If XRP Corrects to $0.54, Here’s What May Happen, Analyst Warns
Crypto analyst and trader Michael van de Poppe based in Amsterdam has shared an XRP chart, sharing his prediction for the next move this leading digital currency may take.
He assumes that after the recent correction from the $0.93 peak, XRP may continue to go down, and here is where an opportunity lies for traders, he hints.
Here’s what one can do should XRP correct further, Poppe says
The analyst reminded the community that over the past few weeks, the Ripple-affilated XRP coin has been surging, adding value to its price. It happened after XRP reached a peak of $0.93 in July, when Ripple Labs scored the first major victory against the SEC in court.
Back then, federal judge Analisa Torres ruled that Ripple’s XRP sales on secondary markets were not to be considered sales of securities.
On Monday, Nov. 6, the fifth largest cryptocurrency, after rallying for two weeks and adding 25.15% to its price, surged to the $0.72529 level. This was followed by an almost 9% correction on the following day.
By now, XRP has surged to the $0.69566 price mark, adding 5%. If the coin corrects once again in the direction of $0.54, Poppe tweeted, it will be “another time to be a buyer,” as an opportunity to buy the dip will present itself.
The price of $XRP has been rallying past few weeks. It corrected from $0.93 back to $0.45 and came back up.
If $XRP does have a correction towards $0.54, another time to be a buyer. pic.twitter.com/50UsXhQaN5
— Michaël van de Poppe (@CryptoMichNL) November 7, 2023
XRP-based Ripple Payments expand to 70 markets
In a recent blog post, Ripple fintech decacorn spread the word that the company has secured money transmitter licenses in various U.S. jurisdictions. Besides, the financial regulator of Singapore, MAS, now also permits the company to offer its products and services within the country.
More good news is that the Ripple Payments solution (previously widely known as On-Demand Liquidity/ODL, based on RippleNet) is now available to users in more than 70 countries around the world. This will allow new customers to join it and will contribute to a general improvement of the product’s performance.
Ripple has added new liquidity options to its payments solution and has picked up some new partners and customers. One of the new clients who will employ an updated version of the payments solution is RocketFuel, provider of payment solutions working with merchants. The company operates with both cryptocurrencies and fiat currencies. Now, the company will leverage Ripple’s network for payments.
The San Francisco-based company Ripple has also struck a partnership with Onafriq. It is a fintech firm that will help Ripple to launch new liquidity corridors between Africa and the Gulf Cooperation Council, the UK and Australia.