XRP Price Analysis: Buyers Are Back After Ripple Announces Partnership With Xange.com

Ripple’s XRP has seen some positive moves in early trading on Monday as buyers take the price beyond the $0.80 level and possibly gearing up to test $0.90 soon, with some fundamental developments offering reasons to cheer. At the time of writing, XRP/USD is trading around $0.894.

Despite the ongoing legal uncertainties, several analysts are optimistic that Ripple’s cryptocurrency will post a strong rebound next year once the lawsuit ends. One of the biggest factors driving the bullish predictions is how the company managed to expand its footprint outside of the US and across Asia and the Middle East, managing to remain among the top 10 cryptocurrencies by market capitalization even though it was delisted from several leading crypto exchanges around the world. Even if Ripple loses the case against the SEC, the worst case scenario would see the company pay a hefty fine and take its operations outside the US, but the drop in XRP’s value would be temporary and could bounce back on the back of rising adoption of Ripple’s technology by financial institutions across other markets.

Ripple’s Partnership With Xange.com Boosts XRP’s Appeal

An interesting recent update driving up buying interest in the XRP lately is Ripple announcing an exclusive partnership with Xange.com, a UN-registered and sustainability-focused securities exchange. Xange is planning to develop a Carbon Credits Solution to the XRP Ledger (XRPL), one of the first and most established carbon neutral blockchain networks in the market.

According the official press release regarding the announcement, “Xange.com chose to build on the XRP Ledger given its performance, scalability and inherently green attributes. The XRP Ledger was built with sustainability in mind and is one of the first major carbon neutral blockchains. Due to its Federated Consensus algorithm, the XRPL is significantly more energy efficient compared to proof-of-work blockchains and ensures low-cost transactions.”

Meanwhile, the XRP Army has heavily criticized a recent crypto-focused op-ed in The Wall Street Journal by former SEC Chairman Jay Clayton, in which he discusses the benefits of tokenization of the US Treasury market and America’s payments systems. Several holders and supporters from the XRP community were quick to point out the irony in his proposal, especially as the SEC goes after Ripple for selling its crypto as “unregistered securities”, taking a far more unfriendly approach towards cryptocurrencies than what its former chair proposes.

XRP/USD Technical Analysis

Taking a look at the 4-hour chart of XRP/USD, moving averages along with the MACD are suggesting a strong bullish bias among investors. However, the Stochastics RSI and the momentum indicator point to some selling interest as well.

Ripple’s XRP has crossed the pivot point at $0.815 and broken past the first resistance level at $0.869 too. The next obstacle buyers could encounter is at the second resistance level at $0.903, so let’s keep a close watch on it.