JAKARTA – The price of Ripple (XRP) is still lagging behind the first and second largest cryptocurrencies by market capitalization, Bitcoin and Ethereum. Although Ripple is still dealing with the US Securities and Exchange Commission (SEC), it doesn't appear that this has prevented XRP's price from rising.
Currently XRP is sixth by market cap, behind BTC, ETH, BNB, ADA, and USDT. Data from CoinMarketCap reports that XRP's market cap stood at IDR 757 trillion as of 7:03 p.m. EST. At the time of writing, XRP is trading at Rp. 16,112.
InvestingCube reported on Thursday 14 October 2021, Ripple Labs announced it was partnering with the Digital Pound Foundation (DPF). The collaboration is aimed at launching the digital pound in the UK. The partnership between Ripple and DPF is considered to be triggering an increase in the price of XRP.
In addition, Ripple is collaborating with the central bank of Bhutan on the release of a central bank digital money (CBDC). It didn't stop there, the XRP developer also formed a partnership with the companies Tranglo and Banco Santander. Analysts note the Ripple partnership would have been even more so had it not been for the SEC's troubles.
As if not wanting to be left behind with other cryptocurrencies, Ripple is also starting to enter the non-fungible token (NFT) universe. Developers have poured 250 million US dollars (equivalent to Rp. 3.5 trillion) for this effort. This amount is intended for artists, bands, agencies and markets that apply for funding as long as they use XRP Ledger technology, as reported by InvestingCube.
In the last few days the price of the XRP cryptocurrency has been moving in a narrow range. XRP trades between Rp. 15,000 to Rp. 16,000. Financial analyst and trader Crispus Nyaga said that the price is in the short-term and long-term moving averages while the Average True Range (ATR) has decreased substantially. ATR is one of the most well-known measures of volatility.
At such times, the movement of the XRP pattern has formed an inverse head and shoulders pattern. This is often signaled as a bullish signal. Based on the reading of the XRP pattern, it is likely that XRP is preparing to make a big rebound in the next few days. However, this prediction could be invalidated if the XRP price moves below its main support which is at the level of 0.8710 US dollars.
Coinecko reported that Ripple's all-time high price (ATH) was at Rp45,650 on January 7, 2018. XRP experienced a decrease of 64.7 percent from the ATH that was inscribed at that time. Meanwhile, in the last 24 hours, the price of the XRP cryptocurrency has increased by 1.7 percent and an increase of 6 percent in one week.
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