XRP became one of the biggest altcoins’ movers on Wednesday following a positive event. According to the charts, the coin ($XRP), considered as the sixth-largest cryptocurrency, formed a double bottom pattern, pointing to a bullish trend. This comes on the heels of a partnership forged between the coin’s parent company, Ripple and Japan’s payment service provider, SBI Remit.
The aim of the partnership is to facilitate cross-border payments between Japan and Philippines, using Ripple’s On-Demand Liquidity Service. Coins.ph, a Philippines-headquartered mobile payments provider is also part of the historic collaboration. SBI Remit is a subsidiary of the Japan-based SBI Group, and enables faster and cheaper transnational payment services.
XRP Ledger to Facilitate Japan-Philippines Remittance Options
SBI’s digital asset exchange platform will also play a role to create cheaper remittance options for the two regions. Meanwhile, Ripple’s ODL through its xRapid transnational payment tech, allows for the transfer of assets using the native digital currency ($XRP) as a bridge. In essence, users are able to send funds swapped to XRP through Ripple’s Ledger (XRPL), and send to parties at the other end, who can also convert the XRP into fiat currency.
On the premise of the strategic partnership, the price of XRP gained exactly 17.73% on the day, making it one of the biggest altcoin movers for Wednesday. The boost sees the coin attain a month-high of $0.759 from a low of $0.514 within July. In view of this, the token created a double bottom sign on the charts. Accordingly, this pattern is a sign of subsequent but temporary bullish rides in the coming days or weeks.
Double bottom patterns occur when an asset’s price declines, then recovers and moves back up, only to decline again to the previous levels or somewhere close for a final movement upwards. The two-highs created are conceptualized as a neckline, such that if a breakout occurs upside, prices could reach as high as the range between the neckline and the double-bottom support.
As per the chart, the double bottom level is registered at $0.25, while the neckline is positioned at $0.75. A breakout from the neckline could witness a bull run to the $1 price mark.
B-Word July Conference Contributes to Price Jump
The B-word conference did not play an insignificant role in pushing the price of XRP and other altcoins up. The ride began with foremost cryptocurrency, Bitcoin- whose dominance is remains at 46%- following the billionaire Elon Musk’s announcement that both companies (Tesla and SpaceX) he founded and heads still have a large holding of Bitcoin.
Ripple is still embroiled in a legal controversy with the US Securities and Exchange Commission (SEC) on the premise of the sale of $1.3 billion unregistered securities. A number of judgements by presiding judge, Sarah Netburn have been in favour of Ripple. Series of motions initiated by the US SEC against the former has been struck out by the magistrate court. Despite the lawsuit, the price of XRP has managed to stay afloat, only succumbing to the mid-May crash.
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