Despite its 17.3% year-to-date (YTD) increase, the XRP price remains in bearish territory. In the past two weeks, XRP failed to break the 200-day Exponential Moving Average (EMA) in several attempts.
At press time, XRP was trading at $0.3970 and found support at the 50- and 100-day EMAs. However, to trigger a bullish momentum, it requires a break of the 200-day EMA, which is currently at $0.4147. The indicator shows the long-term trend, and a breach of this level could spark a bullish move.
Meanwhile, the upside crossing of the 50-day EMA by the 200-day EMA should also be watched. Currently, the 50-day EMA is approaching the 200-day EMA, and the upward crossover, also known as a golden cross, could also establish a new uptrend.
If this happens, the main bastion of the bears could then be the resistance zone at $0.54. If the bulls manage to break through the level, XRP will climb to a 9-month high, a level that XRP investors haven’t seen since the Terra Luna collapse.
XRP To Rise On This Rumor?
Fuel for an XRP rally could come from a new rumor within the XRP community. A pseudonymous XRP influencer claims that global payments giant Visa is secretly working with Ripple.
In a video posted on Twitter, he explains that Visa has teamed up with at least four Ripple partners in recent years, either as part of a partnership or a full acquisition. These are Earthport, Dee Money, CurrencyCloud and Novatti.
Back in 2014, Ripple Labs and Earthport announced a global partnership. In December 2018 Visa made the acquisition of Earthport for $250 million, facing a battle with Mastercard in the acquisition.
The second company Visa acquired after Ripple partnered with it is CurrencyCloud. The company announced a partnership with Ripple in July 2020 to process cross-border payments through RippleNet. A year and a half later, in December 2021, Visa acquired CurrencyCloud.
The partners that both Ripple and Visa are working with are Novatti, a long-time partner of Ripple, and DeeMoney. The latter partnered with Ripple in March 2018 to enable faster and cheaper cross-border payments.
In December 2022, DeeMoney and Visa agreed to a partnership to enable near real-time cross-border payments and send Thai baht to over 170 countries.
Novatti has been using the XRP-based On-Demand Liquidity (ODL) solution since April 2021 to enhance Australian remittance payments to Southeast Asia. Back in September 2020, Novatti introduced a new payment platform for earmarked Visa cards.
The influencer sees these connections as proof that Ripple and Visa are secretly working together. “Ripple goes in, Visa acquires it. Why? Because it’s the foundation. They’re going to create revenue from this,” the influencer concludes.
However, it is important to note that this is just speculation. Both Earthport and CurrencyCloud are no longer listed as partners on Ripple’s website.
Furthermore, these partnerships and acquisitions are usually about expanding the reach of Visa’s proprietary payment solutions – neither Ripple nor XRP were mentioned in the official press releases.
Therefore, it is difficult to claim that Visa is secretly collaborating with Ripple. Still, these are interesting connections that may play a role in the future.
Featured image from iStock, Chart from TradingView.com