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Chasing Investments, XRP/USDT is Inching Up

Oct 17, 2019

After a brief period of XRP/USDT pair consolidation above the technical level of support of 0.2800 a growth wave followed, as a result of which the buyers yet again tested the key technical level of resistance of 0.3000. Our readers may remember that we have previously suggested the possibility of the rate reaching 0.2900.

There are plenty of reasons for investors to be optimistic. Ripple XRP has recently been added on SafePal hardware wallet, which is designed for convenient and secure management of cryptocurrencies. SafePal now supports more than 1,500 cryptocurrencies, including BTC, ETH, LTC, and BNB. 

Another piece of encouraging news for XRP investors is the fact that Ripple Xpring is investing in Swedish startup Towo Labs, which is developing the cryptocurrency self-custody technology. Ripple Xpring investment will be used to support the Towo Labs’s roadmap over the next two years. This includes the development of a hardware wallet firmware that will support all types of Ripple XRP Ledger transactions. The company is also developing a new version of XRP Toolkit, a web interface for interacting with the Ripple XRP Ledger. 

All of these developments are increasing the likelihood of continued rate growth to its earlier high of 0.3250. The psychological level of 0.2800 continues to act as a local support level, which also happens to be in line with the 61.8% Fibonacci retracement. As a result, both the technical and fundamental analysis points towards the continuation of the upwards movement.

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