Ripple (XRP) is trending higher on Wednesday, underpinned by key bullish movers, including easing cryptocurrency regulations in the United States (US) and adoption developments for the network’s flash payments platform.
A breakout above the $3.00 critical resistance level would reinforce the bullish grip, especially with short-term support forming above $2.85.
The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) released a joint statement on Tuesday on the trading of certain spot crypto asset products.
The regulators clarified that exchanges registered under the SEC and the CFTC will not be prohibited from listing and trading specified spot commodity products. Staff from both agencies will collaborate to ensure that market participants in the US have various options to meet their trading needs.
“Market participants should have the freedom to choose where they trade spot crypto assets. The SEC is committed to working with the CFTC to ensure that our regulatory frameworks support innovation and competition in these rapidly evolving markets,” the SEC Chairman, Paul Atkins, said in the statement.
The SEC and the CFTC have, since President Donald Trump took office in January, shifted their policy from that of the previous administration, sending a message that the US is ready to support innovation in the industry.
“Today’s joint agency statement is the latest demonstration of our mutual objective of supporting growth and development in these markets, but it will not be the last, CFTC Acting Chairman Caroline D. Pham added.
The joint statement falls under the SEC’s Project Crypto and the CFTC’s Crypto Sprint and builds on the findings of President Trump’s Working Group on Digital Assets. It also means that select digital assets could be listed for spot trading on US-registered exchanges, such as NASDAQ and the CME Group, once rule changes are ratified.
Ripple and Thunes, a money transfer platform, have partnered to add support for blockchain-powered payment solutions. The collaboration will enable Ripple’s enterprises to move funds into more currencies and different global regions.
Thunes President and COO Chloe Mayenobe said that the partnership will enable “digital asset companies to deliver seamless, compliant, and accessible cross-border payments at scale.”
Thunes currently supports real-time payments in local currencies on its Direct Global Network. The partnership with Ripple will enhance efficiency and expand Thunes’ global reach. Ripple is also poised to benefit from the enhancement of its SmartX Treasury System.
Ripple’s Asian-Pacific Managing Director, Fiona Murray, said that “this partnership not only facilitates seamless, low-cost transactions but also supports the growing demand for innovative, blockchain-powered financial solutions globally.”
Ripple Payments enables users, including individuals and financial institutions, to send cross-border payments in real-time. The platform has 64 active licences across 90 markets, which support over 55 global currencies.
XRP price upholds a bullish outlook, positioned above the 50-period Exponential Moving Average (EMA) at $2.86. A buy signal from the Moving Average Convergence Divergence (MACD) indicator reinforces the bullish grip, after maintaining a buy signal since Monday.
XRP bulls are eyeing the $3.00 short-term breakout target to reinforce the bullish outlook. The steady rise of the Relative Strength Index (RSI) to 57 from near oversold conditions indicates an increase in buying pressure.
XRP/USDT 4-hour chart
In the event of early profit-taming by investors who bought the recent dip to $2.70, a trend reversal below the 50-period support at $2.85 could trim weekly gains. Key support targets include $2.70, which was tested on Monday and the round-figure demand area at $2.50.
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.