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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

XRP Breaks Major Trendline, Rises 49% Amid Regulatory Uncertainty

Ronaldo Marquez
Ronaldo Marquez
11 months ago
3 mins read

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XRP’s upward trend, which started on March 21st, continues to gain momentum, as the cryptocurrency has surged by over 49% since the end of the “crypto winter.” Breaking through a major resistance level below $0.5, XRP is showing strong gains and bullish momentum in the market. 

 XRP is currently trading at $0.5510, positioning it among the leading cryptocurrencies behind Bitcoin, Ethereum, Tether, BNB, and USDC. With all this said, what’s ahead for XRP bulls soon?

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What Are The Reasons Behind XRP’s Uptrend?

Ripple’s innovations and developments have been a clear indicator of the XRP’s current uptrend. The company that offers blockchain-based payment systems and digital currency (XRP) is one of the leaders in the shift towards the ISO 20022 standard. 

Ripple’s ISO 20022 standard is a set of messaging protocols and data formats that enable its payment system to communicate with other payment protocols and networks that also use the ISO 20022 standard. 

This alignment allows for more efficient and transparent cross-border transactions, as detailed transaction data can be more easily shared and reconciled between different payment systems. 

By aligning with the ISO 20022 standard, Ripple aims to improve speed and efficiency. and transparency of cross-border payments, reduce transaction costs and provide a more seamless and integrated payment experience for its customers. 

Ripple has been aligned with this standard since the beginning and is expected to benefit from the increased adoption and integration of the new standard. 

Overall, Ripple’s adoption of the ISO 20022 standard is a positive development for the payments industry, as it promotes standardization and interoperability between different payment protocols. 

The recent adoption of the ISO 20022 standard, Ripple’s potential legal victory against the SEC, and the advancements in the XRP ledger (XRPL) have significantly contributed to the current upward trend of the altcoin. As a result, XRP holders feel more bullish and confident about their investments, hoping this uptrend will be sustainable in time. 

Critical Monthly Close For XRP Ahead

As per a recent update by trader and analyst Egrag Crypto, the Monthly Close of XRP holds significant importance as it could determine the cryptocurrency’s future path.

XRP
XRP’s key Fibonacci levels. Source: EgragCrypto on Twitter.

As seen in the chart above, if XRP closes above the Fibonacci (Fib) 0.5 level, represented by the $0.59 mark, it could reach the Fib 0.702 and Fib 0.786 levels. If XRP manages to close above the Fib 0.786 level, called by Egrag Crypto the “troposphere,” it could easily reach the Fib 1.618 level, which is the next target for the altcoin in the near term. 

XRP has achieved a significant milestone by surpassing levels not seen since May 2022. The altcoin is now facing another hurdle at the $0.598 mark, which it must breach to continue its upward trajectory. 

XRP has demonstrated impressive gains in the past seven, fourteen, and thirty-day periods, with profits of 17%, 47%, and 46%, respectively, outpacing other cryptocurrencies in the market.

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XRP
XRP’s uptrend on the 1-day chart. Source: XRPUSDT on TradingView.com

Featured image from iStock, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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