From $0.38 to $0.47 – 22% in XRP Rise and the Big News Behind It

From $0.38 to $0.47 – 22% in XRP Rise and the Big News Behind It

The post From $0.38 to $0.47 – 22% in XRP Rise and the Big News Behind It appeared first on Coinpedia Fintech News

Good News for XRP Lovers as Ripple Joins CME Group and CF Benchmarks
XRP lovers received good news on the early morning of July 12. Starting July 29, the XRP Dollar reference rate and indices will be included in the CME Group and CF Benchmarks.  Being listed here is a huge milestone for Ripple.

XRP Twitter SAGA

The information about XRP listing was shared in a tweet by the CME Group.

Ripple’s CEO, Brad Garlinghouse, retweeted it, saying that having a trusted benchmark reference rate is the first step toward institutional crypto products. Until now, the list included 16 cryptos like Bitcoin, Ether, Avalanche, and Bitcoin Cash. It also featured four DeFi tokens: Aave, Curve, Synthetix, and Uniswap, and three metaverse tokens: Axie Infinity, Decentraland, and Chiliz. With the addition of XRP, the list will now have 24 cryptocurrencies. As the crypto world waits for friendly regulations, XRP being included in this list brings positive sentiment for Ripple and its supporters. This is significant because CME Group is a leading derivatives market and CF Benchmarks is an FCA-regulated benchmark administrator.

Pending Issues for Ripple

There is no new update in the SEC vs. Ripple case. Experts believe this case will conclude by July 2024, as predicted by Attorney Fred Rispoli. The last hearing was on May 13, 2024. Tomorrow, July 13, is crucial for Ripple. On this day last year, Judge Analisa Torres ruled that XRP is not a security, and following this ruling, XRP’s price doubled within hours.

XRP Price Analysis

For the past five days, XRP has been on a continuous rise. From the lowest price point of $0.38249 to the current trading price of $0.46661, Ripple has jumped 22% in these five days. Right now, the 50-day Moving Average at $0.48048 is the biggest obstacle.

The RSI is gradually getting stronger and is currently at 50.86. On the other hand, the MACD is also showing a bullish sentiment, as the MACD line has crossed above the signal line.

Looking at the current trend through the FIB perspective, the latest support for Ripple is at $0.44842, with a significant resistance at $0.49412.

Looking Ahead

The Ripple and XRP community have been waiting for the SEC vs. Ripple case to end for the past four years. In this context, even small positive news holds great value. Support from large institutions and positive chart sentiment indicates that the time will soon come when XRP breaks all resistances and starts its upward journey. Now is the right time for those who wanted to invest but couldn’t. However, it is crucial to do your own research before taking any steps.