Ripple has been weak in trading for the past week, unaffected by strong fundamentals. Even the bullish sentiment of the entire crypto market and altcoins failed to arouse investors’ interest in XRP, as the legal battle between Ripple and the SEC was extended until the beginning of next year.
Ripple’s XRP buyers struggled and were able to hit the critical $1 level again, but after falling below that important point on the previous trading day, it does not appear to be able to move higher. At the time of writing, the trading price of XRP/USD is approximately $1.01.
Last week, Ripple CEO Brad Garlinghouse stated that Ethereum could only outperform XRP because it was approved by regulators, even as his own company faced the SEC battle. Garlinghouse made these comments at the DC Fintech Week virtual conference. He stated that in recent years, XRP has been the second most valuable digital asset. It is clear that the SEC has given ETH a passport and that ETH has clearly exploded because of it.
The Acceptance Rate of RippleNet is Increasing
At the same time, Ripple’s technology is being adopted globally in terms of fundamentals. The company recently announced a partnership with Pyypl to launch RippleNet’s on-demand liquidity service (ODL) in the Middle East – one of the largest markets for wire transfers. The use of ODL in the MENA region will facilitate transfers and global payments from this region to several other regions of the world in a cheaper and faster way. From 2020 to this year, RippleNet’s transaction volume has quadrupled.
A week ago, Ripple announced a partnership with Al Ansari Exchange, a forex and international money transfer company in the UAE. The company will use RippleNet Cloud to contact MoneyMatch, another leader in the wire transfer space, to facilitate quick transfers to Malaysia.
In other supporting news, Warren Buffett’s Berkshire Hathaway recently announced a $500 million investment in Brazilian digital bank Nubank, which uses RippleNet technology. The timing of the announcement is interesting – when Nubank announced it was partnering with RippleNet, it confirmed that it had received an investment from Buffett. This could suggest that, despite the ongoing regulatory challenges in the United States, Buffett believes in the potential of Ripple’s technology.
Will Coinbase Soon list Ripple’s XRP?
Earlier this week, Ripple received direct support from Coinbase CEO and co-founder Brian Armstrong. Armstrong mentioned in an update posted on Twitter: “The Ripple case seems to be better than expected. At the same time, the US Securities and Exchange Commission has recognized that crypto attacks are politically undesirable (because they harm consumers).”
In a statement he made while sharing a Forbes article on the Ripple vs SEC lawsuit, many users saw this as a promising sign suggesting that Coinbase will soon be listing XRP on its platform, sparking interest in some buying interests in Ripple – Cryptocurrency could increase.
XRP/USD technical analysis
On the 4-hour chart of XRP/USD, the moving average and MACD indicate a bearish trend. However, momentum indicators also show some buying interest.
XRP/USD 4H Chart. Source: TradingView
Ripple’s XRP remains below the $1.10 pivot point, and it takes greater buying power to get past that level. On the flip side, buyer hesitation may see the price test the $0.98 direct support.