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The XRP price fell 2.4% in the past 24 hours to trade at $0.612 as of 13:00 EST
The increase may have been boosted by a new partnership between HSBC and a Ripple-owned infrastructure provider, Metaco.
While the XRP price struggled to breach the resistance at $0.6245, the project’s daily trading volume still showed a 160% surge in early Monday morning.
Metaco, the Swiss digital asset custody firm, was acquired by Ripple earlier this year, and reports claim that the company is now working with one of the largest banks in the world, HSBC. Ripple’s community, popularly known as the XRP Army, reacted cheerfully, boosting the project’s volume.
The excitement about Ripple’s connection to HSBC comes from many viewing the partnership between the bank and a Ripple-owned entity as another sign that financial institutions will eventually adopt XRPL and the XRP token, which powers the Ripple network.
However, a report by CoinDesk points out that Ripple’s recent acquisition of Metaco might have little to do with HSBC’s interest in the company. Metaco has been working on partnering with the bank for over 18 months, according to the firm’s CEO, Adrien Treccani.
He did note that there is an indirect correlation between Ripple protocols and Metaco’s banking clients, which is that adopting Metaco’s and Ripple’s solutions would further promote the adoption of XRPL as a protocol.
Ripple has connected to several banks over the years. While its legal issues with the US Securities and Exchange Commission resulted in several banks withdrawing from collaboration with the crypto company, many others have replaced them, especially since Ripple’s partial victory in court.
Where Is XRP Price Going From Here?
The price maintains a bearish trend, as seen in the movement of the Relative Strength Index (RSI) line that currently tips south.
Sellers appear to control the price movement, as seen in the red candlestick. With trading volumes increasing by 41% in the last 24 hours, buyers appear overwhelmed by the sellers, making the case for a further drop.
The downtrend appears to be a correction from the massive gains posted earlier this month after a rally past $0.7. This makes the case for more dips to come.
The bearish thesis is further strengthened by the Moving Average Convergence Divergence (MACD) histogram bars in the negative zone.
If the seller’s momentum continues, XRP will drop to the November 22 level of $0.577. Failure to hold these levels will see XRP drop lower to collect liquidity at the $0.42 price and return to the August 17 levels.
On the off chance that buyers return to the market, XRP will likely pump to the immediate resistance at $0.62. XRP has been rejected at this level several times, and if buyers manage to conquer this price, XRP will likely move further north and collect liquidity at $0.75.
Despite the recent bearish action, XRP buyers appear to be fighting for control as the MACD line remains in the positive zone. As such, developments like the partnership between Ripple subsidiary Metaco and HSBC could drive bullish momentum for XRP.
Meme Kombat Presale Dubbed Potential Pepe Killer
While XRP has attracted major attention lately, a new rising star in the meme coin sector has seen major cash inflow during its presale. Some analysts even speculate that it may 1000X.
The token in question is called Meme Kombat (MK), and it offers to grant its users access to a new gaming platform explicitly designed for gaming enthusiasts.
It provides active betting and passive staking and promises to reward its users for participating in the platform’s activities.
So far, its presale has raised $2.18 million, with the token price being only $0.214 per 1 MK.
The price of $MK is now $0.214👀
Make sure you are ready for Kombat and have you $MK ready too! pic.twitter.com/46vMGrXURU
— Meme Kombat (@Meme_Kombat) November 23, 2023
The token will also see a price increase in three days, so anyone who wishes to purchase it at a lower price should do it sooner rather than later.
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