India has made a bold move by completing an oil transaction with the UAE using the XRP Ledger. This game-changing event raises the question: could altcoins see a surge in popularity as a result? Read this article to learn more.
India’s recent crude oil transaction using local currencies, bypassing the US Dollar, marks a significant shift in global trade dynamics. This development is integrated with the XRP Ledger System’s CryptoTradingFund (CTF), allowing customers to earn CTF tokens as cashback on transactions made with XRP.
The integration offers a dual advantage: it reduces the costs of dollar conversion while providing customers with rewards that can be used for purchases or converted to cash. This move not only streamlines global trade by leveraging blockchain technology but also supports a more diverse and efficient multi-currency system, potentially paving the way for reduced transaction fees and enhanced financial flexibility.
Ripple XRP
XRP is currently priced between $0.44 and $0.65, hovering around its 10-day moving average of $0.57. The coin is showing some positive movement with a 9.17% rise in the past week and a 20.20% increase over the last month. Nevertheless, trading is constrained by nearby resistance at $0.75 and support at $0.33. Its Relative Strength Index (RSI) holds at 50.59, indicating neither bullish nor bearish dominance. If XRP can break past the $0.75 resistance, it could target the next level at $0.97, potentially increasing by around 45%. However, if it falls through the $0.33 support, it may slide significantly towards $0.12.
Solana (SOL)
Solana (SOL) is currently trading between $113.10 and $166.88, showing cautious optimism in a tight range. The bulls appear weak with the nearest resistance level at $192.16, but the coin’s growth potential remains. Over the past six months, SOL has risen about 30.5%. If it breaks the first resistance, it may aim for the second level at $245.94, representing significant gains. With its RSI around 48.71 and MACD holding at -0.51, the market sentiment is neutral. The slow but steady price increases over the past week and month suggest a possible uptrend if buying pressure increases.
Ethereum (ETH)
Ethereum (ETH) is currently trading between $2,217.57 and $2,809.25 and, despite recent challenges, is well-positioned for a notable rebound. Although the price has seen a slight dip of 0.46% over the past week and a 14.61% decrease over the last month, ETH has strong potential for recovery. The coin’s nearest resistance level at $3,061.91 presents a key target for bullish momentum. Successfully breaking above this level could set the stage for a substantial rise, with the potential to reach the second resistance level at $3,653.59—a nearly 30% increase. While current indicators like the RSI and Stochastic suggest cautious investor sentiment, Ethereum’s solid fundamentals and key resistance levels indicate that it is primed for significant gains as market conditions shift favorably.
Conclusion
India’s groundbreaking oil transaction with the UAE using the XRP Ledger could be a major catalyst for the growth of altcoins, particularly as it showcases the potential of blockchain technology in global trade. By leveraging the XRP Ledger and integrating it with CryptoTradingFund (CTF), India has demonstrated a move towards more efficient, cost-effective, and diverse financial systems. This could pave the way for broader adoption of altcoins in mainstream financial transactions, driving demand and potentially sparking a surge in their popularity.
XRP is already showing positive movement, with the potential for a 45% increase if it breaks the $0.75 resistance. Solana (SOL), despite current cautious trading, could see significant gains if it surpasses $192.16. Ethereum (ETH), though facing recent challenges, is well-positioned for a potential rebound, with the possibility of a 30% rise if it clears key resistance levels.
The success of this transaction not only highlights XRP’s utility but also suggests a broader trend where altcoins might gain more traction as viable tools for international trade and finance, setting the stage for significant growth in the altcoin market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/08/indias-oil-transaction-with-uae-using-xrp-ledger-is-this-the-catalyst-for-altcoin-growth