XRP, a leading cryptocurrency consistently ranking among the top ten by market capitalization, is again the center of bullish predictions.
Analyst Mr Cryptosis recently presented an analysis suggesting XRP’s potential to climb towards $0.90. He also asked if the XRP army was ready for the coming massive pump.
This prediction is based on three key factors: community support, established bank partnerships, and speculation surrounding a potential XRP exchange-traded fund (ETF).
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Technical Analysis Points to Potential Price Rise
Mr Cryptosis’ analysis focuses on XRP’s technical chart, highlighting a crucial support zone around $0.40. This area has faced buying pressure on several occasions, indicating significant investor interest in preventing further price decline. XRP currently trades at $0.44, positioned near this support level. Historically, rebounds from this zone have led to notable upward price movements.
The analyst incorporates a projected bullish trend, suggesting a potential rise towards or beyond a resistance zone ranging from $0.80 to $1.00. This resistance level has historically acted as a ceiling for price rallies, making it a critical area to monitor in the coming days.
Beyond technical analysis, Mr Cryptosis emphasizes the role of institutional adoption in XRP’s potential growth. Numerous partnerships with financial institutions worldwide have strengthened confidence in XRP’s utility and stability.
For example, Simon McLoughlin, CEO of the American cryptocurrency exchange Uphold, revealed that major financial institutions leverage cryptocurrencies like XRP for facilitating international fund transfers.
During an interview, McLoughlin elaborated on Uphold’s involvement with Ripple’s On-Demand Liquidity (ODL) network. This cross-border payment solution utilizes cryptocurrencies like XRP to streamline large treasury movements for multinational companies.
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Rumors of a Potential XRP ETF Add to Bullish Sentiment
According to Mr Cryptosis, Adding to this speculation is Ripple President Monica Long, who has previously advocated for an XRP spot ETF in the U.S. market.
Long has argued that XRP’s consistent ranking among the top ten cryptocurrencies by market capitalization strengthens the case for an ETF. Furthermore, XRP’s position as the seventh most valuable cryptocurrency by market valuation further supports this argument.
Read Also: XRP ETF Possibility As Spot Ethereum ETFs Get SEC Approval
Despite currently trading 87% below its all-time high, other analysts also predict a price increase for XRP. Crypto Bitlord, a prominent crypto commentator, recently suggested that XRP is positioned for a significant price movement. This comes amidst XRP’s recent lackluster performance, where other altcoins have experienced growth closer to their all-time highs.
The combination of growing institutional support, established bank partnerships, and speculation surrounding an XRP ETF suggests that XRP could be primed for a substantial price rally, potentially reaching $0.90 in the coming months.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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