The price of XRP rallied as Ripple partnered with MoonPay to enable XRP buying and storage services. XRP/USDT gained 1.20% in the past 24 hours to reach $0.5482 as the cryptocurrency grew in interest.
MoonPay and Ripple’s partnership aims to expand XRP’s availability to more than 20 million users worldwide. With MoonPay, one can now buy, store, and manage XRP directly through the app.
This development comes at a critical time for Ripple, as it faces ongoing regulatory challenges with the SEC. The increased exposure to MoonPay’s user base could potentially drive further demand for XRP, supporting the recent price rally.
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XRP Price Analysis Post-Announcement
After the partnership was announced, XRP’s price soared following a period of consolidation. According to price action, in the last few days, XRP has been trading between $0.53 and $0.55 with a period of tight market activity.
The XRP price chart highlights the recent consolidation after a downtrend earlier in October. The current candlestick pattern represents the market with low volatility and traders’ indecision. The recent partnership could trigger a breakout from XRP’s tight trading range as demand continues to grow.
Traders are now closely watching opportunities to continue a bullish market. Further adoption from MoonPay users will likely lead to more volatility for XRP while market conditions are still stabilizing.
Key Technical Indicators MACD and RSI
The MACD indicator suggests a potential momentum shift, with the MACD line just above the signal line at 0.0009 and -0.0090, respectively. Therefore, the MACD line is marginally above the signal line. This cross is signaling a potential upswing in bullish momentum but the current strength is mild.
RSI (Relative Strength Index) is currently at 48.27, which puts market conditions neutral. A recent low of 41.83 in the RSI indicates a gentle upturn in the rate of buying pressure. The market is not overbought or oversold, and neutral RSI means that XRP can go up or down, depending on the sentiment of the market.
These indicators point to ongoing consolidation while hinting at potential bullish momentum emerging. As buying pressure increases, backed by the MoonPay partnership, XRP may break out of its current trading range.
Ripple’s Regulatory Context and MoonPay Integration
The MoonPay partnership comes as Ripple navigates its legal battle with the U.S. Securities and Exchange Commission (SEC). Despite regulatory scrutiny, XRP transactions are not currently classified as securities during the appeal process.
Ripple has argued that XRP should be considered a digital asset, not a security, and it backs this stance by continuing to defend itself legally.
The addition of MoonPay as a feature demonstrates confidence in XRP’s future and makes it easier to interact with the cryptocurrency. MoonPay currently supports transactions in over 50 cryptocurrencies worldwide.
