The Ripple price is under pressure as part of the ongoing sell-off in cryptocurrencies. The XRP is trading at $1.0628, which is about 25% below the highest point this month. This performance brings its total market value to more than $50 billion, making it the 6th biggest cryptocurrency in the world.
Ripple Labs partnerships
Ripple is a blockchain project that is in the cross-border payments space. The network is mostly used by companies in the money transfer industry, who use its On-Demand Liquidity (ODL) feature. XRP is the native token for the ecosystem.
Ripple has had a mixed year so far. On the positive side, the XRP price has jumped by more than 500% from its lowest level in January.
Another positive is that the ODL adoption has risen, with more companies embracing the network. These companies include SBI International, a remittance company, and GME Remittance. Additionally, Ripple Labs has invested in Tranglo, a fast-growing Asian company and the management has talked about going public through an initial public offering or SPAC.
This week, Ripple Labs announced that it had added another partner. Paydek, a London-headquartered company will start using its ODL platform to process payments to the Middle East and Africa. In a statement, Sendi Young of RippleNet Europe said:
“Expanding RippleNet to better serve Paydek’s customers is a testament to the power of blockchain technology to significantly transform global payments. Through Paydek, Ripple is strengthening its presence in Africa and Latin America to drive innovation in digital remittances, in regions where faster payments are crucial to people’s livelihoods.”
Still, Ripple has had some challenges this year. The biggest one is the SEC vs Ripple case that has been dragging since December last year. The SEC accuses Ripple Labs and its senior executives of running an unregulated security. Ripple contends that XRP is a cryptocurrency like ETH and BTC.
This case has affected Ripple Labs substantially. For example, it has lost its relationship with MoneyGram, one of the biggest remittance companies in the world. Its token, XRP, has also been delisted by most exchanges.
Ripple price forecast
The daily chart shows that things are not looking good for the Ripple price. For one, its price has found a substantial resistance at around $1.3815. This resistance has slowed down its bullish momentum. At the same time, it has formed a double-top pattern, which is usually a bearish sign.
Additionally, the XRP price has formed what looks like a bearish flag pattern. Like the double-top, this pattern too is a bearish sign. It is also at the 50% Fibonacci retracement level and is along the 25-day and 50-day moving average. Therefore, the coin is at risk of a major meltdown that could see it drop by about 21% to $0.8535.
Where to buy XRP
If you are looking to buy XRP, you simply choose a reliable online broker that supports Ripple.
Most cryptocurrency exchanges offer Ripple’s XRP token but make sure to read the reviews before you choose one. For example high levels of security is one of the key elements to look after.
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