Cointelegraph Team
Cointelegraph
XRP’s price swung higher on Wednesday as its parent company, Ripple, entered an agreement with SBI Remit to back a remittance corridor from Japan to the Philippines.
Positive news boosts XRP’s price
The Ripple blockchain’s native cryptocurrency, also ranked as the sixth-largest digital asset by market capitalization, reached its one-month high of $0.759 after rallying 17.73% intraday. At a monthly low, it was changing hands for as little as $0.514.
XRP sustains its uptrend amid a market-wide bullish mood. Source: TradingView
The bullish boost came over a partnership between Japan’s largest money transfer provider, SBI Remit, and Philippines-based mobile payments service Coins.ph. With additional assistance from SBI’s digital asset exchange platform, the duo aims to use Ripple’s On-Demand Liquidity (ODL) to offer more affordable remittance options for the Filipino diaspora in Japan.
ODL via Ripple’s xRapid cross-border payment service enables parties to send funds using XRP as a bridge currency. In other words, the sender first converts the local fiat currency to XRP and sends it to the receiver via the Ripple blockchain. In turn, the receiver, upon receiving the XRP tokens, converts them back to their local currency.
Technicals skewed to upside
XRP’s latest jump also activated a classic technical setup known as the double bottom, suggesting that Ripple’s token might undergo an extended bullish momentum in the interim sessions.
That is because double bottoms are bullish reversal chart patterns. They appear when an asset drops, rebounds, drops again to the same or similar level to rebound back. The twice-touched high is called a neckline, which, if broken to the upside, expects to send the prices as high as the distance between the neckline and the double-bottom support.
XRP is forming a double bottom pattern. Source: TradingView
The maximum double bottom pattern height comes to be $0.25. Therefore, breaking above the neckline (near $0.75) could have XRP traders eye $1 as their next upside target.
Providing support to XRP is also an upside momentum in the broad cryptocurrency market. It began after Tesla CEO Elon Musk revealed that his private rocket company, SpaceX, holds Bitcoin (BTC), the world’s leading digital asset by market capitalization.
The disclosure came during “The ₿ Word” conference last week, also attended by Ark Invest’s Cathie Wood and Twitter’s Jack Dorsey. Dorsey called Bitcoin a big part of Twitter’s future, noting that it is the de facto currency of the internet.
Bitcoin’s 30-day realized correlation with XRP was 0.75 at the time of writing, indicating the assets’ likelihood of moving in tandem. BTC’s price is up over 7% in the past 24 hours, trading over $40,400 at the time of writing.
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.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.