The Ripple price is up for three consecutive days as investors reflect on the positive news about the ecosystem. The XRP jumped to $0.8942, which was the highest level since June. As a result, the coin’s market cap has jumped to more than $40 billion.
With no details coming out about the ongoing Ripple vs SEC case, investors have focused on other details. For example, in a report on Tuesday, Tranglo announced that it had received a new approval by the Monetary Authority of Singapore (MAS).
The new approval will see the company provide services like issuance, domestic money transfer, and e-money issuance services. This was a notable thing since Ripple acquired a 40% of Tranglo a few months ago. Other recent partnerships that Ripple has done are with SBI International and Coins.ph.
The XRP price also rose after Ripple announced a new partnership with GME, a South Korean company. In a statement, GME said that it will use Ripple’s On-Demand Liquidity (ODL) service in its money transfer services. In a statement, the firm said:
“We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within 1-2 weeks. This has drastically reduced the time to market and provides us with an edge compared to our competitors.”
In my XRP price forecast for August, I wrote that the coin will likely keep rising during the month as demand rose. This prediction was right since the price has jumped by almost 50% this month. The coin has jumped above the 25-day and 50-day exponential moving averages. The MACD has also moved above the key neutral level, which is a bullish thing. Also, the price has formed an inverted head and shoulders pattern.
Therefore, I suspect that the coin will likely keep rising as bulls target the next key support at $1.5, which is about 60% above the current level. However, a drop below the key support at $0.50 will invalidate this view.