XRP price showed a modest decline of 0.22% during Saturday’s trading session. Amid geopolitical tensions and a recent complaint by the US Securities and Exchange Commission, Ripple Coin is struggling to drive a sustained recovery and prolong the sideways trend. Here are three reasons why XRP price can avoid the cumulative trend of rising above $250.
XRP price could reach $277 by October: Here’s why
Over the past week, the XRP coin has experienced a sharp decline, losing 20% of its value as its price fell from $0.665 to $0.525. The bearish reversal signals a continuation of the current consolidation that has been in place since late 2021. Is Ripple price ready for the end of its multi-year sideways trend?
Analysts expect XRP to rise $1,000 amid cross-border payment utilities
Despite continuing legal challenges against digital payments company Ripple, multiple analysts say Ripple’s native cryptocurrency, XRP, is headed for a $1,000 rally due to its usefulness in cross-border payments. That’s what I think.
This prediction is based on XRP’s potential to process large-scale international transactions, with JPMorgan recognizing XRP’s ability to unlock up to $120 billion in liquidity trapped in cross-border payments. .
Renowned crypto analyst Mason Versluis highlighted Ripple’s price and how it handles trillions of dollars in trading volume. According to the XRP liquidity cheat sheet, the coin price could support up to $1 trillion in daily trading volume at prices between $100 and $500. However, to accommodate larger daily trading volumes in the range of $6 trillion to $20 trillion, the XRP price would need to rise to at least $1,000.
of $XRP Liquidity Cheat Sheet 🤫 pic.twitter.com/YBY3AF7ClJ
— Mason Versluis (@MasonVersluis) May 21, 2023
Wells Fargo adopts XRP for credit card and loan payments
Last month, financial giant Wells Fargo officially integrated XRP as a payment method for settling credit card bills and loan payments. The move will allow customers to use XRP for debt repayments, highlighting the bank’s (traditional) transition towards adopting blockchain technology.
Additionally, customers can now earn rewards through the XRP Ledger System’s CryptoTradingFund (CTF). The innovative setup simplifies payments and provides cashback benefits to users. As financial institutions like Wells Fargo adopt XRP, the token’s usefulness will increase, demand will increase, and it will assume a stronger role in mainstream finance.
India and UAE use XRP ledger to complete oil trade
Adding further credibility to XRP’s growing role in global finance, India and the UAE recently executed their first oil transactions using the XRP Ledger. This transaction circumvented dependence on the US dollar and demonstrated XRP’s ability to efficiently facilitate high-value real-world transactions.
Furthermore, Ripple strengthened its foothold in the UAE by partnering with Dubai International Financial Center (DIFC).
This development highlights the growing attention to Ripple’s technology and could further drive widespread adoption in international markets.
Conclusion:
With significant partnerships and real-world applications, Ripple’s role in cross-border payments could cause natural demand pressure on XRP price. The altcoin shows significant upside potential, but it could take several years to reach the $270 goal as Ripple continues to ramp up international adoption.
Frequently asked questions (FAQ)
The potential price increase for XRP is driven by its increasing utility in cross-border payments and the introduction of institutions like Wells Fargo to integrate XRP.
Analysts like Mason Versluis predict that XRP could rise to $1,000 if it processes trillions of dollars in cross-border transactions every day.
Successful completion of oil trade using XRP Ledger by India and UAE demonstrates the real-world utility of XRP in high-value transactions
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Sahil Mahadik
Sahil is a dedicated full-time trader with over 3 years of experience in financial markets. He has a strong grasp of technical analysis and keeps a close eye on daily price movements of top assets and indices. Drawn by his fascination with financial products, Sahil enthusiastically embraced the emerging field of cryptocurrencies and continues to explore opportunities driven by his passion for trading.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
