The XRP price has seen limited volatility during the previous day, maintaining a relatively stable position at $0.70 following a 4% decrease observed in the preceding day.
HSBC bank has just unveiled its next initiative, which entails the provision of a custody service for crypto assets to its institutional clientele during the Swell event.
The statement was made within a timeframe of less than 24 hours subsequent to Ripple's establishment of a partnership with Onafriq, with the objective of offering services on a worldwide scale.
The XRP price exhibited a lower-than-anticipated increase in the previous day, despite the commencement of Ripple's developer conference. Although the duration of the event is limited to a span of two days, it is anticipated that it will exert a substantial influence on the cryptocurrency.
The XRP price remains unchanged as Ripple's Swell event fails to generate significant market movement.
The event Swell, organized by Ripple, started on Wednesday and is anticipated to attract several prominent individuals from the cryptocurrency industry. Therefore, the anticipation of significant developments, such as the resolution of the legal dispute between the Securities and Exchange Commission (SEC) and Ripple, is ongoing.
Nevertheless, the initial day of the conference appeared to lack any significant announcements of relevance. The sole significant event that occurred was to the announcement made by HSBC. The financial institution made an official announcement on its partnership with Metaco, outlining their joint initiative to offer a digital asset custody service.
The agreement is expected to primarily advantage institutional investors by prioritizing the security and administration of cryptocurrency assets. Although the statement has considerable significance, its influence on the cryptocurrency remains limited given the majority of Ripple's user base consists of non-institutional investors.
The most recent significant event with potential implications for pricing dynamics was the collaboration between Ripple and Onafriq. Collaborating with the African fintech association would enable Onafriq to leverage Ripple Payments for the establishment of three more payment corridors connecting Africa with other global regions.
The market is now anticipating significant news that are yet to be made at the conference.
The upward trajectory of XRP price has not reached its conclusion, as indicated by technical analysis.
As of the present moment, the price of XRP is positioned precariously close to a potential decline on the daily chart. Subsequent to the previous surge, the alternative cryptocurrency saw a decline above 4%, resulting in the current price level of $0.69. By conducting an examination of the support line positioned at an equivalent level, it is evident that the cryptocurrency retains the potential for a recovery.
Furthermore, it is worth noting that the current conference is not the only factor at play; the Awesome Oscillator also fails to demonstrate any abrupt change in the prevailing trend. The indicator is maintaining its rising green bars, and one could consider a likely shift in trend when the green bars turn red.
Given the anticipated positive consequences of the event, it is plausible that XRP may see a rebound and reestablish the $0.69 threshold as a level of support. This would enable the cryptocurrency to sustain its upward trajectory and surpass the $0.74 mark, with the aim of reaching the 2023 peak of $0.83.
Nevertheless, according to the Moving Average Convergence Divergence (MACD) indicator, there is an indication that the intensity of the ongoing bullish trend is diminishing. This is supported by the observed decrease in the green bars displayed on the histogram.
Therefore, in the event that a pessimistic sentiment prevails, there is a possibility that the price of XRP may see a decline, perhaps reaching a value of $0.64. The elimination of this particular line would result in a test of the $0.60 pricing level as a means of providing support. In the event that the Ripple coin fails to recover its value and breaches the established support level, it would result in the invalidation of the optimistic hypothesis.
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