The month of November is nearing to recede, which enthusiasts had been anticipating to be Moonvember. However, it Did not turn out in favor of the space, as the crypto street has been rather bland for the month. Meanwhile, folks from the crypto industry are anticipating December to turn fruitful for the digital assets.
Traders and hodlers from the market are now looking towards XRP. Ripple partners with the island country the Republic of Palau, to explore the country’s first digital currency. In addition, Ripple’s CEO is hopeful for a resolution with the ongoing legal tussle by next year. Meanwhile, protagonists from the industry have been studying the XRP price charts.
Is Ripple Emerging From Its Shadows?
Ripple announces partnership with the Republic of Palau to explore the country’s first national digital currency using the XRP ledger. The alliance aims at developing strategies for cross-border payments and a USD-backed digital currency for Palau. The implementation of the world’s first government-backed national stable coin in the first half of 2022.
Consecutively, for which digital coins would be a viable alternative to CBDC for the nation. XRPL being carbon neutral would be an ideal choice over environmental concerns. Moreover, Stable coins are an alternative to the unsustainable nature of other digital coins.
Meanwhile, the CEO of Ripple in an interview mentions that he is hopeful for a resolution with Ripple’s legal tussle with the U.S SEC by next year. He is also optimistic about the industry in the long term. While the ever-persistent global inflation acts as a tailwind for the industry.
Traders Place The Buy Orders for XRP At These Levels!
The digital coin at press time is trading at $1.04 with 0% gains. While the market cap is at about $48,647,079,280. The trade volumes for 24-hours is at $3,252,825,117. XRP price has been moving along the bandwidth from $1.03 to $1.07.
Industry protagonist, mentions that the heavy pump post breaking the trendline can be expected at $1.2, taking the price to $1.96 and towards the highs of over 240% from the local support at $0.87. The proponent mentions the strong daily support zones at $0.95, $0.80, and $0.60, which can invite a bullish phase. On the flip side, the price could fall further if local support is broken. Another analyst expects a breakout from the trendline could be potential zones for placing buy orders.
Collectively, XRP price could start a massive rally in 2022, with a resolution to the legal battle between Ripple and the U.S SEC. Meanwhile, Ripple is expanding its presence to other locations around the globe. The firm is also looking towards the Middle East for growth. Hopefully, the alt season begins on a healthy note for XRP.