XRP Regains Attention From Prominent Figures as Its Potential Unfolds

Ripple's native coin, XRP, is gaining renewed attention from prominent figures who had previously dismissed it.

Cryptocurrency XRP is back in the spotlight, having largely faded from the attention of prominent figures in the crypto community. However, recent developments, including a partnership with OpenEden and the potential for XRP's technology to be used in central bank digital currencies (CBDCs), are reigniting interest in the coin.

Scott Melker, also known as “The Wolf of All Streets,” recently broke his silence on XRP, forecasting significant potential for the coin. On Wednesday, Melker took to Twitter to share his observations on XRP, suggesting that the price is poised to explode to almost $2.

“XRP WEEKLY Have not looked at this chart in ages, but it is in a REALLY interesting spot here. 4th touch of descending resistance here on the weekly. Rejection likely, but a breakout has this flying… worth watching, regardless of your feelings towards the token.” Wrote Melker.

Notably, following a successful breakout, the pundit suggested $0.75, $0.93, $1.34, and ultimately $1.96 as potential price targets.

This renewed interest in XRP comes after several crypto analysts, who have traditionally overlooked altcoins, have made observations on the coin. For instance, Christopher Jaszczynski, known in the crypto community as “MMCrypto” and a prominent Bitcoin maximalist, recently admitted that although he is not a fan of XRP, he has been keeping an eye on the cryptocurrency.

Meanwhile, adding to the bullish sentiment, analyst Mikybullcrypto also highlighted XRP’s potential. On August 1, the analyst encouraged investors to consider XRP, emphasizing that “it’s not too late to join the wagon.” Mikybullcrypto, just like other experts, anticipates that XRP is preparing to break out from a bullish pennant pattern that has been forming over the past 6.5 years.

The analyst went on to project that XRP’s price could rise to between $2.50 and $3.50 in the short term, with long-term targets potentially reaching $25 or higher, adding that “The chart is looking crazily primed to rip upward.”

That said, several factors are driving this renewed interest in XRP. One major development is the recent partnership between Ripple and tokenization platform OpenEden. Ripple is investing $10 million in OpenEden’s tokenized U.S. Treasury bills (T-bills), which will be launched on the XRP Ledger. This move will enhance XRP’s utility by integrating real-world assets into the blockchain, potentially increasing its appeal to institutional investors.

The XRP Ledger’s potential use in CBDCs also adds to the optimistic outlook. As governments and financial institutions are exploring the possibility of using XRP's technology for CBDCs, transaction volumes and adoption could see substantial growth.

Moreover, the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) is approaching a resolution, with Ripple having achieved several legal victories over the past year. A favorable ruling or settlement in this case could serve as a major catalyst for the approval of an XRP spot ETF. Such approval would likely boost investor confidence and drive significant gains in XRP’s price.

At press time, XRP was trading at $0.50, reflecting a 5% surge over the past 24 hours.

The above is the detailed content of XRP Regains Attention From Prominent Figures as Its Potential Unfolds. For more information, please follow other related articles on the PHP Chinese website!