Ripple XRP price surges over 8 percent as bulls take control

Fibo Quantum

The losses being experienced throughout the market over the last two weeks have finally come to an end. As Bitcoin surges a mighty 14.74 percent over the last 24 hours, bringing the value of the apex cryptocurrency to $6,654, the rest of the market follows suit. The XRP Ripple is reporting gains of 8.03 percent over the last 24 hours, bringing its trading price to $0.1679. 

Analysts take a bullish stance

XRP has experienced severe losses, but analyst Moiseiev Yurii believes a relief rally will set XRP up with a path back to resistance levels. He has identified the resistance level of between $0.165 and $0.1700, which is currently where XRP is trading. He recommends opening long positions only once the price nears the support line or once the price breaks through the resistance level. If the Ripple XRP price performance continues as it has, it’s likely to break the resistance level soon. 

Ripple XRP price surges over 8 percent as bulls take control 4

Ripple XRP price chart by Trading View 

Likewise, lucash has presented an optimistic prediction. He states that the Ripple XRP price has set a temporary low which should provide the platform needed to see XRP continue its climb. 

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Ripple XRP price chart by Trading View

Ripple enhances its Asian standing with a new partnership

Ripple recently announced a new partnership with DeeMonney, a Thailand-based financial services provider. The deal will see DeeMoney utilizing Ripple’s blockchain network to enhance its current remittance system, while Ripple strengthens its position in Asia. 

Additionally, Asheesh Birla, senior vice president of product and corporate development at Ripple sat down Mark Zuckerburg’s sister and host of SiriusXM satellite radio, Randi Zuckerburg. Together with the chief strategy officer at CoinShares, Meltem Demirors, the trio discussed how blockchain technology is changing the world. 

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.