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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

XRP Battle With Resistance: Could A Crucial Update Propel The Altcoin Forward?

Christian Encila
Christian Encila
1 year ago
3 mins read
XRP

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XRP finds itself at a critical juncture as it grapples with a formidable resistance level at $0.54. The recent surge in XRP’s price has propelled it into this crucial resistance range, where it has made three unsuccessful attempts to breach in the past seven days. This repeated testing of the $0.54 mark underscores its significance as a formidable barrier for XRP.

Despite these challenges, a price analysis suggests that XRP retains the potential to attract strong demand if certain conditions align in its favor. Over the last three weeks, there has been noticeable accumulation of XRP, indicating growing interest from investors. 

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This accumulation coincided with a previous rally that was sparked by a demand surge following a legal victory for Ripple. However, it remains to be seen whether XRP can find the catalyst it needs to break through its current resistance zone.

Ripple’s Singapore License Sparks Hope For XRP

Ripple, the company behind XRP, recently made a significant announcement. Its Singapore subsidiary, Ripple Markets APAC Pte Ltd, has successfully secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). With this coveted license in hand, Ripple is now authorized to offer regulated digital payment token services in Singapore. 

This development is noteworthy as more than 90% of Ripple’s business is conducted outside of the United States, with the Asia Pacific region experiencing rapid growth in demand for its crypto-enabled payment solutions. Ripple has made it clear that it intends to prioritize the Asia Pacific region for the adoption of its offerings.

XRP market cap at nearly $28 billion today. Chart: TradingView.com

However, despite these positive developments and promising signs of accumulation, XRP’s price has struggled to break free from its current resistance line. At the time of writing, XRP is trading at $0.530038, reflecting a 0.9% decline over the past 24 hours. On a more positive note, it has recorded a 6.0% rise over the past week. 

While the cryptocurrency has managed to surpass the $0.52 resistance level and is currently trading above the 50-day Exponential Moving Average (EMA), caution is warranted.

XRP seven-day price action. Source: Coingecko

Analyzing XRP’s Current Price And Outlook

Market conditions can shift rapidly, and XRP’s future performance hinges on various factors. Traders and investors should closely monitor trading volumes and other technical indicators to gain insight into whether XRP can ultimately overcome the stubborn resistance at $0.54.

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Despite recent developments, including Ripple’s licensing success in Singapore, the cryptocurrency has yet to secure a decisive breakout. As the crypto market continues to evolve, XRP enthusiasts and investors eagerly await the catalyst that could propel it beyond this critical resistance point.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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