XRP is on track for a potential breakout toward the $3 to $3.45 range, driven by robust technical support and Ripple’s expanding efforts in attracting institutional investment.

Key Highlights:

• Brad Garlinghouse, Ripple’s CEO, announced that XRP is vital to their ecosystem as they launched Ripple Prime.
• The price of XRP aims to overcome resistance at the $3 mark amid positive technical analysis.

XRP has started showing signs of a possible 35% increase as bullish indicators combine with solid backing, particularly after Garlinghouse’s recent assertion emphasizing XRP’s essential role in Ripple’s vision for a decentralized financial landscape.

XRP Technical Analysis

The price of XRP has responded strongly since bouncing off the lower boundary of an ascending triangle, which typically suggests significant rebound potential, evidenced by historical price increments of 70-80% seen in previous years.

On Saturday, XRP saw an 8% rise, in sync with the 50-week exponential moving average at $2.33.

By December, XRP could be poised to reach approximately $3.45, reflecting a 35% increase from its existing levels, assuming historical trends remain constant.

Ripple Prime’s Role

Ripple’s strategic focus on institutional growth significantly supports XRP’s bullish outlook. Recently, they acquired Hidden Road, rebranding it as Ripple Prime, solidifying their position as the first crypto firm to offer a global multi-asset prime brokerage service. In their statement, Ripple noted:

“Ripple’s foundational digital asset infrastructure across payments, crypto custody, and stablecoin, including the utilization of XRP, will support the operations under Ripple Prime.”

Garlinghouse reiterated that this acquisition is a further advancement towards their aim of creating an internet of value, asserting that XRP is pivotal to everything Ripple does.

Analysts expect XRP to continue gaining traction following this development, with traders like Credibull Crypto highlighting that Ripple’s substantial XRP reserves provide a strong incentive to drive the token’s value higher.

Additionally, XRP aims to acquire $1 billion worth of tokens for a new treasury on the Nasdaq under the ticker “XRPN.”

This overview does not constitute financial advice. All trading and investment carry inherent risks, and individuals should conduct thorough research when considering their options.