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Tag: Ripple

  • XRP Price Prediction: A Fresh Rally Is Around The Corner?

    XRP Price Prediction: A Fresh Rally Is Around The Corner?

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    XRP price is consolidating below the $0.538 resistance. The price could start a fresh rally if it clears the $0.5380 and $0.5500 resistance levels.

    • XRP is struggling to clear the $0.5350 and $0.5380 resistance levels.
    • The price is now trading above $0.520 and the 100 simple moving average (4 hours).
    • There is a key bullish trend line forming with support at $0.5170 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
    • The pair could start a fresh rally if it clears the $0.5380 and $0.5500 resistance levels.

    XRP Price Eyes Fresh Rally

    In the past few days, XRP price recovered higher from the $0.4980 zone. There was a move above the $0.505 and $0.5120 resistance levels. However, the bears remained active near the $0.5380 resistance and protected more upsides, unlike Bitcoin and Ethereum.

    The recent high was formed at $0.5375 before there was a downside correction. There was a move below the $0.5220 level. The price even spiked below the 50% Fib retracement level of the upward move from the $0.4980 swing low to the $0.5375 high.

    Ripple’s token price is now trading above $0.520 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $0.5170 on the 4-hour chart of the XRP/USD pair. On the upside, immediate resistance is near the $0.5300 zone.

    Source: XRPUSD on TradingView.com

    The first key resistance is near $0.5380, above which the price could rise toward the $0.550 resistance. A close above the $0.550 resistance zone could spark a strong increase. The next key resistance is near $0.5850. If the bulls remain in action above the $0.5850 resistance level, there could be a rally toward the $0.600 resistance. Any more gains might send the price toward the $0.620 resistance.

    Another Decline?

    If XRP fails to clear the $0.5380 resistance zone, it could start another decline. Initial support on the downside is near the $0.518 zone and the trend line.

    The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, the price might accelerate lower. In the stated case, the price could retest the $0.480 support zone.

    Technical Indicators

    4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 50 level.

    Major Support Levels – $0.517, $0.512, and $0.480.

    Major Resistance Levels – $0.530, $0.538, and $0.550.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Kraken Notifies XRP Holders Of Benefits From Zakinov Case

    Kraken Notifies XRP Holders Of Benefits From Zakinov Case

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    Crypto exchange Kraken started notifying affected XRP holders about the potential monetary benefits they could receive from the class action lawsuit against Ripple.

    The exchange recently emerged victorious in the Zakinov v. Ripple Case. The exchange successfully intervened to protect its customers’ data from being shared without their consent.

    Kraken Begins The Notification Process

    Kraken, one of the largest crypto exchanges in the world, intervened in the Zakinov v. Ripple lawsuit, seeking to protect its customer’s privacy and data. The court ruling allowed Kraken to inform the affected users about the class action against Ripple, ultimately giving the customers the option to decide whether to participate in the lawsuit.

    Kraken has now begun to notify eligible customers about the potential monetary benefits from the Zakinov v. Ripple lawsuit. The notification is aimed at Kraken users who purchased XRP during the previously established period, as the email stated:

    Our records indicate that you have purchased XRP on Kraken between July 2, 2017 and June 30, 2023, which means that it might be within your rights to receive money or benefits that come from the lawsuit, depending on the outcome.

    Yassin Mobarak, Dizer Capital Founder, was among the recipients, and he shared part of the email on X (formerly known as Twitter), expressing his surprise about the notification and the possibility of earning a profit from his XRP holdings through the class action lawsuit.

    Mobarak expressed his initial disbelief in the email’s legitimacy, as recent phishing attacks exploited official email accounts of actors in the Web3 industry and exposed users to a massive and sophisticated phishing campaign.

    The legitimacy of the emails was doubted by several Kraken customers who sought confirmation from the exchange’s official X account. Kraken’s support team confirmed the email as safe and authorized by the exchange.

    Next Steps For XRP Holders

    Following the notification, Kraken has updated its support page to provide customers with further details about the class action lawsuit.

    The exchange addressed doubts such as who the affected parties are, clarifying that it “only applies to class members who purchased XRP within the United States during the relevant class period” and offering further information about the lawsuit:

    The lawsuit also claims that persons or entities who purchased XRP during the class period (July 3, 2017, to June 30, 2023) have the right to recover (a) the consideration paid for the XRP, with interest, if they retained the XRP, less the current price of the XRP or upon tendering the XRP, or (b) damages if they sold the XRP at a loss.

    Lastly, the exchange presented two options for the affected customers: do nothing or ask for an exclusion from the lawsuit.

    If the customer decides to do nothing, they will keep the possibility of getting the money or benefits from the lawsuit’s resolution. However, they automatically give up on any rights to sue Ripple separately in the future.

    If they decide to be excluded from the class action and the potential benefits, XRP holders maintain the right to sue the defendant and must send a signed “Exclusion Request” statement by April 5, 2024.

    XRP is trading at $0.52325 in the hourly chart. Source: XRPUSDT on TradingView.com

    Featured image from Unsplash.com, Chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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    Rubmar Garcia

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  • XRP Price At Make-Or-Break Moment, Key Levels To Watch

    XRP Price At Make-Or-Break Moment, Key Levels To Watch

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    XRP price is struggling to clear the $0.520 resistance. The price could gain bearish momentum if there is a close below the $0.4850 support.

    • XRP is showing bearish signs below the $0.520 and $0.508 resistance levels.
    • The price is now trading below $0.520 and the 100 simple moving average (4 hours).
    • There is a connecting bearish trend line forming with resistance near $0.5120 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
    • The pair is now at risk of more downsides below the $0.5000 support zone.

    XRP Price Faces Many Hurdles

    In the past few days, XRP price saw a downside reaction below the $0.550 pivot level. The bears remained active and were able to push the price below the $0.500 support zone.

    Recently, there was a recovery wave above the $0.500 level. The bulls pushed the price above the 50% Fib retracement level of the downward wave from the $0.5390 swing high to the $0.4850 low. However, the bears were active near the $0.525 resistance.

    Ripple’s token failed to clear the 76.4% Fib retracement level of the downward wave from the $0.5390 swing high to the $0.4850 low. XRP is now trading in a bearish zone below $0.508 and the 100 simple moving average (4 hours), unlike Bitcoin and Ethereum.

    On the upside, immediate resistance is near the $0.512 zone. There is also a connecting bearish trend line forming with resistance near $0.5120 on the 4-hour chart of the XRP/USD pair. The first key resistance is near $0.520, above which the price could rise toward the $0.5320 resistance.

    Source: XRPUSD on TradingView.com

    A close above the $0.5320 resistance zone could spark a strong increase. The next key resistance is near $0.5550. If the bulls remain in action above the $0.5550 resistance level, there could be a rally toward the $0.5840 resistance. Any more gains might send the price toward the $0.6000 resistance.

    More Downsides?

    If XRP fails to clear the $0.5120 resistance zone, it could continue to move down. Initial support on the downside is near the $0.500 zone.

    The next major support is at $0.485. If there is a downside break and a close below the $0.485 level, the price might accelerate lower. In the stated case, the price could retest the $0.450 support zone.

    Technical Indicators

    4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

    Major Support Levels – $0.500, $0.485, and $0.450.

    Major Resistance Levels – $0.512, $0.520, and $0.532.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Ripple Initiates Large XRP Transactions Post Legal Setback

    Ripple Initiates Large XRP Transactions Post Legal Setback

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    Ripple Labs, a leading cryptocurrency payment firm, has been seen moving millions of XRP tokens following the United States Securities and Exchange Commission’s (SEC) recent victory in a legal dispute.

    Ripple Moves Millions Of XRP As Price Holds Steady

    According to a recent report, Ripple Labs moved a whopping 120 million XRP tokens valued at about $60.8 million. The move has caused quite a stir within the XRP community and heightened sell-off anxiety in the face of increased market volatility.

    This comes after the payment firm experienced a legal setback in court on Monday. The SEC’s motion to force Ripple to provide its financial statements for XRP was granted by the Southern US District Court of New York.

    It was reported by Bithomp that the aforementioned funds were transferred to a Ripple-related wallet that was used for massive transfers. Data from Bithomp revealed that the wallet address rBg2Fu…uJ4vt5x1o91m moved the funds to a separate wallet address rP4X2hTa7…XvPz7XZ63sKxv3. This indicates that the transaction might include the transfer of such large amounts using other wallets or companies under Ripple’s control.

    Furthermore, the transfer might just be connected to Ripple’s payment services. As a result, it will allow banks to utilize XRP to send funds across borders almost instantly and for a minimal cost. 

    It is noteworthy that the address that received the funds has transferred a notable portion of the XRP tokens. However, the address still contains about 90 million XRP valued at approximately $45 million.

    Bithomp also reported that the firm was seen moving about 53.75 million XRP tokens valued at about $27.5 million. Data from the on-chain platform shows that the wallet address rKveEy…ZsoGMb3PEv transferred the funds to another wallet address rPfSrrKY…R7g1tYzDDJoAys.

    The Payment Firm Brings XRP To The US Market

    Ripple has announced its plan to transform international payments in the US with XRP and its payment services. According to the firm, they will be introducing “new product updates that will cover the majority of US states.”

    These fresh products are going to be powered by its Money Transmitter Licenses (MTLs). Initially, Oliver Segovia, Senior Director and Head of Product Marketing for Payments at Ripple, shared the announcement on Linkedin. 

    Segovia explained that although Ripple’s global headquarters is located in the US, 90% of its businesses serve organizations outside. Specifically, he acknowledges that for the last three years, the firm has remained somewhat quiet in the US market.

    Despite these developments, XRP’s price has still been down by 5.42% in the past week, holding steady at $0.50. Interestingly, its trading volume has increased by over 25% in the past 24 hours.

    XRP trading at $0.5039 on the 1D chart | Source: XRPUSDT on Tradingview.com

    Featured image from iStock, chart by Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Godspower Owie

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  • SEC wins motion to disclose Ripple financial statements, XRP sales details

    SEC wins motion to disclose Ripple financial statements, XRP sales details

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    A federal judge ruled that Ripple must disclose its financial records and details of XRP sales in the SEC’s lawsuit over an unregistered securities offering.

    Judge Sarah Netburn ruled in favor of the SEC, ordering Ripple to disclose its financial statements for 2022-2023. The decision aims to shed light on Ripple’s financial dealings and the impact of its post-complaint contracts and institutional XRP sales on the case’s outcome.

    “At this stage, the Court sees no basis to short-circuit that inquiry by denying access to readily available information that may be probative to the remedy stage,” Netburn said.

    Ripple must also produce documentation related to its contracts and institutional XRP sales proceeds following the SEC’s complaint filing. The court refuted Ripple’s concerns about the potential for a mini-trial, highlighting the importance of these documents in determining appropriate injunctions and civil penalties.

    “Because the SEC has made a sufficient showing that this information may assist the court in fashioning its remedy, Ripple must respond to the interrogatory,” Netburn said.

    The directive is part of a broader legal conflict that started in 2020 when the SEC accused Ripple Labs of executing an unregistered securities offering worth $1.3 billion. Despite Ripple’s argument that the SEC’s request was “untimely” and “irrelevant,” the court has set a Feb. 12 deadline for discovery related to the case’s potential remedy.

    The case has seen varied rulings, including a July 2023 decision by Judge Analisa Torres, which found that Ripple’s institutional sales of XRP constituted a securities offering, albeit programmatic sales did not.


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    Bralon Hill

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  • XRP Records Highest Single Day Whale Accumulation Since Ripple’s Partial Victory Over SEC

    XRP Records Highest Single Day Whale Accumulation Since Ripple’s Partial Victory Over SEC

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    Market intelligence platform Santiment recently revealed how XRP whales look to be going all in on XRP following significant purchases of the crypto token. Notably, these buys are said to be the most since Ripple’s partial victory over the Securities and Exchange Commission (SEC). 

    XRP Records 217 Whale Transactions

    Santiment stated in an X (formerly Twitter) post the XRP Ledger processed 217 ‘$1 million whale transactions’ on the network on January 31. This happens to be the most transactions of such magnitude recorded in a single day since Judge Analisa Torres ruled that XRP wasn’t a security in itself last year July. 

    Just like Santiment noted, such an occurrence has the potential to impact XRP’s price positively. XRP had risen to as high as $1 on the back of Judge Torres’ ruling as it strengthened the conviction of the altcoin’s holders, who then decided to double down on their investments. If such a similar scenario plays out again, then XRP is expected to experience price surges soon enough. 

    The market intelligence platform also added that some key signals indicated that XRP was “one of the better candidates for a bounce, assuming Bitcoin Bitcoin can stabilize the rest of the week.” The altcoin had dropped below the crucial support level of $0.5 following Bitcoin’s recent decline. However, it is back above that level as the market shows signs of recovery. 

    Meanwhile, despite XRP’s relatively stagnant price action, these whales do not seem to be worried. Santiment revealed that wallets holding at least 10 million XRP tokens combined to hold 67.2% of the available supply, the most since December 31, 2022. 

    Token price at $0.5 | Source: XRPUSDT on Tradingview.com

    Binance Freezes $4.2 Million Worth Of Tokens

    Binance CEO Richard Teng stated in an X post that the crypto exchange had managed to freeze $4.2 million worth of XRP, which was part of the proceeds from the recent XRP exploit. NewsBTC had reported how there was a breach on the personal XRP accounts of Ripple’s co-founder Chris Larsen, which led to the theft of more than 213 million tokens. 

    Teng also mentioned that the Binance team will help retrieve the remaining funds in any way they can. He added that they were closely monitoring the majority of the funds in the exploiter’s external wallets just in case they tried depositing these tokens to Binance. 

    The exploiter is reported to have laundered some of these funds through crypto exchanges like MEXC, Gate, Kraken, OKX, and HitBTC. 

    Featured image from Analytics Insight, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Exploit Causes XRP Price Crash: Ripple Co-founder Discloses Losses Of $113 Million

    Exploit Causes XRP Price Crash: Ripple Co-founder Discloses Losses Of $113 Million

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    XRP experienced a significant price drop early Wednesday amidst rumors of a potential exploit. The XRP price dropped more than 4% to $0.4853 but later recovered to $0.500 following a clarification from one of Ripple’s co-founders.

    Personal XRP Accounts Impacted, Not Ripple’s

    Initial reports suggested that Ripple had suffered a significant security breach, which was brought to light by decentralized finance (DeFi) investigator ZachXBT. These reports raised concerns about the overall security of the Ripple protocol.

    According to investigations, the breach resulted in the theft of more than 213 million XRP tokens, valued at over $112 million. The stolen funds were reportedly laundered through cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.

    However, Ripple co-founder Chris Larsen took to X (formerly Twitter) to clarify the situation. In a recent post, Larsen stated: 

    Yesterday, there was unauthorized access to a few of my personal XRP accounts (not Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved.

    XRP Price Analysis

    Despite the recent security concerns, XRP is trading at $0.5085, marking a 3.4% decrease in the past 24 hours. However, beyond the Ripple co-founder’s personal account exploit, the XRP price has experienced a significant decline over the past month.

    Over the last seven days, the token has seen a minor 1.3% drop. The decline has deepened in the previous fourteen days with a 10% decrease. This is more problematic for XRP enthusiasts because the price has lost significant ground over the past 30 days, with an 18% dip.

    Nevertheless, XRP bull and crypto analyst EGRAG Crypto provides an intriguing price analysis that could potentially encourage investors toward a price recovery if the token manages to hold and consolidate above the $0.500 level.

    XRP price targets are based on the Elliott Wave theory. Source: EGRAG Crypto on X

    According to EGRAG, a handful of chart analysts have noted that after wave 1 of the Elliott Wave theory, wave 2 could retrace up to 90% of wave 1. The initial targets of $0.85 to $1 were successfully reached during the July pump, with the price reaching around $0.93 after Ripple’s partial victory against the SEC in its ongoing legal battle over XRP classification.

    Currently, EGRAG suggests that a “wicking event” down to $0.41 is possible, considering a 10%-15% fluctuation due to the volatile nature of the crypto markets.

    However, the analyst points out that the upside lies in the upcoming Wave 3, which is influenced by Wave 1 and typically has a ratio of 1.618 compared to Wave 1.

    If all of this plays out, EGRAG ultimately sees the next short-term target for XRP being the all-time high (ATH) at $5. If the original wave count is adjusted, the range could be between $2.2 and $2.8.

    XRP price
    The daily chart shows XRP’s price trading above $0.500. Source: XRPUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Ripple (XRP) CTO Shares Thoughts on Proposed XRPL Governance Changes

    Ripple (XRP) CTO Shares Thoughts on Proposed XRPL Governance Changes

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    Ripple’s Chief Technology Officer, David Schwartz, has shown his support for the proposed governance changes within the XRP Ledger Foundation (XRPLF).

    The move comes in response to a comprehensive proposal by XRP Ledger developer David Fuelling, aiming to enhance transparency and decentralization within the XRPL governance systems.

    Open Dialogue and Community Involvement

    In a recent social media post on X, Schwartz commended Fuelling’s initiative:

    “Appreciate this public clarity from you, @sappenin. David also shared his proposal with me as a courtesy beforehand, as he did with XRPLF, and the Foundation was receptive to the proposal.”

    He further emphasized that any community member can contribute ideas and proposals without “permission.” Schwartz described the proposal as a “straw man” to stimulate open dialogue and gather diverse suggestions.

    He added,

    “There’s no pressure to adopt it as-is; instead, it’s a starting point and opportunity for collaborative refinement and exploration.”

    Some people have expressed skepticism about the proposal, suggesting that it might be perceived as an attempt by Ripple to take control. Onledger.net raised questions about specific elements of the proposal, particularly the role of the Sustaining Member.

    The concern stems from the belief that, given the 1 million XRP fee associated with this membership level, Ripple is likely the only entity capable of fulfilling this requirement.

    Furthermore, the authority granted to the Sustaining Member to appoint a Sustaining Director with an unlimited term has sparked apprehension about a potential power play by Ripple, although this remains speculative.

    David Fuelling’s Proposal

    Fuelling’s proposal, released on Sunday, aims to enhance transparency and democracy in XRPL governance by decentralizing and making it member-driven.

    He advocates for increased stakeholder representation, allowing them to influence the XRPL community’s affairs formally.

    The proposal emphasizes formalized membership to encourage greater participation and stakeholder contributions in terms of time, money, and resources.

    The suggested changes introduce three membership classes: Individuals, Corporations, and Sustaining Members, each with specific eligibility criteria and associated fees.

    Annual fees include 75 XRP for Individuals, 500 XRP for Corporations with 1 to 10 employees, up to 500,000 XRP for larger corporations, and approximately 1,000,000 XRP for Sustaining Members.

    To ensure representation, the Board of Directors comprises a minimum of three Community Directors, one Corporate Director, and one Sustaining Director.

    Community Directors serve two-year terms, Corporate Directors serve one-year terms, and Sustaining Directors have no term limit and are appointed by their respective sustaining members.

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    Wayne Jones

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  • The Most Exciting Ripple (XRP) Price Predictions as of Late

    The Most Exciting Ripple (XRP) Price Predictions as of Late

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    TL;DR

    • Analysts predict a potential rally for Ripple’s XRP, with forecasts ranging from $1.40 to over $10.
    • Dark Defender suggests the coin is already on a bullish trend, with predictions of reaching up to $22.50 in the coming months.

    Crossing the $1 Mark This Year?

    Despite being on a downfall in the past few months, many analysts remain optimistic about the future of Ripple’s XRP. EGRAG CRYPTO – an X (Twitter) user who regularly presents forecasts – recently suggested that the asset’s price could rally toward $1.40 by April this year. He further predicted that the next stop after that might be an all-time high of $5.

    Ripple is scheduled to meet the United States Securities and Exchange Commission (SEC) on a grand trial on April 23. According to many, the company has better chances to secure a decisive win in the lengthy legal battle, having three partial court victories in its account already. A positive outcome for Ripple could indeed fuel an XRP upswing by strengthening investors’ confidence and potentially attracting more buyers.

    Dark Defender also chipped in, forecasting that XRP might surpass $0.90 should it break above $0.52 in the short term. Dropping below that resistance level, though, might lead to a decline of almost $0.40.

    XForceGlobal and CryptoBull were much more bullish. The former argued that XRP has formed a triangle pattern as of late, which indicates that the token’s value could rise above $10 by 2026:

    “The larger triangle scenario now has a solid three years of data, which makes it the largest accumulation of any coin without breaking any major lows at the time of writing. I would be conservative with my targets in the coming years of around $9-11 per XRP if the triangle scenario happens.”

    CryptoBull predicted a 2,500% price explosion toward $13 before the end of 2024. Those willing to explore additional forecasts can take a look at our dedicated video below:

    Is XRP Already a Bullish Mode?

    The popular X user Crypto Rover recently presented a chart showing that XRP might experience a “massive breakout” in less than two months.

    According to Dark Defender’s estimations, the token has been on a bullish path for the last 180 days. The analyst thinks there are ten more months (at least) during which XRP’s price could skyrocket to as high as $22.50.

     

     

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    Dimitar Dzhondzhorov

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  • XRP Price Will See 1,000% Rally When ‘Black Cloud’ Dissolves, What This Means

    XRP Price Will See 1,000% Rally When ‘Black Cloud’ Dissolves, What This Means

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    The host of the ‘Discover Crypto’ YouTube channel has boldly claimed that the XRP price could surge by 1000% from its current price range. He highlighted the Securities and Exchange Commission’s (SEC) case against Ripple as one of the factors that could spark this price surge. 

    XRP Price Could Do A 10X When Ripple And SEC Settle

    In a video posted on the YouTube channel, the analyst suggested that XRP would rise significantly once Ripple and the SEC finally settled. He described this long-running legal battle between both parties as a  “black cloud” that has continued to cause uncertainty in the XRP market.

    He further noted how investors strongly dislike uncertainty, which could explain why they have continued to trade with caution rather than doubling down on their XRP investments. Meanwhile, the ‘Discover Crypto’ host believes that irrespective of how much Ripple ends up being fined, a settlement will no doubt be ‘positive news’ and the trigger for the price surge. 

    The crypto analyst went on to break down four other reasons why he believes that XRP’s price could surge by 1000%. First, he stated that a Ripple Initial Public Offering (IPO) could also trigger a significant rally for XRP. This price pump, he claims, will be facilitated by market makers and whales who would want to create a positive sentiment around the IPO launch.

    To back up this point, he alleged that the biggest move for Bitcoin in 2021 wasn’t as a result of Bitcoin Halving or any market cycle but because of the Coinbase IPO. These same market makers are said to have pumped the flagship crypto’s price then. 

    Token price at $0.53 | Source: XRPUSD on Tradingview.com

    Other Factors That Could Spark XRP’s Parabolic Move

    The crypto analyst outlined crypto legislation as the third reason why XRP could rise exponentially from its current price levels. While admitting that the entire crypto market will benefit from this, he expects XRP to be one of the tokens that enjoy the most gains from this development. 

    Institutional adoption is also predicted to be another catalyst in XRP’s parabolic move. The ‘Discover Crypto’ host noted how the Spot Bitcoin ETFs have opened the doors to mainstream adoption. As such, he expects that more entities will want to add crypto tokens like XRP to their portfolio alongside their Bitcoin exposure.

    The fifth factor that could spark the 1000% rally for XRP is the Bitcoin Halving. The crypto analyst predicts that all crypto tokens, including XRP, are going to pump post-halving. As such, he believes that buying XRP at $0.50 now is definitely a steal. 

    Featured image from Crypto News, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Ripple job listing has a key detail: ‘drive ETF initiatives’

    Ripple job listing has a key detail: ‘drive ETF initiatives’

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    Ripple (XRP) appears to be laying the groundwork for a future XRP exchange-traded fund (ETF).

    A recent job opening for a Senior Manager for Business Development at Ripple listed a key responsibility: “drive cryptocurrency-related ETF initiatives with internal trading teams and relevant partners.” This has led some in the crypto community to wonder whether the blockchain payments company is aligning its strategy with the evolving crypto landscape.

    This development surfaces as Ripple navigates through a high-profile legal tussle with the U.S. Securities and Exchange Commission (SEC), which many speculate could eventually lead to clearer regulations and the much-anticipated approval of other crypto ETFs besides the Bitcoin spot ETF.

    The crypto analytics community and industry reporters have been quick to dissect the implications of this role. On Jan. 27, the cryptocurrency insights forum, Good Morning Crypto, took to X to highlight the possible significance of the little tidbit contained within the small print of the advertised position.

    Eleanor Terrett of Fox Business subsequently commented on Good Morning Crypto’s post, noting that the recruitment of such an expert could represent a preliminary move toward establishing an XRP ETF.

    However, Terrett pointed out the necessity of a Ripple futures ETF as a precursor to the approval of an XRP spot ETF.

    She drew attention to the precedent set by the approval of Bitcoin futures by the Chicago Mercantile Exchange (CME), which was crucial for the SEC to greenlight Bitcoin spot ETFs.

    Crypto journalist Colin Wu echoed Terrett’s sentiment, emphasizing the significance of the job posting in anticipation of an XRP ETF application.

    Bloomberg’s James Seyffart previously highlighted the need for having XRP futures listed on a significant derivatives exchange, such as CME, before the SEC’s approval of an XRP ETF. The rationale is that the presence of XRP on CME would provide an underlying asset for the ETF to track, which is a critical requirement for ETF approval.

    XRP’s performance over the broader timeframe underscores the challenges it faces amid the ongoing regulatory debate. Over the last 30 days, per data from CoinGecko, the coin has lost more than 16% of its value. It also registered a 7.3% price drop in the previous fortnight and a 3.2% loss over the last seven days.

    However, in the past 24 hours, the price of XRP has gone up by a modest 1%, a change accompanied by a 24-hour trading volume of $637.9 million.


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    Julius Mutunkei

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  • Crypto Analyst Explains How XRP Could See Massive 4500% Jump To $27

    Crypto Analyst Explains How XRP Could See Massive 4500% Jump To $27

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    Crypto analyst Egrag Crypto has once again reiterated his prediction that XRP will hit $27 soon. This time, he provided an analysis of how that will happen using XRP’s moving average as a point of reference. 

    How Price Will Rise To $27

    Egrag suggested in an X (formerly Twitter) post that XRP could rise to $27 while analyzing the 21 Exponential Moving Average (EMA) on the monthly time frame. The analyst assessed price percentages that occur when XRP’s price is positioned either above or on the 21 EMA. Using this, he then predicted that the altcoin hitting $27 was on the cards. 

    From the accompanying chart that the crypto analyst shared, one could see that he was simply hinting at XRP replicating past percentage moves. Back in 2017, XRP had risen by over 4500%. In 2018, it rose by another 1000% and saw a 500% increase in 2021 after years of consolidation. 

    Source: X

    This isn’t the first time that Egrag is predicting that XRP will rise to $27. As part of his previous analysis of how XRP will rise to this price level, he stated that this was a “plausible target,” having the 2017 surge in mind when XRP saw a 61,000% gain in 280 days. Interestingly, Egrag’s recent chart shows that this price prediction could happen sometime this year. 

    XRP To $1.4 Before Then

    In the meantime, Egrag predicts that XRP could rise to $1.4 between March and April. According to him, once that happens, it will pave the way for “swift progression to $5 and beyond.” $5 is another price level that the XRP community has its sights on, considering that the analyst had boldly claimed that the token will hit it in 90 days.  

    Meanwhile, the crypto analyst is also aware of the fact that XRP investors are growing anxious about the crypto token’s stagnant price action despite ultra-bullish predictions. He warned these individuals against letting their emotions get in the way as the outcome of these emotions is “suboptimal” for effective trading or investing in the crypto space. 

    To be successful in such a volatile market, Egrag claims that a strategic and disciplined approach is required. In the process, one is able to build mental fortitude. This is also critical as trading in the crypto space is “indeed a mental game, demanding robust, sharp, and resilient metal skills to navigate the dynamic and unpredictable nature of these markets.”

    At the time of writing, XRP is trading at around $0.52, up over 3% in the last 24 hours, according to data from CoinMarketCap. 

    XRP price chart from Tradingview.com (Crypto analyst)

    Token price rebounds after drop | Source: XRPUSD on Tradingview.com

    Featured image from CoinJournal, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Key Requirements For Spot XRP ETF Approval Revealed Amidst 4500% Price Surge Target

    Key Requirements For Spot XRP ETF Approval Revealed Amidst 4500% Price Surge Target

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    Following Bitcoin’s spot exchange-traded fund (ETF) approval on January 11, market speculation has grown around the possibility of similar investment vehicles for major cryptocurrencies, including a spot XRP ETF. However, certain requirements and regulatory considerations must be met before such a development can occur.

    Regulatory Prerequisites For Spot XRP ETF

    FOX reporter Eleanor Terret clarifies the matter, stating that launching an XRP spot ETF would first require the establishment of a futures ETF. 

    In the case of Bitcoin, the approval of spot ETFs was conditional upon the Securities and Exchange Commission (SEC) concluding that the Chicago Mercantile Exchange (CME) Bitcoin futures market provided sufficient surveillance against fraud and manipulation. 

    Terret suggests that for XRP to have a spot ETF, a futures ETF must first be established, marking a step in the right direction.

    Bloomberg ETF expert James Seyffart shares a similar sentiment, stating that he does not anticipate an XRP ETF launching this year. Seyffart cites the ongoing SEC case against Ripple as a factor influencing his stance, suggesting that an XRP ETF is more likely to emerge once the regulatory matter is resolved. 

    Seyffart adds that XRP futures trading on a regulated platform like the Chicago Mercantile Exchange would be a prerequisite for the SEC to consider any applications for a spot XRP ETF. Seyffart hints that an XRP futures ETF could also be advantageous in this context.

    The SEC has maintained a cautious approach towards spot ETFs involving crypto assets due to concerns about potential market manipulation. Seyffart emphasizes that the availability of XRP futures trading on a regulated platform, such as the CME, would provide a favorable framework for the SEC’s consideration of a spot XRP ETF, especially given previous court rulings highlighting the correlation between futures and spot markets.

    Amidst the ongoing speculation, blockchain firm Ripple seems to be preparing for potential involvement in the ETF space. 

    A recent job advertisement posted on Ripple’s website reveals their search for a Senior Manager in business Development, with a focus on institutional decentralized finance (DeFi). The role includes spearheading cryptocurrency-related ETF initiatives with internal trading teams and relevant partners.

    XRP’s Future Potential – From $0.5299 To $27?

    Crypto market analyst EGRAG crypto has conducted a comprehensive price analysis of the XRP token. Despite peaking in 2023, when the price reached a high of $0.9376 on July 13, the token has retraced more than 15% since the start of 2024 to a current trading price of $0.5299.

    However, according to EGRAG, the 21 Exponential Moving Average (EMA) on the monthly time frame is a significant indicator for assessing XRP’s price movement. 

    The analysis focuses on three price levels: $3.5, $6.5, and $27. Based on previous instances (labeled A, B, and C), EGRAG extrapolates potential future price movements using the same percentage increases observed in the past.

    XRP’s price targets are based on historical patterns. Source: EGRAG Crypto on X

    The first potential scenario is a significant price surge to $27, representing a massive 4500% increase. This prediction is based on a similar percentage move observed in the past (from previous instance A), seen in the chart above. 

    The second scenario suggests a more conservative projection, with XRP potentially experiencing a solid 1000% increase to $6.5. This projection is based on historical patterns observed in previous instance B. 

    In the third scenario, EGRAG anticipates a significant 500% rise in XRP’s price, reaching $3.5. Based on previous instance C, this projection indicates a significant upward movement for the token. 

    Whether the XRP token can successfully surpass the upper resistance levels that have impeded its rise to the $0.600 mark since late December remains to be seen. 

    Additionally, the market eagerly awaits a catalyst that could prompt a breakthrough in XRP’s seven-month downtrend structure, potentially resulting in a price surge above $0.700.

    XRP ETF
    The daily chart shows XRP’s downtrend. Source: XRPUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Is XRP Price At $20 Possible? Crypto Analyst Predicts Stunning Move

    Is XRP Price At $20 Possible? Crypto Analyst Predicts Stunning Move

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    Crypto analyst Jaydee has outlined a scenario in which the XRP price could rise to as high as $20 at the peak of the next bull market. According to him, this price level is possible if certain factors are considered. 

    What Will Facilitate XRP Price Rise To $20

    Jaydee mentioned in an X (formerly Twitter) post that $20 is a “possible top” for XRP using the market cap as a marker. For this to happen, he also noted that there must be a structure break on the charts.

    The analyst, however, is not holding his breath for that to happen. He further remarked that he was going to take profits once XRP was overbought on multiple higher timeframes. Interestingly, Jaydee had once shown his skepticism about XRP rising to between $10 and $15. As such, his latest analysis came as a surprise to some of his followers. 

    Meanwhile, crypto analyst Egrag Crypto recently provided an analysis of XRP’s current state. He stated that things are looking bullish on the monthly time frame. He further hinted that a major pump was “brewing,” but there could be more move to the downside before that happens. This, he says, will be “enough to spook the weak hands.” 

    The analyst also gave an insight into how low XRP could drop in another X post. He noted that XRP was currently in a critical zone and that a weekly close below the ascending triangle’s edge could trigger a price downturn to $0.34. On the other hand, if XRP were to close above $0.75, Egg believes that would invalidate his current setup.  

    In the meantime, the analyst sees these current dips in the XRP market as an opportunity to accumulate more tokens while preparing for the pump that will “roll in fast mode.”

    Token price falls to $0.5 | Source: XRPUSD on Tradingview.com

    The Bottom For XRP’s Current Trend

    The current belief among different crypto analysts seems to be that XRP is likely to decline further before it makes any parabolic move to the upside. Crypto analyst Ali Martinez had previously predicted that XRP could drop to $0.34 if it failed to hold above the $0.55 support level (which it has failed to do). 

    Now, crypto analyst XRP Shark is also echoing almost similar sentiments as he shared his belief that the price ranges between $.35 and $0.45 could be the bottom area for XRP’s move to the downside. Once the crypto token drops to that price range, he predicts that a “violent move to the upside” will follow. 

    As Egrag suggested, this move to the downside looks necessary to shake out weak hands before XRP experiences new highs. Crypto analyst Crypto Rover predicts that XRP will experience a “massive breakout” sometime in March. 

    Featured image from Coinpedia, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • XRP Sale Controversy: Ripple Faces Heated Legal Debate Amid Market Turbulence

    XRP Sale Controversy: Ripple Faces Heated Legal Debate Amid Market Turbulence

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    The crypto community is currently embroiled in a debate over the right for Ripple to sell XRP tokens, sparked by a recent exchange between XRP advocate Bill Morgan and a crypto analyst known as “Darkhorse” on social media platform X.

    This discussion delves into the legal complexities and market implications of Ripple’s actions concerning XRP sales.

    Legal Debate: Ripple’s Rights To Sell XRP

    Bill Morgan, a staunch defender of XRP, argued that Ripple has no legal constraints on “selling its XRP tokens except in the context of institutional sales.”

    This assertion was in response to a crypto analyst, Darkhorse’s reference to a ruling by Judge Analisa Torres in July 2023, which, according to the analyst, did not permit Ripple to sell XRP.

    Morgan maintained that Ripple is legally allowed to sell its XRP holdings, clarifying that the company’s sales should not be viewed as investment contracts under the United States Securities law.

    Morgan further noted that nothing is “stopping Ripple from selling its XRP.” “The issue is whether in the US it needs to register its sales and offers of XRP with the [Securities and Exchange Commission] SEC.”

    After Judge Torres ‘ decision, another user on X highlighted a significant point regarding Ripple’s XRP sales. Based on the judge’s reasoning, these sales might “now be considered securities transactions.”

    This change in classification, the user explained, is because Ripple’s involvement with XRP is now publicly acknowledged, which could lead to expectations of value increase due to the payment company’s activities.

    Previously, such sales weren’t classified as securities transactions due to a “lack of evidence” that retail buyers knew about Ripple’s role with XRP. However, this has changed post-Judge Torres’ decision, making Ripple’s involvement a publicly recognized fact.

    Responding to this, Morgan suggested that despite this public awareness, the past five years’ performance of XRP’s price indicates that expecting profits from Ripple’s efforts might not be “reasonable.” The XRP advocate further implied that those who bought XRP after the July 13th decision with such expectations might be “irrational or need help.”

    Ripple XRP Sale And Market Impact

    Notably, the debate comes on the heels of Ripple’s recent transfer of 80 million XRP tokens, valued at approximately $46.18 million, to an undisclosed wallet. This transaction, reported by blockchain tracking service Whale Alert, has ignited speculation in the XRP community.

    Amid these developments, XRP’s market performance has seen fluctuations. The asset experienced a 1.5% decline in the past 24 hours, dropping its price to $0.566. However, over the past week, XRP has shown resilience, recording a 2.6% increase. The trading volume for XRP also saw a dip, falling from over $1 billion last Wednesday to $827 million in the last 24 hours.

    XRP price is moving sideways on the 1-hour chart. Source: BTC/USDT on TradingView.com

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Samuel Edyme

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  • XRP Price Remains On Track To Reach $27 By July: Analyst

    XRP Price Remains On Track To Reach $27 By July: Analyst

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    In a recent technical update EGRAG Crypto presented a compelling case for the XRP price, with historical comparisons that are suggestive of a significant upward trend. The focal point of his analysis is the Average Sentiment Oscillator (ASO), an indicator that provides insights into market sentiment by depicting the proportion of bullish to bearish perspectives through a blue and a red line, respectively.

    XRP Price On Course To Hit $27

    The updated ASO chart shared by EGRAG Crypto highlights a bullish cross that took place on October 3rd, 2023. This event is critical as it is indicative of a shift in market sentiment in favor of a bullish outlook.

    The analysis draws a parallel to the formation observed in 2017, labeled as point A on the chart, which was followed by a 55,000% rise in the price of XRP over a span of 275 days. This historical event is used as a benchmark to compare current market behavior.

    The analysis further references a similar bullish cross occurring between late 2020 and 2021, leading to a 1,500% rise in the asset’s value over 273 days, reinforcing the significance of such crossovers as precursors to considerable price movements.

    XRP price: Average Sentiment Oscillator analysis | Source: X @egragcrypto

    Presently, the chart illustrates what EGRAG describes as “the largest jaw,” referring to the substantial gap between the bullish and bearish sentiment lines on the ASO. Egrag views this divergence as an indicator of a potentially stronger bullish trend than previously observed.

    With the pattern of 9 bars, or 274 days, since the last bullish cross mirroring the timing of the past surges, EGRAG’s analysis suggests that XRP will be on a similar trajectory by July this year.

    Notably, the ASO trendline is currently trending down again. According to the crypto analyst, however, this is no cause for concern. XRP remains on its bullish path. “Confidently, I can affirm that the current curve closely resembles the formation seen in 2017. Check out the chart below labeled “Check Here” for a visual representation,” Egrag states.

    While the ASO’s centerline at 50% marks a balance point between bullish and bearish sentiments, the current bullish sentiment line is well above this threshold, reinforcing the expectation of a continued rise in price.

    Using the XRP price movement from the previous instances of ASO bullish cross, Egrag extrapolates that the XRP price could reach $27 by July 2024. Therefore, Egrag’s advice to the XRP army is quite simple: “STAY STEADY! The key to winning this game is to #BUY, #HODL, and sit on your ass. Simply as Raoul Pal says, ‘Do not Fuck it up.’”

    At press time, XRP traded at $0.57051.

    XRP price
    XRP price falls below the 200-day EMA again, 1-day chart | Source: XRPUSD on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Jake Simmons

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  • XRP Price Uptrend To Continue? These Could Be The Factors To Watch

    XRP Price Uptrend To Continue? These Could Be The Factors To Watch

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    XRP price is consolidating above the $0.5400 support. The price could start a fresh rally if there is a clear move above the $0.600 resistance.

    • XRP is struggling to clear the $0.588 and $0.600 resistance levels.
    • The price is now trading below $0.5920 and the 100 simple moving average (4 hours).
    • There is a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
    • The pair start a fresh rally if it clears the $0.588 and $0.600 resistance levels.

    XRP Price Aims Higher

    After a decent recovery wave, XRP price was able to settle above the $0.5640 pivot level. A base was formed near $0.5460, and the price started a consolidation phase, unlike Bitcoin and Ethereum.

    There was a minor increase above the $0.570 resistance zone. However, the bears seem to be active near the $0.5880 resistance zone. It faced a rejection near the 50% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low.

    The price is now trading below $0.5920 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.588 zone.

    The first key resistance is near $0.600. There is also a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair. The trend line is near the 61.8% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low.

    Source: XRPUSD on TradingView.com

    A close above the $0.600 resistance zone could spark a strong increase. The next key resistance is near $0.625. If the bulls remain in action above the $0.625 resistance level, there could be a rally toward the $0.665 resistance. Any more gains might send the price toward the $0.700 resistance.

    Downside Break?

    If XRP fails to clear the $0.600 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.5450 zone.

    The next major support is at $0.5220. If there is a downside break and a close below the $0.5220 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.4850 support zone.

    Technical Indicators

    4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

    Major Support Levels – $0.5450, $0.5220, and $0.4850.

    Major Resistance Levels – $0.5880, $0.600, and $0.6250.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • XRP And XLM Price Correlation Persists, Ripple CTO Explains Why

    XRP And XLM Price Correlation Persists, Ripple CTO Explains Why

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    XRP and Stellar (XLM) are two cryptocurrencies that have been constantly compared in terms of price growth and development. Both digital assets are dedicated to facilitating cross-border transactions. 

    Given their considerable similarities, the Chief Technology Officer (CTO) of Ripple, David Schwartz has attempted to uncover the factors contributing to the persistent price correlations between the cryptocurrencies. 

    Ripple CTO Explores XRP And XLM Price Trends

    Schwartz has recently taken to X (formerly Twitter) to share a chart illustrating a strong correlation in the price movements and patterns between XRP and XLM tokens. In response to an X user who expressed curiosity regarding the similar price trends between the two cryptocurrencies, Schwartz explained the distinct reasons behind XRP and XLM’s unique price movements. 

    The Ripple CTO acknowledged that he lacked an accurate explanation for the price correlations between XRP and XLM. However, he provided two major factors that could be influencing the price trends. 

    Schwartz revealed that comparable market forces that regulate various cryptocurrencies also control XRP and XLM. He further stated that most investors and crypto enthusiasts often place XRP and XLM within the same category due to the cryptocurrencies’ historical connection.

     As a result, a significant number of people simultaneously engage in buying and selling XRP and XLM causing the cryptocurrencies to have similar price movements. 

    Concluding his analysis, Schwartz stated that he believed there were no market manipulations or external “evil forces” making these cryptocurrencies display similar price trends. 

    Bulls resume control of price | Source: XRPUSD on Tradingview.com

    Latest Developments For Both Assets

    XRP and XLM are one of the major cryptocurrencies that have gained significant attention, often seen as the leading contenders for cross-border payments and mainstream adoption. 

    While these two cryptocurrencies tend to display similar price tracks, they have been experiencing vastly different developments in their respective markets and ecosystems. 

    XRP recently gained regulatory clarity after successfully gaining a victory in its ongoing legal battle with the United States Securities and Exchange Commission (SEC). Despite speculations suggesting that XLM might be the SEC’s next target due to its striking similarities with XRP, the cryptocurrency has not encountered similar legal issues in the US as Ripple. 

    Following XRP’s partial legal success, the price of XRP surged considerably. While XLM followed behind increasing by almost 90% but retraced some of the accumulated gains later. 

    In terms of expansion, XRP has achieved multiple milestones and has gained approvals in several regions including Dubai. The cryptocurrency is positioned to gain from Ripple’s potential integration into trillion-dollar markets and industries.

    On the other hand, Stellar (XLM) is improving its ecosystem by integrating a new testnet upgrade, Protocol 20. The cryptocurrency is also actively seeking new partnerships with banks to expand its reach and utility.

    Featured image from Coinmarketcap, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • XRP Price Set To Spike As Ripple Enters Another $1.5 Trillion Industry

    XRP Price Set To Spike As Ripple Enters Another $1.5 Trillion Industry

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    Global crypto payments provider Ripple is poised to venture into a substantial $1.5 trillion industry, signaling a potential surge for XRP. The company is strategically positioning itself to provide solutions to the financial complexities within this industry.

    Ripple’s Strategic Expansion

    In a recent Wednesday report published on X (formerly Twitter), Ripple, a blockchain-based digital payments network, revealed its latest expansion target to be the $1.5 trillion IT industry. The crypto network has envisioned a transformative role for Ripple in the IT industry where difficulties with cross-border payments and other financial challenges have long persisted. 

    “97% of payments leaders believe blockchain and digital assets will have a significant role in enabling faster payments within the next three years. In our latest payments guide, discover how to accelerate global payments for an IT services business,” Ripple stated. 

    While Ripple expressed its ambition to extend into this thriving industry, the crypto payments provider also outlined several ways IT service providers can utilize blockchain-based payments to overcome their financial problems. 

    According to Ripple, by using blockchain technology, many IT services can easily streamline payments to suppliers overseas. Additionally, blockchain-based payments can effectively solve issues like slow and expensive international wire transfers, high transaction fees, restrictive banking hours, and a lack of transparency. 

    While Ripple anticipates the IT industry to hit $1.5 trillion by 2024, the crypto payments provider has also expanded its focus to other sectors. In November 2023, Ripple announced its intention to dominate the $300 trillion payments sector.

    This strategic expansion aligns with the company’s vision to revolutionize the traditional finance system and could serve as a catalyst to trigger a long-awaited surge in XRP prices. 

    Token price declines to $0.57 | Source: XRPUSD On Tradingview.com

    What’s Next For XRP – Potential Surge?

    Ripple’s possible entry into a trillion-dollar industry comes as a ray of hope for XRP ‘hodlers’ who have been waiting years to see a significant shift in the price of XRP. If Ripple’s advanced payment technology successfully becomes integrated into the vast IT industry, demand for its native token, XRP may rise.

    Since 2023 till date, XRP has been unable to break resistance to reach the $1 price mark. However, Ripple’s move into a multi-trillion dollar market could lead to broader adoption of the cryptocurrency, potentially pushing XRP’s price to values predicted by various crypto analysts in the industry. 

    At the time of writing, XRP is trading at 0.5771 according to CoinMarketCap. The cryptocurrency is still trading miles below its all-time high of $3.84 in 2018. 

    Featured image from Zipmex, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Crypto Analyst Blasts $20,000 XRP Price Target, Reveals Why It's Impossible

    Crypto Analyst Blasts $20,000 XRP Price Target, Reveals Why It's Impossible

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    XRP YouTuber Moon Lambo has hit out at those who believe that the XRP price could be worth $20,000 in the future. The analyst believes that this price level is unattainable for the crypto token as he highlighted reasons why he holds this belief. 

    Why The XRP Price Cannot Rise To $20,000

    In a video on his YouTube Channel, Moon Lambo explained that XRP’s market cap will need to run into quadrillions of dollars if it were to achieve that price level based on its current market cap. However, from his calculation, there is not enough money in the world for such an occurrence, as at least $100 trillion will need to flow into the XRP ecosystem for that to happen.

    According to the YouTuber, there is a “0% chance” that this will happen. He dismissed any argument that some assets could be sold off to fund this amount of inflows into the XRP ecosystem. This is unlikely to happen as those assets will need to go to zero to get the amount of liquidity needed to get the XRP price to $20,000, Moon Lambo argued. 

    XRP being worth that amount would also mean the crypto token having a market cap worth over ten times more than the value of the US stock market. Moon Lambo says that it is “utter nonsense” to think that this will happen. He believes there is no way that XRP can be more valuable than all the foremost companies in the US put together. 

    He also alluded to arguments that XRP can attain this price by becoming the currency for the global reserve. He says that swapping out the dollar, which currently accounts for a huge chunk of the global reserve, won’t still see the crypto token get the required liquidity to hit $20,000.

    XRP price at $0.63 | Source: XRPUSD on Tradingview.com

    Enough Reason To Still Be Excited As An XRP Holder

    Despite his stance, Moon Lambo is still bullish on the XRP price. He stated that the crypto token doesn’t need this “crazy hype nonsense” for one to be excited as an XRP holder. The crypto analyst believes that as far as XRP is widely adopted, there is enough money that can flow into it, which could cause its price to hit three digits. 

    Unlike a price prediction of $20,000, XRP’s price hitting three digits is still within the “realm of possibilities.” However, Moon Lambo doesn’t see that instantaneously happening as he says that it could take “many market cycles.” The good news is that anyone who has been in on XRP for some time is already well-positioned for such a multiplier effect. 

    Meanwhile, analysts who have in the past made such “impossible” price predictions of $20,000 were not spared in the crypto analyst’s rant. Moon Lambo mentioned that such people only make baseless claims and do not provide justification for such assertions. 

    He provided insight into why these analysts make such predictions as he suggested that they were doing this to get more audience. He remarked that he would probably get more subscribers if he jumped on this “bandwagon.” However, he has no intention to do that as he says it will be “intellectually dishonest” to do that.

    Featured image from Tekedia, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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