Popular XRP analyst Edo Farina tweeted that Ripple has been in discussions with the Central Bank of Mexico about using XRP as a “bridge asset solution” between the US dollar and Mexican peso.
According to Farina, Ripple presented information showing how its XRapid software and XRP cryptocurrency could facilitate faster and cheaper cross-border payments between the two countries.
“The official letter forwarded by Ripple also mentions XRapid, a software that utilizes DLT and $XRP,” said Farina on Twitter.
This potential real-world usage case for XRP could boost adoption and demand for the cryptocurrency. However, XRP’s price has stagnated in recent weeks despite altcoins like Avalanche and Solana seeing triple-digit gains.
In the last 30 days, XRP is up just 3% compared to 116% gains for AVAX, 65% for SOL, and even 22% gains for DOGE. This lack of upward price action is testing the patience of XRP investors.
Popular analyst Dark Defender tweeted that XRP finally broke out above a key resistance level on the daily time frame after multiple failed breakout attempts. With the RSI momentum indicator moving back above 50, this could indicate the start of a new uptrend.
The breakout, when combined with the strengthening RSI, signals that XRP is likely heading back towards the $0.66 level. “It would be nice to have a Christmas and New Year gift of XRP touching the $1.05 level.” explained Dark Defender.
So while Ripple continues making progress on real-world adoption, XRP holders will be hoping the technical breakout translates to the cryptocurrency playing catch-up to broader market gains.
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