XRP Price Shows Promise Amid Positive Ripple Developments
XRP has formed a notable doji candlestick pattern,hinting at a possible relief rally. This comes after some encouraging news for Ripple.
Ripple’s XRP retested the crucial $2 resistance level, marking a 20% increase from its recent low. though, it’s still 43% below its peak this year.
Standard Chartered predicts XRP could rise from $2 to $12 in four years. this would boost Ripple’s market cap from $113 billion to over $600 billion.
Analysts attribute this potential growth to Ripple’s expanding role in cross-border payments. Ripple’s solution is faster,cheaper,and more transparent than SWIFT. A typical SWIFT transaction costs $20-$50, while Ripple’s costs under $1.
Ripple CEO Brad Garlinghouse noted that the SEC case’s end has led to more U.S. partnerships. Previously, many firms avoided Ripple due to the ongoing case.
Standard Chartered also highlighted Ripple’s progress in stablecoins.Its RLUSD token now has a $300 million market cap. Ripple recently integrated RLUSD into its payment network.
Ripple’s acquisition of Hidden Road for $1.25 billion will expand its institutional reach.
On the daily chart, XRP fell to $1.6145, its lowest since November. After this drop, XRP formed a giant doji candlestick, signaling a potential trend reversal.
however, XRP faces risks. A dead cat bounce or bull trap could lead to more downside. A break-and-retest pattern could also push XRP below $2. Lastly, a death cross suggests the downtrend may continue.
