Ripple Launches MiCA Crypto Alliance With Hedera And Aptos Labs XRP Varies Near $0.56

• Ripple, Hedera and Aptos Labs, founding members of the DLT Science Foundation, made a key announcement on Monday.
• The three firms have launched the MiCA Crypto Alliance to improve compliance with EU markets in the regulation of crypto assets.
• XRP is hovering around $0.5600 on Monday.

Ripple (XRP) made a key announcement alongside other founding members of a crypto alliance. The DLT Science Foundation is behind the effort, Ripple has partnered with Hedera and Aptos Labs.

XRP erased recent losses and held steady above $0.5600 on Monday.

Daily Market Reasons: Ripple Leads Effort to Launch Crypto Alliance

• Ripple has partnered with cryptography firm Aptos Labs and distributed Hedera, based on ledger technology, for the DLT Science Foundation. The DLT Science Foundation (DSF) is a non-profit organization that promotes the adoption of blockchain technology among businesses.
• The foundation’s mission is to create an open ecosystem and work with industry, academia and developer communities.
• DSF has announced the launch of the MiCA Crypto Alliance to better coordinate among industry members and navigate the European Union (EU) regulatory landscape.
• The alliance aims to encourage cooperation between firms navigating EU regulations related to blockchain technology innovation.
• MiCA sets strict disclosures for Crypto-Asset Service Providers (CASPs) and expects centralized exchanges and crypto firms to disclose the climate impact of operations, among other details, through white papers and publicly accessible online descriptions.

Technical Analysis: XRP eyes double-digit gains

XRP has been in a multi-month downtrend since its July 2024 peak of $0.9380. XRP Ledger’s native token erased recent losses and trades at $0.5731, above support at $0.5600.

The MACD (Moving Average Convergence Divergence) indicator shows green histogram bars above the neutral line, signaling an underlying positive momentum in the XRP price trend.

XRP could extend gains by 15% and rise to $0.6602, the 50% Fibonacci retracement of the decline from the July 2024 high of $0.9380 to the July 2024 low of $0.3823.

XRP/USDT Daily Chart

XRP could find support in the Fair Value Gap (FVG) between $0.5413 and $0.5556.