Key Highlights:
- Ripple’s CEO pointed out that XRP is foundational as Ripple Prime launches.
- XRP’s price is in pursuit of overcoming resistance at $3, driven by bullish indicators.
XRP is showing signs of a possible 35% surge, as a mix of technical and new fundamental factors fuels optimism surrounding the token. CEO Brad Garlinghouse’s recent emphasis on Ripple’s “internet of value” vision lays a strong foundation for this outlook.
XRP Price Shows Resilience
Recent technical analysis suggests XRP has gained traction off a vital support level. Historically, this point has characterized the onset of significant rebounds, including notable 70-80% increases earlier this year.
As of the latest data, the token gained over 8% after bouncing away from the trendline, coinciding with the 50-week EMA at $2.33. Analysts predict a potential rise to the triangle’s upper trendline near $3.45, marking a 35% escalation by December, mirroring past trends.
Ripple Prime Strengthens Bullish Sentiment
Ripple is augmenting its institutional efforts, providing robust support for XRP’s bullish outlook. Recently, the firm announced its acquisition of Hidden Road, rebranding it to “Ripple Prime.” This strategic move makes Ripple a frontrunner among crypto companies in operating a worldwide multi-asset prime broker, leveraging existing institutional clients.
CEO Garlinghouse remarked:
“Ripple’s foundational digital asset infrastructure across payments, crypto custody and stablecoin, as well as the use of XRP, will complement the services offered within Ripple Prime.”
Several analysts foresee XRP’s appreciation following Garlinghouse’s endorsement, as the company maintains significant XRP holdings, making it incentivized to enhance the token’s market value. Additionally, Ripple has signaled plans to acquire $1 billion in XRP tokens for their treasury under the “XRPN” ticker.
This article does not comprise investment advisories or recommendations. All trades and investments are subject to inherent risks, thus readers should carry out diligent inquiries before making decisions.
