XRP breaks past $0.50 following Ripple’s UAE expansion
A collective bullish wave ensconced the cryptocurrency market at the turn of the month and the market cap has since shot up above the $210 billion mark and has settled comfortably at $213.09 billion at press time. Several coins have been given a major boost since the start of the week and the recently held World Cryptocurrency Con highlighted the same. Ripple’s crypto, the XRP, the third most valuable currency in the market saw a massive rise of 8% following a slew of impressive announcements.
Ripple unveiled its plans to set up an office in Dubai at the recently held Global Islamic Economic Summit in Abu Dhabi. Dilip Rao, Ripple’s global head of infrastructure said that the San-Francisco based crypto giant aims to enter the Middle Eastern market through their Dubai office. The process could be completed by the end of the year and Ripple’s approach of being cheap and flexible will allow it to implement their blockchain in the UAE market seamlessly.
“I think the UAE government saying that 50% of all government transactions will be on distributed ledger technology by 2020 is a fantastic way to encourage innovation, to bring Fintechs to your market and then to then build the capability locally to iterate on those solutions that the Fintechs bring to you,” said Rao.
The previous month saw Ripple reach massive highs in their payments realm with important international partnerships with Banco Santander of Spain and SBI Group of Japan to build their cross-border payments network. xCurrent and xRapid also took center-stage at Ripple’s headlining event of the year, Swell 2018.
XRP has skyrocketed on Tuesday and continued the bullish wave of Monday, while the other coins have fallen into a mild red or decreased their incline. Riding high on this upswing, XRP has broken the elusive $0.50 mark, a major resistance level of the crypto.
The key support level of the coin was placed at $0.451, a point which the coin last fell below prior to the bullish swing at the beginning of the month. The key resistance level of the coin is $0.465 which the coin managed to surpass on Monday at 1500 UTC. Given the immediate rise of XRP, a new resistance level began forming at $0.492. The MACD line shows that the coin is going through a significant bullish swing, while the 100 EMA line show that the coin is in an uptrend.
Since the UAE announcement, the coin has been on the buying list of several investors in the market and hence its RSI has risen to 69.71, dangerously close to the level of overbought. The RSI had hit a high of 82.12 and has since fallen, indicating a stabilization. The trading range exhibited by the 3rd largest crypto is $0.501-$0.519, with the lower end of the trading range being above the major resistance level of $0.50. At press time, the virtual currency has edged up the dollar by 8.91% and it is currently valued at $0.5061.
Given Bitcoin’s [BTC] mild decline after yesterday’s high, Ripple has increased by 9.47% against the premier crypto, and now one XRP is equivalent to 0.00007871 BTC.
At the beginning of the month, the market cap of XRP stood at $17.66 billion and then began to rise. The market cap soon broke the $18 billion mark and was sluggish at $18.34 billion before a massive rise beginning on Monday. At 1300 UTC on Monday the market cap stood at $18.6 billion and it rose by a whopping 10.73% in less than 24 hours to reach $20.604 billion. At press time, the market cap has dipped slightly to $20.238 billion.
See also: Ripple eyes Middle East; sets Dubai as first target market
See also: XRP consumes less energy than Ethereum [ETH] & Bitcoin [BTC]: Ripple’s Cory Johnson
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Author: Aakash Athawasya