- XRP price made a comeback above $0.56 ahead of XRPLegder fireside chat at ETH Denver event.
- Ripple plans to unveil its blockchain vision roadmap for 2024 at the event.
- Ripple announced a partnership with Zoniqx to build multi-asset tokenization on the XRPLedger.
XRP price is influenced by the developments in Ripple and the updates in the SEC v. Ripple lawsuit. The altcoin climbed past the $0.56 level as the XRPLedger prepares to unveil its roadmap for 2024.
Daily Digest Market Movers: Ripple prepares to share 2024 blockchain vision roadmap
- On February 27, XRPLedger’s David Schwartz, the CTO of Ripple, is set to comment on advancement of interoperability, embracing EVM, and sharing Ripple’s 2024 blockchain vision roadmap with the community, in a fireside chat.
- The Ripple co-creator will dive into his thoughts for XRPLedger in 2024, and focus on the latest developments aimed at boosting the ledger’s functionality to support new use cases on the blockchain.
- Developers expect insights and solutions for smart contract execution and AI-Blockchain convergence on the XRPLedger, in David’s talk.
- Ripple’s 2024 roadmap has fueled anticipation among XRP holders and the altcoin wiped out its recent losses.
- The cross-border payment remittance firm announced a partnership with a Silicon-valley based firm that specializes in blockchain and AI, for multi-asset tokenization on the XRPLedger.
- The firm announced its partnership through an official tweet on X. (formerly Twitter).
Today, @zoniqxinc and Ripple are partnering to bring multi-asset tokenization onto the #XRPLedger.
— RippleX @ #ETHDenver2024 (@RippleXDev) February 26, 2024
This partnership aims to revolutionize asset tokenization on the #XRPL, making it more efficient, accessible, and liquid in the digital asset market.https://t.co/OHyAMUOXA6
- The partnership will help the remittance firm tokenize assets on the XRPLedger, making it accessible and boosting liquidity for cryptocurrencies.
Technical Analysis: XRP price claws back losses
XRP price wiped out its losses from last week and the altcoin rallied past the resistance at $0.55. On Tuesday, XRP price climbed to a high of $0.56. The $0.55 level was a key resistance for XRP for over a month.
The altcoin is rallying towards its $0.60 target. In its uptrend, XRP price faces resistance at the 61.8% and 78.6% Fibonacci retracement levels of the altcoin’s decline from its 2024 peak.
The Moving Average Convergence/ Divergence (MACD) indicator and Awesome Oscillator (AO) support XRP price gains and signal that the uptrend is intact.
XRP/USDT 1-day chart
A daily candlestick close below the $0.54 level could invalidate the bullish thesis and the altcoin could find support at the 23.6% Fibonacci retracement at $0.52.
Open Interest, funding rate FAQs
How does Open Interest affect cryptocurrency prices?
Higher Open Interest is associated with higher liquidity and new capital inflow to the market. This is considered the equivalent of increase in efficiency and the ongoing trend continues. When Open Interest decreases, it is considered a sign of liquidation in the market, investors are leaving and the overall demand for an asset is on a decline, fueling a bearish sentiment among investors.
How does Funding rate affect cryptocurrency prices?
Funding fees bridge the difference between spot prices and prices of futures contracts of an asset by increasing liquidation risks faced by traders. A consistently high and positive funding rate implies there is a bullish sentiment among market participants and there is an expectation of a price hike. A consistently negative funding rate for an asset implies a bearish sentiment, indicating that traders expect the cryptocurrency’s price to fall and a bearish trend reversal is likely to occur.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.