CRYPTO ALLIANCE KEY:
Ripple, Hedera and Aptos Labs, founding members of the DLT Science Foundation, made a key announcement on Monday.
The three firms launched the MiCA Crypto Alliance to improve compliance with cryptoasset regulation in EU markets.
XRP is holding around $0.5600 on Monday.
Ripple (XRP) made a key announcement alongside other founding members of a crypto alliance. The DLT Science Foundation is behind the effort, Ripple partnered with Hedera and Aptos Labs.
XRP erased recent losses and held steady above $0.5600 on Monday.
Daily Market Movers Roundup: Ripple Leads Effort to Launch Crypto Alliance
Ripple has partnered with cryptocurrency firm Aptos Labs and distributed ledger technology-based Hedera for the DLT Science Foundation. The DLT Science Foundation (DSF) is a non-profit organization that promotes the adoption of blockchain technology among businesses.
The foundation's mission is to create an open ecosystem and work with industry, academia, and developer communities.
DSF announced the launch of the MiCA Crypto Alliance to better coordinate among industry members and navigate the regulatory landscape in the European Union (EU).
The alliance aims to foster cooperation between companies navigating EU regulation regarding blockchain technology innovation.
MiCA sets strict disclosures for Crypto Asset Service Providers (CASPs) and expects centralized exchanges and crypto firms to disclose the climate impact of their operations, among other details, through publicly accessible white papers and online descriptions.
Technical Analysis: XRP eyes double-digit gains
XRP has been in a multi-month downtrend since its July 2024 high of $0.9380. The native XRP Ledger token erased recent losses and is trading at $0.5731, above the support at $0.5600.
The Moving Average Convergence/Divergence (MACD) indicator is showing green histogram bars above the neutral line, signaling underlying positive momentum in the XRP price trend.
XRP could extend its gains by 15% and rise to $0.6602, the 50% Fibonacci retracement level of the drop from the July 2024 high of $0.9380 to July 2024 low of $0.3823.
XRP could find support at the Fair Value Gap (FVG) between $0.5413 and $0.5556.
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