Ripple (XRP) ended 2021 on a strong note, despite the lingering lawsuit they've struggled with in the US against the SEC since December 2020.
In 2022 however, the crypto market entered the late stages of its downtrend, as bitcoin took a nosedive towards the $20,000 range and pulled almost every other cryptocurrency (including XRP) down. Over the last few days, XRP's price is stuck between $0.32 and $0.34.
This range, however, is unlikely to last for long. The bears are bound to try and push the price below the $0.32 area. If this happens, the cryptocurrency's price will decline to the critical $0.3 support level, on which the buyers are waiting to kick in and cause a price bounce.
On the other hand, if the price breaks the $0.34 mark, we might see an upside to the XRP/USDT trading pair. Prices may rise to the $0.36 level or may even break upwards and touch the $0.39 level as specified by the 50-P moving average.
As most people already know, Ripple is a global payment system provider widely accepted across borders.
Asides from the fact that several corporate entities like SBI-Holdings have partnered with the Ripple team for cross-border settlements, some countries have also selected the fintech company as partners for their Central Bank Digital Currency (CBDC) partnerships.
Ripple as a company has been pushing into the CBDC industry for a while now, ever since the debut of its CBDC ledger, made especially for central banks.
Recently, however, Ripple's entry into the CBDC space appears to be on its way to becoming full-fledged. Ripple CBDC adviser Antony Welfare has dropped hints over the past few days that may suggest positive developments for its CBDC initiative.
Last week, XRP was involved in a "technical sandbox program" launched by the US-based think tank Digital Dollar project, which focused on exploring how feasible a CBDC implementation would be in the United States. Not only that, but Ripple was also identified as being one of the first participants.
Asides from joining the think tank Digital Dollar project, Ripple has also been involved in the Digital Euro version in February as well, as a supporting partner. This partnership will aim to drive the development and implementation of the digital Euro.
Ripple Labs' partnership with Bhutan started in September 2021. They have since announced a partnership with the Royal Monetary Authority of Bhutan to start and implement a digital Ngultrum (national currency of Bhutan).
Two months after their partnership with Bhutan, they announced a partnership with the republic of Palau. This move allows Ripple Labs to help them develop a climate-friendly digital currency.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)