TWT price jumps 9% after Trust Wallet announces crypto off-ramp
- Trust Wallet has announced a crypto-to-fiat off-ramp.
- The Binance non-custodial wallet has partnered MoonPay and Ramp
- TWT price jumped 9% after the news to hit above $1.31 before selling saw it drop to $1.25 as of writing.
Trust Wallet Token (TWT), the native token of Trust Wallet, saw its price jump more than 9% to hit $1.31 after news the non-custodial crypto wallet provider had launched a crypto-to-fiat off-ramp.
The partnership with Web3 payments platform MoonPay and non-custodial fiat-to-crypto infrastructure provider Ramp will allow Trust Wallet users to seamlessly convert crypto to fiat without having to touch a centralized crypto exchange. Users will transact directly from within the Trust Wallet app, the firms noted.
TWT price outlook after Trust Wallet partnerships
As noted above, Trust Wallet’s integration with MoonPay and Ramp means users can now enjoy seamless withdrawals when handling crypto-to-fiat transactions. The news of the development, which will see the non-custodial wallet’s users tap into frictionless crypto market transactions, also means full control of the stored funds.
TWT price on the 4-hour chart. Source: TradingView
The positive update added to TWT’s buying pressure, with bulls breaking above $1.30 for the first time since 18 March this year. However, the 4-hour RSI is firmly in overbought territory and extended, suggesting a possible dip is on the cards in the short term.
While potential profit taking could push TWT/USD to immediate support levels below $1.20, new upside momentum could put bulls on track to retest the resistance around the $1.40 area. A move to $1.76 or higher would open up should the broader market flip bullish.
TWT was trading around $1.25 at the time of writing, with its price up 6% in the past 24 hours.
