XRP Price Prediction: Can XRP Hit the $1.00 Mark?

XRP price had crossed a significant cluster of $0.600 and registered a symmetrical triangle breakout. It recorded a strong weekly surge of over 10%

XRP price had shown signs of strength by crossing a crucial resistance level and forming a symmetrical triangle breakout. This price action had been fueled by a bullish shift in market sentiment, which had led to a surge of over 10% in the past week.

However, with only seven days remaining for the regulator to appeal the final decision in the Ripple case, the U.S. SEC could still put a damper on the XRP bulls' plans.

At the time of writing, XRP was trading at $0.6287, showing a decrease of over 1.20%. Notably, the coin’s price attempted to breach the previous three-month high trajectory of $0.6500 and paused near it.

A significant surge of over 10% was noted this week. Also, the buyers had regained traction and were looking to dominate ahead.

With a market cap of $35.46 Billion, it had surpassed Circle’s USD and had a circulating supply of 56.56 Billion.

In his post, crypto analyst @Eliz noted the XRP price crossing a crucial level and observing buyer interest.

The ongoing price action showed signs of buyer accumulation and a golden crossover, which gave a strong bullish conviction. This was evident from the price surge, along with the RSI line resting comfortably around 65 in the overbought zone. A CMF reading of 0.14 indicated a rising inflow in the market.

Apart from this, Ripple had been focusing on its stablecoin revenue line. In the latest of such moves, the company had悚 issued 350,000 new RLUSD into the market through two transactions.

The stablecoin issuance, conducted with Ripple’s private beta test, must also help increase the liquidity and will provide seamless integration of RLUSD with other blockchains.

Specifically, the RLUSD stablecoin is designed for safe and efficient transactions on the XRP ledger (XRPL). Hence, the testing phase is important for Ripple’s future goals of having RLUSD operate effectively and within the proper regulatory framework.

This is particularly the case, given the growing attention that central banks worldwide have paid to digital currencies.

XRP Price Prediction: Can XRP Hit the $1.00 Mark?

With the ongoing positive sentiment, market analysts anticipate XRP’s next leg toward the $1 mark in the following sessions. A daily close above the 52-week high mark of $0.7500 would send the XRP price toward $1.

Everyone saying 1k XRP is a fantasy doesn’t understand how the utility of XRP will drive price to unbelievable levels. Just to give you an idea of how high XRP will need to be I’ll give you some examples…

Swift does approx $5-7 trillion in daily volume….

Ripple offers XRP in cross-border payment through RippleNet so that it can be adopted if more institutions show an inclination toward it.

However, suppose only one or two percent of the volume of international trade was to be settled with XRP. The need to have it liquid would affect its price.

But this would only be possible if the community uses the native token and sustains a healthy ecosystem with high traffic to the XRP Ledger.

The immediate support zones were $0.6130 and $0.6000, whereas the upside barriers were $0.6350 and $0.6500.

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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