With the formation of a double bottom chart pattern, XRP price surged by 17%

Ripple Prices rose on July 28 because its parent company Ripple, Reached an agreement with SBI Remit Support the remittance corridor from Japan to the Philippines.

Good news boosts XRP prices

The native cryptocurrency of the Ripple blockchain is also listed as the sixth largest digital asset by market capitalization, reaching a one-month high of US$0.759 after rising by 17.73% during the session. At the monthly low, it changed hands as low as $0.514.

In the bullish sentiment of the entire market, XRP maintained its upward trend. Source: TradingView.com

The partnership between SBI Remit, Japan’s largest remittance provider, and Coins.ph, a mobile payment service in the Philippines, has provided a bullish impetus. With the additional help of SBI’s digital asset trading platform, the two aim to use Ripple’s on-demand liquidity (ODL) to provide Filipino diasporas in Japan with more affordable remittance options.

ODL via Ripple xRapid cross-border payment service Enable all parties to use XRP as a bridge currency to send funds. In simple terms, the sender first converts the local legal currency into XRP, and then sends it to the receiver through the Ripple blockchain. Conversely, after receiving XRP tokens, the recipient converts them back to local currency.

Technical side up

The latest rise of XRP has also activated a classic technical setting called a double bottom, which indicates that Ripple’s token may experience a long-term bullish momentum in an ad hoc meeting.

That’s because the double bottom is a bullish reversal chart pattern. They will appear when assets fall, rebound, and fall to the same or similar level again to rebound. The high point reached twice is called the neckline. If it breaks upwards, the price is expected to be as high as the distance between the neckline and the double bottom support.

XRP is forming a double bottom model. Source: TradingView.com

The maximum height of the double bottom pattern is 0.25 USD. Therefore, a break of the neckline (close to $0.75) may allow XRP traders to view $1 as their next upside target.

Supporting the Ripple token is also an upward momentum for the broad cryptocurrency market.It started with Tesla CEO Elon Musk disclose His private rocket company SpaceX holds Bitcoin, the world’s leading digital asset by market value.

related: Bitcoin reaches $40,000 after 6 weeks of absence, but on-chain activity is “a bit bearish”

The news was revealed during the B-Word conference last week, and Cathie Wood of Ark Invest and Jack Dorsey of Twitter also attended the meeting. Dorsey called Bitcoin an important part of Twitter’s future and pointed out that it is the de facto currency of the Internet.

Bitcoin Relevance achieved in 30 days As of press time, XRP is 0.75, indicating that assets may move simultaneously. The price of BTC has risen by more than 7% in the past 24 hours and is trading at more than $40,400 at the time of writing.

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