Ripple has announced that its blockchain technology, underpinned by its native cryptocurrency $XRP, is being adopted by no fewer than eight countries to build their Central Bank Digital Currencies (CBDCs).
This news comes as a paradoxical twist, given that XRP has paradoxically relinquished all its gains since its landmark victory against the U.S. Securities and Exchange Commission (SEC) in July.
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The Global Adoption Wave
The countries that have jumped on the Ripple bandwagon for their CBDC projects are as diverse as they are numerous:
- Russia: Known for its cautious approach towards cryptocurrencies, Russia’s decision to opt for Ripple’s technology is a significant endorsement.
- Republic of Palau: This small Pacific island nation is making big moves in the digital finance space, choosing Ripple for its CBDC initiative.
- Montenegro: The Balkan state is keen on modernizing its financial infrastructure and sees Ripple as a pathway to do so.
- Japan: Already a front-runner in technological innovation, Japan’s choice of Ripple further solidifies the platform’s credibility.
- Uruguay: The South American country is looking to digitize its economy and views Ripple as a reliable partner in this endeavor.
- Hong Kong: With its unique status, Hong Kong is aiming to be a leader in digital finance in Asia, and Ripple could be the key.
- New Zealand: Known for its progressive policies, New Zealand’s adoption of Ripple is in line with its forward-thinking approach.
- United Arab Emirates (UAE): A hub for blockchain and fintech, the UAE’s choice of Ripple is a natural fit for its ambitious digital plans.
The SEC Aftermath: A Curious Case of Lost Gains
Despite this international vote of confidence, XRP has curiously given back all its gains that followed its win against the SEC. The victory had initially led to a surge in XRP’s value, as it cleared the cloud of regulatory uncertainty that had been hanging over the cryptocurrency.
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Show more +The current trend shows bearish momentum, although signs of a potential reversal are emerging. The MACD line remains below the MACD Signal Line, and the RSI is under 45, typically indicators of a bearish market. However, the rising MACD Histogram bars indicate that the momentum may have reached its lowest point, suggesting a possible upcoming upswing.
In terms of support and resistance levels, the closest support zone is situated at $0.45. On the flip side, the immediate resistance zone is at $0.55, which was a previous support level, followed by a higher resistance at $0.68.
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