- Ripple has been in a tough battle with the SEC for months, causing investors to be cautious about XRP. However, Ripple continues to find ways to attract attention.
- This newly announced partnership also highlighted the potential for a rally in XRP, signs of which were already slightly positive at the time of writing.
- Nevertheless, some metrics supported the possibility of an upward trend. In particular, whale activity around XRP was high. At the same time, the token’s MVRV Ratio showed improvement in the past few days.
Ripple’s recent partnerships indicate that its efforts to attract attention are continuing; are Ripple’s moves a sign of a rise for XRP?
Ripple’s New Partnership Makes Waves
Ripple has been in a tough battle with the SEC for months, causing investors to be cautious about XRP. However, Ripple continues to find ways to attract attention; the latest being a partnership with the Bank for International Settlements (BIS).
This newly announced partnership also highlighted the potential for a rally in XRP, signs of which were already slightly positive at the time of writing. On August 20th, Ripple was announced as an official partner of the BIS Payments and Market Infrastructures Committee’s sub-group “Cross-Border Payment Compliance and Expansion Task Force.”
This came a few days after the CEO of MasterCard announced that they would be partnering with several blockchain/Web3/payment players, including Ripple, for a CBDC partnership program.
The above updates have made XRP a topic of increased social metrics. According to LunarCrush, XRP’s social interactions and social dominance increased by 42% and 63% respectively in the past seven days. Furthermore, bullish sentiment around the token also increased by almost 60%.
Is XRP expecting a bull rally?
The increasing bullish sentiment indicated that investors expected the value of XRP to rise. However, this had not yet been reflected in the token’s price chart. According to data, XRP lost more than 1% in the past 24 hours. At the time of writing, it was trading at a price of $0.5201 with a market capitalization of over $27.4 billion.
Nevertheless, some metrics supported the possibility of an upward trend. In particular, whale activity around XRP was high. At the same time, the token’s MVRV Ratio showed improvement in the past few days. However, network growth declined last week.
Interestingly, while the MACD showed a bearish advantage, it also suggested that bulls could take over soon. XRP’s Relative Strength Index (RSI) was close to the oversold zone. This could increase buying pressure and consequently raise the token’s value.
In addition, the Chaikin Money Flow (CMF) showed a slight upward trend as it moved away from the neutral 0 mark, further increasing the likelihood of a sideways price movement.
