Category: Crypto News, News

Reasons XRP Price Is Poised To Rally Eyeing $1

By Published On: June 14, 20242.5 min readViews: 1530 Comments on Reasons XRP Price Is Poised To Rally Eyeing $1

XRP price surged 5% on Wednesday pre-FOMC and hit $0.49. However, the gains were wiped off later after the main FOMC announcement came out. The price of XRP hovered around $0.479 during European trading hours on Friday, a 1.8% drop in the last 24 hours.

Bitcoin price, on the other hand, finds itself at a critical support level. Albeit strong and tested several times before, if broken the asset could see lows of $57,000.

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XRP Price Prediction: It’s Make or Break Time for XRP Price

XRP’s price has been choppy for the past two months. After surging in the Feb-March mini-rally, XRP has not touched those highs again. Currently, the asset is ranging between $0.55 and $0.47. Additionally, XRP price action is trending below the 50-day and 200-day simple moving averages (SMA). This is not bullish for the asset. 

Nevertheless, the XRP weekly macro-chart shows a bullish scenario in which the asset is on an uptrend. Zooming out provides a better perspective as it filters out the hourly or daily noise, showing a clear trend. 

XRP price has been making higher lows for the past 728 days, albeit very subtly. The asset has two major support zones to hold it up in a downward scenario – $0.45 and $0.43. At the latter support level, XRP will still be above the previous low, safeguarding the uptrend. Conversely, a bounce from here could see XRP reclaim the $0.55 level before aiming for $0.72.

On the other hand, the price of Bitcoin looks to bounce off the $66,000 support level and make for $72,000. Both BTC and XRP are in consolidation zones, and both must also decide on a direction soon. 

XRP Price Future Outlook

Ripple has been at the forefront of onboarding banks onto the blockchain, although the price of its native asset, XRP, has remained suppressed for a long time. Since the Ripple-SEC lawsuit began, the XRP price has remained largely stagnant.

In the meantime, Ripple Labs and XRP developers continue to advance in technology and collaboration, building irresistible fundamentals. Most recently, Ripple partnered with Archax to bring hundreds of millions of dollars worth of tokenized real-world assets (RWA) to the XRP Ledger (XRPL). 

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On June 13, 2024, Brad Garlinghouse and David Schwartz, Ripple executives, shared the stage for the first time together at the XRPL APEX 2024 Developer Summit. They talked about the plans to launch lending protocols and data oracles on the XRPL, a move that may bring in billions of liquidity to the XRP Ledger.

Data from Santiment shows the Market Value to Realized Value (MVRV) Z-score (red) sits at -0.67. As long as this number is below 0, it indicates it may be an opportune time to buy XRP.

Bottom Line

Garlinghouse and Schwartz expressed their excitement around the integration of crypto into mainstream U.S. politics. Regulatory challenges from government bodies such as the SEC have been a stumbling block for Ripple. Nevertheless, despite the challenges from U.S. political, economic, and regulatory landscapes, global adoption of Ripple’s solutions has been significant.

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