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The XRP price has shown a clear upward trend, which is accompanied by engaging tweets and discussions on social media. At the same time, Ripple is now an official partner of the World Economic Forum. Could this be an indication of a possible bull run?
Ripple is now an official partner of the WEF
As announced on the website of the World Economic Forum, Ripple is now an official partner. This gives XRP another level of credibility and trustworthiness.
The WEF is an international NGO based in Switzerland. It was founded on 24 January 1971 by Klaus Schwab, a German economist and engineer.
The WEF has declared its partnership with Ripple:
“Ripple is developing and enabling the future use cases that will catalyze the new digital economy for governments, businesses and consumers.“
During the summer, Ripple has also enjoyed great popularity on social media and has seen an increase in comments and engagement.
The increase in interest on social media has opened up profitable opportunities for both stocks and cryptocurrencies on several occasions. Despite the huge popularity of Ripple was XRP however, not able to take advantage of the overwhelming social media hype.
On August 19, the cryptocurrency recorded a liquidation of 10% after falling from the descending parallel channel.
The bearish cross, which moved above both the 8- and 21-day averages and came close to the $ 0.37 mark, acted as a catalyst to trigger the selling frenzy.
Ripple’s XRP: price loses 0,35%
According to CoinMarketCap, the XRP price has dropped by 0,35% in the last 24 hours. He is trading at $0.3384 at this time.
In the meantime, traders should exercise caution when buying a dip. The target range for the cryptocurrency is $0.28 or $ 0.24.
The bearish thesis for XRP will be priced at $ 0.48 declared invalid. Once this mark is broken, a bull run with a target of over $1 could use.
The XRP price is affected by the drop in the Bitcoin price, which has dropped over the past week.
Ripple’s XRP has fallen by 14% this month after its price rose steadily by 15% in July.
Influenced by the large number of liquidations in the crypto market, XRP has experienced extreme liquidations, peaking at $1,586,572 in the last 24 hours.
The decline in the token price also led to a slump in trading volume. On the daily chart, XRP recorded a double-digit price slump on August 19, which broke through the narrow trading range that had existed since July 31.
The RSI for XRP has also successfully entered the 50-neutral range, which is now at 38. To date, the MFI is also at 39.
However, Ripple has experienced a massive drop in network activity since the beginning of August. In fact, XRP transactions have plummeted by up to 31% in the last few days.
Proof of text: Newsbtc
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