Ripple (XRP) continues to rise, with a strong buying trend keeping it near the $0.5235 level.
This surge can be attributed to several factors, including the overall bullish trend in the cryptocurrency market.
Positive news, such as the partnership between Ripple and the Moroccan central bank for CBDC development, has also fueled XRP’s upward momentum.
This momentum has seen XRP more than double from its opening point this week, showing its potential in the cryptocurrency market.
Furthermore, XRP is gaining popularity in South Korea, with a recent survey by News1 Korea showing that it is now the preferred choice among cryptocurrency enthusiasts in the country.
This surge in popularity has triggered a significant increase in the price of XRP, which is up 24.5% from $0.4259 on August 17 to $0.5316 at the time of writing.
Financial Institutions Continue to Adopt Ripple’s Technology
Financial institutions are increasingly adopting Ripple’s blockchain-based solution for cross-border payments.
Banks and remittance companies are using the technology to streamline their transactions, reduce costs and increase efficiency, which validates XRP’s utility and generates demand for the cryptocurrency as a bridge asset.
As more institutions adopt Ripple’s technology, it strengthens the value of XRP, making it attractive to investors interested in digital finance.
Is the sell off over?
It is important to note that the recent XRP selloff may be coming to an end. Three key factors suggest a possible shift.
- First, the SEC dropped its lawsuit against Ripple in July, thereby relieving a significant burden on the price of XRP.
- Second, the positive trend in the broader crypto market has pushed up the values of major cryptocurrencies including XRP.
- Third, XRP’s technical indicators look promising as it has broken free from a prolonged downtrend, and its Relative Strength Index (RSI) suggests strength.
However, it is important to remain cautious as the cryptocurrency market remains highly volatile, and XRP’s future performance is far from guaranteed.
xrp price prediction
A detailed examination of the XRP/USD trading dynamics reveals that XRP unfortunately slipped below the crucial $0.6500 mark.
This particular level, which was considered a reliable support for a long time, was reinforced by the 50-day EMA.
Current trends suggest that this once strong base may turn into a strong resistance. If the prevailing downtrend continues, XRP/USD could move towards the next support at $0.5800, with a drop towards the $0.5020 mark.
XRP Price Prediction – Source: Tradingview
Technical indicators present a mixed view: the Relative Strength Index (RSI) points to a bearish mood, while the Moving Average Convergence Divergence (MACD) signals emerging buying interest.
However, if XRP manages to overcome the hurdle of $0.6500, it could pave the way for an upward journey, aiming around $0.7180.
As these technical factors converge, investors should be mindful of their potential impact on the future direction of XRP.
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Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.