimism is further supported by speculation on SEC rulings and the potential for XRP-spot ETFs.
XRP breaks above $0.65 after a 4.29% surge, outperforming the broader market, which dropped 0.28% in the same session. Recent updates from Ripple, including partnerships and key appearances, have fueled this upward momentum.
XRP Breaks Above Key $0.65 Level
On Sunday, September 29, XRP surged by 4.29%, following a 4.41% rally from the previous session, closing at $0.6415. This significant performance saw XRP outshine the broader market, which fell by 0.28%. The rise in XRP took its market cap to $2.254 trillion, signaling strong investor confidence.
Ripple Takes Crypto to the US Federal Reserve
Investors reacted positively to the news that Ripple co-founder Chris Larsen and CEO Brad Garlinghouse would attend the Federal Reserve Bank of Philadelphia’s annual fintech conference. This event, scheduled for October 22-23, 2024, will explore major shifts within the fintech space, including real-world asset tokenization and banking-as-a-service. Their participation highlights Ripple’s growing acceptance since the Programmatic Sales ruling and the final judgment in the SEC vs. Ripple case.
Mastercard and Ripple Collaboration
Adding to the positive momentum, Mastercard announced a partnership with Ripple to facilitate cheaper and faster transactions using Ripple’s blockchain technology. Although XRP will not replace SWIFT, this collaboration is expected to significantly boost XRP’s global adoption. The partnership underscores Ripple’s ongoing efforts to bring digital assets into mainstream financial services.
SEC vs. Ripple: Will the SEC Appeal?
Speculation about an SEC appeal against rulings in the Ripple case remains muted amid the positive developments for Ripple and XRP. The SEC and Ripple must file appeals by October 7, 60 days after the final judgment on August 7. XRP’s outlook could improve significantly if the SEC decides not to appeal, potentially targeting the $1.00 mark.
Is an XRP-Spot ETF Market on the Horizon?
Beyond corporate collaborations, there is potential for XRP-spot ETFs. In November 2023, rumors of BlackRock filing an XRP-spot ETF application led to a brief rally in XRP’s price, highlighting the market’s potential response to such developments. Although the news was later confirmed as fake, it showed the high interest and impact of ETF news on XRP’s price.
XRP Price Action and Trends
XRP’s price trends are closely tied to the SEC’s actions. If the SEC appeals the Programmatic Sales ruling, XRP could fall towards $0.40. Conversely, if no appeal is filed, XRP might aim for $1.00, reflecting previous market reactions. Currently, XRP holds comfortably above its 50-day and 200-day EMAs, indicating bullish trends. A break above the $0.6609 resistance level could drive the price towards $0.70 and potentially $0.7467.
However, with a 14-day RSI reading of 70.50, XRP is in overbought territory, and selling pressure could increase at the $0.6655 high.
Ripple’s recent updates, including its partnership with Mastercard and participation in the Federal Reserve’s fintech conference, have significantly bolstered XRP’s performance. Investors should closely monitor SEC actions, as they will be pivotal in shaping XRP’s future price movements.
