Ripple advances 1 billion XRP commitment through XRPL Japan-Korea Fund, ranges below $0.50
- Ripple announced the launch of XRPL Japan-Korea Fund, expansion of the payment giant’s 1 billion XRP commitment.
- The remittance firm will work with companies in Japan and South Korea to integrate XRPL and fund projects.
- XRP ranges below $0.50, extending losses to nearly 9% in the past seven days.
Ripple (XRP) announced the launch of the XRP Ledger Japan-Korea Fund. The fund is a part of the payment remittance firm’s 1 billion XRP commitment to support developers in integrating XRP Ledger into their projects.
Ripple is set to work with firms in Japan and South Korea and boost the development of projects on the Ledger through its fund.
XRP is ranging below the key psychologically important level of $0.50 on Wednesday.
Daily Digest Market Movers: Ripple expands to Japan-Korea through XRP Ledger fund
- The payment remittance firm announced the launch of its XRP Ledger fund to Japan and South Korea.
- Following the announcement, Ripple is expected to deliver on its 1 billion XRP commitment to developers integrating XRP Ledger in their projects.
- XRP Ledger developers' official X account tweeted about the program and explained that it includes corporate partnership, developer subsidy, startup investment, and community growth.
아태 지역 내 XRPL의 혁신과 활용성을 증대시키기 위해 ‘XRPL 일본 및 한국 펀드’를 출시합니다!
— RippleX (@RippleXDev) June 10, 2024
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‘XRPL 일본 및 한국 펀드’가 어떻게 혁신과 블록체인 성장을 촉진하는지 알아보세요:…
- Ripple is expected to support local events, hackathons and educational projects to promote the adoption of XRP Ledger in the two countries.
- XRP holders are awaiting developments in the Securities and Exchange Commission’s (SEC) lawsuit against Ripple.
- The latest update is the payment remittance firm’s letter filed in support of its motion to seal relevant documents that contain sensitive financial information, on May 29.
Technical analysis: Ripple could extend losses to $0.45
Ripple has been in a downward trend since March 12, as seen on the XRP/USDT 1-day chart. The altcoin formed lower highs and lower lows and is currently stuck below the $0.50 level as of Wednesday. In the past seven days, XRP wiped out nearly 9% of its value, and in the 24-hour timeframe, XRP price is nearly unchanged.
The momentum indicators, Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) support XRP price decline. MACD is flashing red bars above the neutral line and RSI reads 33.03, close to oversold zone at 30.
XRP could decline to support at $0.4508 and extend its losses.
XRP/USDT 1-day chart
If Ripple sees a daily candlestick close above $0.50, it could invalidate the bearish thesis. XRP could recover towards $0.5814, the 50% Fibonacci retracement of its decline from the March 11 top of $0.7440 to the April 13 low of $0.4188.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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