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XRP Transactions Trigger New Rumors of Partnership Between Binance and Ripple

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XRP investors say evidence of a partnership between Ripple and the crypto exchange Binance may be emerging.

Back in February, CEO Changpeng Zhao said Binance will “definitely” partner with the San Francisco startup in the future to support the company’s XRP-powered cross-border payment solution called On-Demand Liquidity (ODL).

ODL is designed to give banks and financial institutions a legally-compliant way to send money overseas using XRP as a bridge currency.

It relies on crypto exchanges, which can accept fiat and send the equivalent value in XRP to a corresponding exchange in another country, where it’s converted right back to fiat.

Now, members of the

XRP community say a tracking tool designed to detect ODL volume has discovered a number of possible ODL transactions involving the Russian ruble.

They’re linking the new transactions to Binance, which launched support for the ruble back in October.

“It’s evidence that Binance will take a role as an ODL exchange. It will dynamite the volume. More volume means more benefits for Binance.

Good job @cz_binance. Russian corridor is open since this morning.”

Source: Twitter

So far, Zhao has not responded to requests for comment.

Ripple has publicly announced partnerships with the crypto exchanges Bittrex, Bitso, Coins.ph and Bitstamp to boost liquidity for ODL.

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Analysts Expect Ripple’s XRP to Surge to $0.30: Here’s Why

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The entire crypto market has been on a tear over the past week, gaining dozens of percent. But altcoins like XRP, especially, have done rather well. In fact, the third-largest cryptocurrency over the past week gained over 15%, per data from Coin360.

Although this price surge has brought XRP to only $0.24, which means that it is still down by more than 93% from its all-time high above $3.00, analysts say this latest uptrend is a precursor to a larger move to the upside.

Related Reading: Ethereum’s Price is “Convincingly Bearish”: Here’s What Comes After 20% Week

Third-Largest Crypto Ready to Trend Higher, Analysts Suggest

Analyst CryptoWolf recently noted that per his earlier analysis, XRP has finally started to decisively break out of a falling wedge pattern that has constrained price action for the past seven months. The cryptocurrency has also surmounted a key horizontal resistance that has been important on a macro basis.

With this in mind, he suggested in the below chart that he expects for XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the coming weeks, which suggests a 25% rally is on the horizon.

Related Reading: Research Firm: 3 Use Cases Could Send Bitcoin To $1 Trillion

XRP’s Surge Dependent on Bitcoin

While XRP is preparing to break higher as shown in the chart above, its price

action is primarily dependent on that of BTC; if the leading cryptocurrency doesn’t rally, the altcoin won’t either.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

But, fortunately for bulls of XRP, technicals and fundamentals suggest that Bitcoin will soon gain strength.

The current monthly Heiken-Ashi candle for January is printing a green Doji pattern, which would suggest that the long-term Bitcoin price trend is turning positive and that there is an imminent macro reversal on the horizon.

Below is a chart from NewsBTC, showing every time the Heiken Ashi candles flipped from red to green on a monthly basis for BTC. The chart shows that green monthly Heiken Ashi candles have almost always resulted in parabolic surges that brought BTC thousands of percent higher than where it started.

Per a recent report from Glassnode, a crypto and blockchain analytics firm, the BTC network’s mean hash rate (per a one-day rolling moving average) has just reached a 1-year high of 125 exahashes.

While there isn’t an instant correlation between Bitcoin’s hash rate and prices, the fact that miners continue to siphon resources into mining crypto assets bodes well for the long-term trend of this space.

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Analysts Expect Ripple’s XRP to Surge to $0.30: Here’s Why

Published

on

The entire crypto market has been on a tear over the past week, gaining dozens of percent. But altcoins like XRP, especially, have done rather well. In fact, the third-largest cryptocurrency over the past week gained over 15%, per data from Coin360.

Although this price surge has brought XRP to only $0.24, which means that it is still down by more than 93% from its all-time high above $3.00, analysts say this latest uptrend is a precursor to a larger move to the upside.

Third-Largest Crypto Ready to Trend Higher, Analysts Suggest

Analyst CryptoWolf recently noted that per his earlier analysis, XRP has finally started to decisively break out of a falling wedge pattern that has constrained price action for the past seven months. The cryptocurrency has also surmounted a key horizontal resistance that has been important on a macro basis.

With this in mind, he suggested in the below chart that he expects for XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the coming weeks, which suggests a 25% rally is on the horizon.

XRP’s Surge Dependent on Bitcoin

While XRP is preparing to break higher as shown in the chart above, its price action is primarily

dependent on that of BTC; if the leading cryptocurrency doesn’t rally, the altcoin won’t either.

But, fortunately for bulls of XRP, technicals and fundamentals suggest that Bitcoin will soon gain strength.

The current monthly Heiken-Ashi candle for January is printing a green Doji pattern, which would suggest that the long-term Bitcoin price trend is turning positive and that there is an imminent macro reversal on the horizon.

Below is a chart from NewsBTC, showing every time the Heiken Ashi candles flipped from red to green on a monthly basis for BTC. The chart shows that green monthly Heiken Ashi candles have almost always resulted in parabolic surges that brought BTC thousands of percent higher than where it started.

Per a recent report from Glassnode, a crypto and blockchain analytics firm, the BTC network’s mean hash rate (per a one-day rolling moving average) has just reached a 1-year high of 125 exahashes.

While there isn’t an instant correlation between Bitcoin’s hash rate and prices, the fact that miners continue to siphon resources into mining crypto assets bodes well for the long-term trend of this space.

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You Can Soon Spend XRP at Amazon and Major Retailers With New BitPay Integration

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The crypto payments service BitPay is launching new support for XRP.

BitPay co-founder Tony Gallippi confirms that users will be able to buy gift cards with XRP starting next week. Gallippi retweeted the news, which was first uncovered by a group of XRP enthusiasts.

The gift cards give crypto holders an easy way to spend their digital assets at a long list of major retailers and restaurants, including Amazon, Burger King, DoorDash, Domino’s, GameStop and Home Depot.

BitPay’s main service is designed to offer companies and individuals an easy way to accept cryptocurrency payments, as well as

store their crypto assets. The company added support for XRP payments back in October after partnering with Ripple.

BitPay director of product, Sean Rolland, says the speed and scalability of XRP set it apart from most crypto assets on the market.

“BitPay customers are leveraging the promise of blockchain payment technology and with XRP can offer a payment option that is fast, cost-effective and scalable. The addition of XRP as the next blockchain asset supported by BitPay expands blockchain choices across the payments space.”

Although its gift card service is targeted to the US, BitPay says it processes crypto payments in more than 200 countries around the world.

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