- XRP price broke a symmetrical triangle pattern on November 2.
- The retest of $1,137 confirms the start of a rally to $2.
- A break of $1.05 support will invalidate Ripple’s bullish thesis.
Ripple (XRP) price action over the past two months has been lackluster, to say the least. On November 2, this outlook changed when Ripple bulls broke through a crucial resistance barrier that initiated a potential bullish rally.
XRP price reveals bullish signs
Since August 8, the XRP price has made many higher highs and lower lows. Additionally the creation of a symmetrical triangle is revealed by connecting these locations with trendlines. By adding the distance between the first high and the first low to the breakout point at $1.1, this technical pattern anticipates an 80 percent upside to $1.97.
Despite the fact that XRP price breached the pattern’s upper trendline, a daily close above the 50% Fibonacci retracement at $1.13 lends confidence to the rise. As a result, investors should expect Ripple to continue its ascent to $1.41, the next important barrier.
If buyers can drive the price of XRP over this level and keep it there, it will be a huge step forward in the march to $2.
Upswing might extend to Fibonacci 161.8 percent extension at $2.3
The upswing might extend to the 161.8 percent Fibonacci extension at $2.32, extending the rise to $2. In a strongly optimistic scenario, XRP might retest the psychological $3 barrier or reach all-time highs of $3.31.
While the price of XRP appears to be optimistic, it has to stay above the $1.13 support to have any chance of rallying. A breach of this threshold will result in the token falling to $1.05. Buyers may try to make a comeback here. The bullish symmetrical triangle thesis will be invalidated if the price closes below this level on a daily basis.
El Salvador, a Pioneer in Bitcoin Adoption
El Salvador, a pioneer in Bitcoin adoption. El Salvador has garnered global news for its recent adoption of bitcoin as a legal currency, as crypto-currencies and other digital assets grow more numerous in the financial landscape.
The country of El Salvador is banking on the future and plans to push financial inclusion higher in the country, despite the fact that 70% of the population lacks a bank account. In fact, one of the government’s key goals is to encourage international buy-in through decentralizing banking companies and lowering the cost of getting remittances, which make up 16 percent of the country’s GDP.
The Adoption for the Future
Moreover, the Salvadoran people created the “Chivo” digital wallet in bitcoins and handed each citizen a USD 30 voucher to spend on products and services as part of its efforts to get the economy moving and highlight the usage of BTC. Due to the current movement of crypto-currencies; El Salvador’s people has publicly shown that salaries, pensions, and funds held in Salvadorans’ bank accounts will continue to be paid in dollars.
Also, on November 20, El Salvador’s President unveiled the ‘Bitcoin City’ project. According to the president’s estimations (USD 17,454,930,000), the project is expected to cost around 300,000 bitcoins.
Binance founder Changpeng Zhao said during his talk for the Encrypted Documentary Series Dubai Episode, “El Salvador is a great example, and I think we will see this market making much more activity than in other places”. “The economy there will become much stronger in the next few years. We want to make heavy investments there,” he added.
Also, the city vows to be looking at new tech. That said, with a lot of open space and a plan to attract global investment. The president talked about digital education, tech, and environmentally friendly public transit. Bukele said Bitcoin City will include local sections, shopping centers, restaurants, a harbor, and an airport. From above, it seems to be shaped like a bitcoin symbol. MetaNews is reporting on El Salvador, a Pioneer in Bitcoin Adoption. This is a major undertaking, and we see the potential in it as we move forward. The El Salvador project is a model for how many other countries could potentially launch their own projects. It has ambition, momentum, financial stability, and a lot of support.
In El Salvador, crypto fans are filming first episode of a crypto-documentary
In El Salvador, crypto fans are filming first episode of a crypto-documentary. Starting with the first episode, ENCRYPTED PRODUCTION has chosen to film a whole new aligned vision of the great emotional series. It is inspired by El Salvador’s bold decision to make bitcoin legal currency.
They will show that El Salvador’s transition to an advanced crypto-economy. The group of crypto-lovers decided to film their first episode of the crypto-documentary in the country. And while attending Bitcoin Week in San Salvador.
The episode features interviews with El Salvador’s MPs in parliament. His name is William Soriano and Jorge Castro. Also, Vice President Felix Ulloa is interviewed about the country’s move to following the government’s embrace of cryptocurrency. Exclusive access to geological mining on the volcano was granted. Not only this, but the ZERO land of the future “Bitcoin City.”. This is the land that the country’s president, Nayib Bukele, has declared for development.
While working on the documentary series “ENCRYPTED” about the new era of the digital economy. The team will showcase real-life use cases and comparisons of “traditional” banking systems from around the world. As a result, the first episode focuses on El Salvador’s blockchain adoption and new economic decisions.
They will share the views of local people and companies with an global viewers in 45-minute episodes. Each shot in a different region, all while fostering growth and maximizing the potential of crypto and blockchain. The material’s documentary-style voice over and delivery, as well as the best post-production and images, will have a viral impact on millions of people around the world.
Behind the scenes.
Since 2016, ENCRYPTED PRODUCTION’s producer and team have been working with blockchain-based companies all around the world to make better the emotional and visual delivery of their assets, while also bringing the synergy of development and art into the mix.
“We never lost trust in the future of this tech from the winter of crypto to today’s widespread adoption,” the team added.
In this show, ENCRYPTED PRODUCTION, there are two cameramen, a director, an editor, a sound designer, and a graphic designer. All of which have worked in the top five global news channels for more than ten years and produced more than ten series in the last five years. They are now moving from Latin America and Europe to the Middle East to get experience.
There are more than 20 speakers were picked by a real editor from more than 50 interviews in this documentary effort. Also, more than ten experts pointed out the most important levels of the global economy as well as new opportunities to become key people. In El Salvador, crypto fans are filming first episode of a crypto-documentary, and MetaNews is reporting.
Release date: January 2022.
Leading crypto giants from around the world have joined in to drive the film and give teasers on social media. The crew is now in talks with big cable and internet networks about airing the show in 2022. This promises to be an engaging and moving show. We anticipate more information concerning production very soon as well. As we draw closer to the end of the year, moral seems high on the set. This bodes well for a new venture, especially a movie set as diverse and ambitious as this one. Indeed, the high energy and excellent filming style of the production seems to have had a positive impact on everyone involved.
XRP Ledger Unveils Plan to Boost NFT Development
- Ripple X has announced the launch of a fund to support the development of NFT on the network.
- Ripple’s on-demand liquidity (ODL) broker has seen 130% growth over the last quarter and 2,400% growth over the past year.
- XRP Ledger runs through an XLS-20 standard that will seamlessly power a platform with NFT functionality.
The global payments giant has unveiled plans to enter NFT and increase the utility of XRP Ledger native tokens. Ripple Ledger has the features to power NFT functionality.
Ripple jumps on the NFT bandwagon.
The XRP Ledger is becoming an NFT platform. Recent developments in virtual worlds have also ignited interest in NFT. According to proponents, the XRP Ledger supports NFT functionality. The platform was first established in 2012, and its evolution to push NFTs is a significant step forward.
The platform is based on XLS-20, a standard that will allow NFT to function seamlessly. The community has yet to approve the standard. RippleX will facilitate the development of NFT on its network once it has been approved.
To promote NFTs, the payments giant will collaborate with the Mintable initiative, a digital commodities bazaar. Ripple’s on-demand liquidity (ODL) broker has grown by 130 percent in the last quarter. The utility of XRP has been bolstered by Ripple’s Asian relationships. Additionally the platform has risen 2,400 percent in the last year.
Ripple popularity is being fueled by Ripple’s ODL corridor between Japan and the Philippines.
The number of active addresses each day has risen from 11,300 to 1,42,700. On the XRP network, blockchain activity has increased by more than 11-fold.
The high transaction fees on Ethereum have had a negative impact on NFT developers and users. Transaction fees on the XRP Ledger are likely to be far cheaper than those on the Ethereum blockchain, encouraging greater adoption of NFT.
XRP’s price, according to investors, has reached a tipping point. Whales moved $14 million in XRP tokens from exchanges earlier this week. The movements of the whales point to a shift in the price of XRP.
According to FXStreet analysts, the price of XRP will rise to $2.
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