The Ripple price is under pressure as part of the ongoing sell-off in cryptocurrencies. XRP is trading at $1.08 (€0.926), down about 25% from its high this month. This development brings the total market value to more than $50 billion (€42.6 billion). This makes Ripple the sixth largest cryptocurrency in the world.
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New partnerships for Ripple
Ripple is a blockchain project that operates in the field of cross-border payments. The network is mainly used by companies in the money transfer industry that use its on-demand liquidity (ODL). XRP is the native token for the ecosystem.
Ripple has had a mixed year so far. On the positive side, the XRP price has increased by more than 500% since its low in January.
Another positive is that ODL adoption has increased as more companies use the network. These companies include payment services SBI International and GME Remittance. In addition, Ripple Labs has invested in Tranglo. It is a fast-growing Asian company. In addition, management has talked about an IPO or SPAC.
This week, Ripple Labs announced that it has added another partner. Paydek, a London-based company, will use its ODL platform to process payments to the Middle East and Africa. In a statement, Sendi Young of RippleNet Europe said: “RippleNet’s expansion to better serve Paydek’s customers is a testament to the power of blockchain technology to significantly transform global payments. With Paydek, Ripple is strengthening its presence in Africa and Latin America to drive innovation in digital remittances, in regions where faster payments are critical to people’s livelihoods.”
Still, XRP has had its share of challenges this year. The biggest of these is the SEC v. Ripple case, which has dragged on since last December. The SEC accuses Ripple Labs and its executives of operating unregulated security. Ripple claims that XRP is a cryptocurrency like ETH and BTC.
This case has significantly impacted Ripple Labs. For example, the company lost its relationship with MoneyGram, one of the largest payment services in the world. XRP disappeared from the offer of most crypto exchanges.
Ripple Price Forecast
The daily chart shows that things do not look good for the XRP price. For one, the price has reached significant resistance at around $1.3815. This resistance has slowed down the upward momentum of the price. At the same time, a double top pattern has formed, which is usually a bearish sign.
Moreover, the XRP price has formed a pattern that looks like a bearish flag. Just like the double top, this is also a bearish sign. It is also at the 50% Fibonacci retracement level and is along with the 25-day and 50-day moving averages. Therefore, the coin is at risk of a major drop, which could see it fall about 21% to $0.8535.
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