XRP price breaks past $0.55 ahead of XRPLedger’s event with Ripple’s 2024 blockchain vision
- XRP price made a comeback above $0.56 ahead of XRPLegder fireside chat at ETH Denver event.
- Ripple plans to unveil its blockchain vision roadmap for 2024 at the event.
- Ripple announced a partnership with Zoniqx to build multi-asset tokenization on the XRPLedger.
XRP price is influenced by the developments in Ripple and the updates in the SEC v. Ripple lawsuit. The altcoin climbed past the $0.56 level as the XRPLedger prepares to unveil its roadmap for 2024.
Also read: XRP price could sweep support at $0.50 as expert argues SEC is less likely to settle lawsuit against Ripple
Daily Digest Market Movers: Ripple prepares to share 2024 blockchain vision roadmap
- On February 27, XRPLedger’s David Schwartz, the CTO of Ripple, is set to comment on advancement of interoperability, embracing EVM, and sharing Ripple’s 2024 blockchain vision roadmap with the community, in a fireside chat.
- The Ripple co-creator will dive into his thoughts for XRPLedger in 2024, and focus on the latest developments aimed at boosting the ledger’s functionality to support new use cases on the blockchain.
- Developers expect insights and solutions for smart contract execution and AI-Blockchain convergence on the XRPLedger, in David’s talk.
- Ripple’s 2024 roadmap has fueled anticipation among XRP holders and the altcoin wiped out its recent losses.
- The cross-border payment remittance firm announced a partnership with a Silicon-valley based firm that specializes in blockchain and AI, for multi-asset tokenization on the XRPLedger.
- The firm announced its partnership through an official tweet on X. (formerly Twitter).
- The partnership will help the remittance firm tokenize assets on the XRPLedger, making it accessible and boosting liquidity for cryptocurrencies.
Technical Analysis: XRP price claws back losses
XRP price wiped out its losses from last week and the altcoin rallied past the resistance at $0.55. On Tuesday, XRP price climbed to a high of $0.56. The $0.55 level was a key resistance for XRP for over a month.
The altcoin is rallying towards its $0.60 target. In its uptrend, XRP price faces resistance at the 61.8% and 78.6% Fibonacci retracement levels of the altcoin’s decline from its 2024 peak.
The Moving Average Convergence/ Divergence (MACD) indicator and Awesome Oscillator (AO) support XRP price gains and signal that the uptrend is intact.
XRP/USDT 1-day chart
A daily candlestick close below the $0.54 level could invalidate the bullish thesis and the altcoin could find support at the 23.6% Fibonacci retracement at $0.52.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
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.
What are altcoins?
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.
What are stablecoins?
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.
What is Bitcoin Dominance?
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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