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Three Reasons Why XRP Surged to $0.30 Earlier Today

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Earlier today, the fifth largest crypto XRP managed to reach the $0.30 level but later on pulled back, now striving to recover, here are the reasons that pushed XRP up.

According to CoinMarketCap, earlier today, embattled XRP managed to recover to $0.30 briefly. Here are the reasons that pushed the coin up from the $0.28 level.

XRP is desperately trying to fix above the $0.30 mark, having surged to $0.31 in the early hours of Friday too.

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XRPImage via TradingView

Ripple filed legal response to the SEC’s lawsuit

On January 29, blockchain decacorn Ripple filed a preliminary legal response to the US security regulator that initiated a legal action against it on December 21, 2020.

Ripple’s general council, Stuart Alderoty, announced the news in Ripple’s latest blog post and summarized the response for the audience.

He reminded the SEC that XRP is a virtual currency and not a security (despite the regulator’s claim that XRP is an unregistered security) and thus the SEC is not in the position to deal with it. Ripple has never had an ICO and that holding XRP does not imply that holders are entitled to any part of Ripple’s revenue and profits.

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Other SEC’s claims against XRP and Ripple were also mentioned and discussed.

DOGE hype fueled the XRP growth

Prominent analyst Luke Martin believes that when DOGE began declining after a massive rise yesterday, funds started flowing into XRP from that meme-coin.

Yesterday, DOGE managed to grab the top-10 spot on CoinMarketCap twice but then it rolled back both times. At the time of writing DOGE is holding at the level XRP strives to reach – $0.30 and shows a rise of 273 percent over the past twenty-four hours.

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At press time, DOGE is ranked 14 on CoinMarketCap. DOGE was pumped by Redditors on r/WallStreetBets, who also bought GME and AMA shares, pushing the price up and a tweet of MSB Chairman Twitter user as well.

Besides, major XRP community members, seeing that the tweet pushed DOGE up and the DOGE community became more active, started calling to the XRP army to begin pumping XRP on the social media.

 

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Bitcoin rise prompted by Musk

Rise of altcoins is often powered by the spike in the price of the king crypto – Bitcoin. On Friday, BTC soared from the $32,250 level to $38,092 within around six hours after the Tesla CEO and the world’s wealthiest man Elon Musk tagged Bitcoin in his Twitter bio section.

The community and the market took it as assign that Musk had finally surrendered to Bitcoin and embraced it. Musk’s tweet that many believe to be about Bitcoin (”in retrospect, it was inevitable”) was even recorded on the Bitcoin blockchain.

After the mammoth rise, though, Bitcoin has by now retraced to $33,990.

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Ripple CEO Claims Ether Surpassed XRP Because of SEC

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Ether took XRP’s second spot because of the SEC, says Ripple CEO Brad Garlinghouse

During his appearance at the DC Fintech Week virtual conference, Ripple CEO Brad Garlinghouse opined that the regulatory clarity that Ether, the second-biggest crypto, has received from the U.S. Securities and Exchange Commission allowed it to surpass XRP:

Within the last few years, XRP was the second most valuable digital asset. As it became given that the SEC had given a hall pass to ETH, ETH has obviously kind of exploded…That clarity has helped.

Garlinghouse adds that market forces are supposed to determine winners and losers instead of regulators.   

In December 2017, XRP became the second-largest crypto but it has since slipped to seventh place.

Ether is now firmly in second place, with its market cap recently surpassing that of banking giant JPMorgan.

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Garlinghouse slammed Gary Gensler for refusing to answer whether the rival cryptocurrency is a security, adding that the existing securities laws are outdated:

If laws are so clear, then let’s just say the answer to these questions.

He also praised “Twitter sleuths” who are busy dissecting the SEC’s case against Ripple.

The Ripple boss has reiterated his oft-repeated claim about the lack of clarity in the U.S. He also said that the company had signed zero new customers in the States due to regulatory headwinds, but this didn’t stop the company from expanding worldwide:   

We are growing a lot more outside the United States.     

China’s hostile stance toward crypto also doesn’t make a lot of sense in the long run, according to Garlinghouse.

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Here’s how Ripple is expanding its footprint in Asia Pacific

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Ripple is partnering with another company in Singapore to expand its services for cross-border payments in the Asia Pacific. The new partnership is aimed at expanding RippleNet’s footprint in the region by offering the fundamental infrastructures for cross-border payments for banks.

Ripple had a plan to acquire a 40% stake in Tranglo company, and the new partnership follows that intention. The first country to receive the results of the new partnership in the Philippines, and new corridors will be launched after that.

Providing the Structure for Cross-Border Payments

There are many opportunities in the Asia Pacific area for companies that are solving payment challenges. Cross-border payments are among the essential needs of banks and citizens in that region because many of the people work abroad and help their companies by sending money from other countries.

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Ripple is among the most active blockchain companies that have a considerable focus on this area. The RippleNet solution has helped many big banks launch corridors for cross-border payments, and the new partnership with the Tranglo company is aimed to expand these services.

Tranglo will launch its first live On-Demand Liquidity (ODL) service on RippleNet in the Philippines in six months as the first result of the partnership with Ripple. More corridors will be introduced in the coming months. The Philippines is a very good target region for this partnership because this country is the third-largest remittance-receiving country in Asia.

Tranglo is among the best companies in East Asia, helping cross-border payments for citizens. It has supported existing RippleNet corridors in the Asia Pacific before. Companies like BKK Forex, DeeMoney, and Siam Commercial Bank use Tranglo services. These new connections help the company process more currencies in the region.

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Ripple execs believe the Singapore company can help them very well in expanding footprints in the Asia Pacific region. Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, said:

“The strong traction with Tranglo in the past 6 months alone is testament to how we’re executing well on our shared mission to transform the cross-border payments experience in Asia Pacific, a region which is often tricky to navigate. Tranglo’s in-depth regional experience has been extremely instrumental in expanding RippleNet in Asia Pacific, and I’m excited to see us further collaborate to scale our partnership to new heights.”

New partners using the RippleNet solution for payments means more customers for Ripple. It always has been a great goal for the company, and it seems to be working based on numerous partnerships. All of these incidents can help the XRP coin, too, by increasing the demand.

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Ripple Forecast and XRP/USD Analysis October 21, 2021

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XRP/USD are trading at 1.1307 and continue to move within the growth and bullish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $53,450,449,348. Moving averages indicate a short-term bearish trend for Ripple. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise in the XRP rate in the market already from current levels. At the moment, we should expect an attempt to develop a small correction of the asset and a test of the support level near the 1.0785 area. Further, an upward rebound and a continuation of the rise of the cryptocurrency to the area above the level of 1.2505.

Ripple Forecast and XRP/USD Analysis October 21, 2021

In favor of raising the XRP/USD quotes, a test of the support line on the relative strength index (RSI) will come out. The second signal in favor of the growth of asset quotes will be a rebound from the lower border of the bullish channel. Cancellation of the option of raising the cryptocurrency will be the fall and closing of quotations below the level of 0.9505. This will indicate a breakdown of the support area and a continued fall in XRP/USD to the area below the level of 0.8505. Confirmation of the growth of the digital currency rate will be the breakdown of the resistance area and the closing of prices above the level of 1.2205, which will indicate a breakdown of the upper border of the downward correction channel.

Ripple Forecast and XRP/USD Analysis October 21, 2021

Ripple Forecast and XRP/USD Analysis October 21, 2021 imply an attempt to test the support level near the 1.0785 area. Where can we expect the cryptocurrency to continue to rise with a potential target at the level of 1.2505. An additional signal in favor of the growth of Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise quotes will be a fall and a breakdown of the 0.9505 area. In this case, we should expect a continuation of the decline in the rise in digital currency with a target below 0.8505.

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