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Garanti BBVA Kripto Teams Up with Ripple and IBM for Enhanced Security

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Key Takeaways:

  • Garanti BBVA Kripto partners with Ripple and IBM for enhanced crypto asset security.
  • The collaboration ensures secure management of private keys and data with top-tier encryption.
  • Türkiye’s digital asset market is expanding with this institutional-grade custody infrastructure.

Garanti BBVA Kripto, a digital asset platform launched by Garanti BBVA in 2023, is reinforcing its commitment to secure crypto trading through a collaboration with Ripple Custody and IBM, according to a recent press release.

Following a successful pilot program last year, the platform is now expanding to its entire customer base and offers enhanced protection for Bitcoin above, Ethereum, USDC, and Avalanche, among other top digital assets.

This deal empowers Garanti BBVA Kripto to deploy its institutional-grade infrastructure and create peace of mind for users concerning the security of their crypto assets. Supported by IBM’s technology, the bank is assuring an industry-leading environment in both performance and trust since IBM has been involved in such secure custody along with Ripple.

Ripple and IBM’s Advanced Security Features

It provides for advanced encryption, isolation of customers’ environments, and a governance framework that eliminates single points of failure. The joint project addresses the growth in demand for secure crypto platforms that comply with regulations, can resist malicious attacks, and provide a secure environment to manage all assets.

Korcan Abalı, CEO of Garanti BBVA Kripto, emphasized the importance of robust security as the number of customers transferring and storing digital assets on the platform grows steadily, said:

The number of our customers who prefer to transfer and store their crypto assets is increasing daily. We will continue to scale by increasing our asset diversity and developing our service infrastructure. Our collaboration with Ripple and IBM gives us the confidence of institutional-grade custody infrastructure, which offers safety, robust governance and compliant processes.

Commitment to Türkiye’s Growing Crypto Market

The crypto asset market in Türkiye is growing quickly, and such partnerships are about to accelerate further. According to Aaron Sears, SVP at Ripple, the value of new digital asset classes is unlocked only when secure custody is maintained, making this partnership a key step toward advancements in the local market.

In further detail, IBM’s General Manager Işıl Kılınç Gürtuna made it known that the infrastructure of IBM is integrated in such a way to achieve sustainability in meeting the ever-changing requirement of the modern digital economy.

In this respect, Garanti BBVA Kripto closely cooperates with those tech giants, thereby enabling the company to be very competitive in the market: it provides customers not only with access to a wide variety of digital assets but also with state-of-the-art standards in security, scalability, and compliance.

Related Reading | Komainu Expands Footprint in Asia with Propine Acquisition

XRP Payments Lag Despite 92% Price Surge, Ripple CTO Warns

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  • David Schwartz argues XRP’s price must rise to facilitate efficient high-value payments, despite investor frustrations with its modest 92% increase since 2017.
  • XRP remains widely available with low fees and fast confirmation, but it has yet to achieve mass adoption for payments.
  • Schwartz acknowledges broader industry challenges, including regulatory hurdles, as factors hindering the integration of digital currencies into traditional financial systems.

David Schwartz, Ripple’s Chief Technology Officer, once again defended his views on XRP pricing and its role in the payments ecosystem. Responding to an investor’s question about the token’s stagnant price performance since 2017, Schwartz elaborated on why the token has not yet lived up to its full potential in the world of payments, despite its many advantages.

In a conversation from 2017, Schwartz had stressed that XRP’s price needs to rise to fulfill its role as a medium for high-value payments. According to him, the cost of a $1 million transaction is still $1 million, regardless of whether the token trades at $1 or $1 million. However, he added that a higher price would allow for cheaper and more efficient large transactions by reducing the market impact.

Back in 2017, XRP was trading between $0.17 and $0.28. Fast forward to 2024, and it now trades at approximately $0.54, reflecting a modest 92% increase. In contrast, Bitcoin has soared by over 500% during the same period, leaving many Ripple investors frustrated. Some sarcastically commented that the Ripple token is still “dirt cheap,” despite Schwartz’s previous comments that the token would not stay low if it were to succeed as a global payments asset.

In his response, Schwartz stood by his original argument that higher XRP prices make large-scale payments more practical by reducing market disruption. Whether the token trades at $1 or higher, he emphasized that the fundamental economics of the transaction remain the same.

XRP is Widely Available, but Adoption Remains Limited

An XRP community member recently criticized Schwartz, accusing Ripple of failing to position XRP as a major player in payments due to its low price. Despite this, Schwartz pointed out that the token possesses several unique qualities: it is widely available, has low transaction fees, and offers rapid confirmation times. These characteristics make it an ideal cryptocurrency for payments.

However, Schwartz acknowledged that XRP, like most other cryptocurrencies, has not yet gained widespread adoption for payments. He clarified that this is not due to XRP’s flaws but rather a broader industry challenge, with digital currencies struggling to integrate with traditional financial systems.

He did not dive into specific reasons for this slow adoption, but many speculate that regulatory hurdles and the complexity of integrating digital currencies into established systems are contributing factors.

Despite XRP’s slow price growth, Schwartz remains confident that its utility in payments will grow as the crypto industry matures and more payment solutions adopt digital currencies.

Ripple’s CTO remains optimistic about the Ripple token’s future, reiterating that its current price does not define its potential in the world of payments. However, slow adoption remains a challenge, requiring patience from both Ripple and its investors.

Musk’s 1st XRP Mention Sparks Excitement Among Investors

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  • Elon Musk mentioned XRP for the first time during a viral video, sparking conversation in the crypto community.
  • Musk emphasized that cryptocurrencies like XRP promote individual freedom but stopped short of endorsing XRP.
  • The XRP community is hopeful that Musk’s comments could signal a change in the asset’s market trajectory.

In a viral video making waves on Crypto Twitter, famous entrepreneur and owner of the social media platform X, Elon Musk, directly mentioned XRP for the first time. His comments have stirred conversations across the cryptocurrency community, with many wondering if this could impact the token’s future.

During the video, Musk was asked to give his opinion on whether the token could be integrated into the global financial system, especially given the U.S. Securities and Exchange Commission’s (SEC) aggressive stance on cryptocurrencies. Musk’s response was measured but impactful. He acknowledged the role of cryptocurrencies like Ripple, calling them valuable assets in the fight against centralized control.

While Musk stopped short of endorsing XRP, his comments are notable. He stated, “This is not an endorsement or lack of endorsement for XRP,” but he did emphasize that the nature of cryptocurrencies, including Ripple, promotes individual freedom. This statement has left the crypto community abuzz, given Musk’s influence on the market.

Musk and XRP: A Turning Point?

This marks the first time Elon Musk has mentioned XRP publicly, which is significant for the seventh-largest cryptocurrency by market cap. The Ripple community has long sought Musk’s attention, with hopes that his backing could propel the token the way his endorsement boosted Dogecoin (DOGE) to an all-time high in 2021.

Interestingly, while Musk has shown loyalty to DOGE, and to a lesser extent Bitcoin (BTC) and Ethereum (ETH), his engagement with XRP has been limited. In October 2022, Musk reacted to the news about Ripple’s case against the SEC, expressing surprise when the agency released drafts of William Hinman’s Ethereum speech to Ripple. Despite his “No way” tweet and a later approval of a podcast discussing Ripple’s partial legal victory, Musk had never directly mentioned the token, until now.

The Ripple community is eager to see if Musk’s influence could push the token higher, especially in the ongoing battle with the SEC.

Ripple has been a focal point of SEC scrutiny, but it remains resilient. With a current market cap of over $28 billion and a daily trading volume surpassing $1.4 billion, the token is far from fading. Musk’s recognition adds to a list of developments that could boost the token’s profile globally.

Whether Musk’s mention of XRP has a lasting impact remains to be seen, but his comments have undoubtedly added fuel to the ongoing conversation about the future of cryptocurrencies in the global financial system.

35,799 Unique Wallets: Ripple’s XRPL Sees Highest Activity in 3 Months

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Key Takeaways

  • XRP Ledger sees a spike in active wallets, reaching 35,799 in one day, its highest in three months.
  • Ripple could follow Amazon’s path to an IPO, opening doors to significant expansion.
  • Recent legal wins for Ripple may clear the way for a public listing.

Ripple’s XRP Ledger recently witnessed a remarkable surge in active wallets, reaching 35,799 unique wallets making transfers in a single day—the highest count in over three months.

On the same day, 3,858 new wallets were created, a figure that had not been reached in over seven months. These statistics clearly bring out the continuous growth of Ripple and how its blockchain network interests many regardless of the legal challenges faced by the project.

image 28 1
Source: Santiment

This uptick in activity also coincides with growing speculation about the company’s future, particularly its potential IPO. A Ripple IPO has generated some excitement within the blockchain community since this could give it significant capital and legitimacy for its next growth phase.

Ripple’s Path to an IPO

Business leader Jake Claver recently intimated in an X post that the company might follow the path of Amazon’s 1997 IPO. He underlined how the previous history can set up Ripple with blockchain and fintech, saying that it is just great to enjoy a highly qualified public listing.

The company has managed to make a name for itself in the market by being able to facilitate faster, cheaper cross-border settlements while currently active in more than 300 financial institutions worldwide by utilizing its native token, XRP.

Although often compared with SWIFT, this potential IPO could see Ripple become one of the front-runners in tokenized assets or DeFi. However, upon Amazon’s IPO, the company received $54 million to extend into more markets.

Likewise, the company’s going public might provide it with the necessary capital to scale operations and tap other industries in blockchain, as evident in the recent acquisition that Ripple just made of Metaco, renamed Ripple Custody.

IPO or Direct Listing: What’s Next?

There are two major routes: going public means an initial public offering or a direct listing for the company. An IPO would mean the issuance of new shares to raise fresh capital with which it can scale faster and attain other markets, be it tokenized securities or simply DeFi.

On the other hand, a direct listing, not involving new shares, could be more attractive to the company, with its highly robust balance sheet holding more than $1.3 billion in cash.

Recent legal victories in the ongoing fight with the SEC may finally clear the way to go public. Much as Amazon’s IPO legitimized e-commerce, so too could a Ripple public listing do the same for blockchain technology and finance, putting regulators and banks that it’s a permanent fixture in the industry.

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XRP’s 3,300% Surge? Technical Analysis Points to Massive Gains Ahead

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Key Takeaways:

  • XRP’s Bifrost Bridge is projected to reach $6.4 and $27 targets.
  • XRPArmy remains resilient despite the ongoing SEC manipulation and appeals process.
  • The strong and informed XRP community continues to play a key role in promoting its long-term potential.

Recently, the XRP community has been talking about possible targets of $6.4 and $27, provided by EGRAG CRYPTO. In this type of prediction, the price explosion is compared to historical data derived from the Bifrost Bridge, which is a fundamental component of the price action of XRP.

The bridge has seen massive pumps in the past, increasing 3,300% and 700% at different phases. These patterns and Fibonacci targets point toward significant price movement by March 2025 or Q1 2025. This is not just a flight of optimism in the forecast but also a basis for technical analysis of charts and levels of liquidity.

On-chain metrics, such as Bifrost Bridge, slope upwards to the charts of major FANGMAN stocks as its analyst points to similarities in their long-term growth potential. That would mean, despite all the regulatory hurdles, the future of XRP may hold breathtaking gains for those staying focused on data.

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Navigating Through SEC’s Obstacles

The ongoing lawsuit battle with the SEC is an albatross to XRP investors. The seemingly endless appeals and delays have surely tried the patience of many. However, EGRAG CRYPTO thinks suggests that the XRPArmy must ignore the “noise” emanating from these legal battles.

Instead, it should look at cycle duration and liquidity across the chart. It is certain that for the keen investor, such parameters will usually give an indication of where the price could be in the long term.

The simple part is not getting lost in the frustrating legal back-and-forth, but the real story is about the cryptocurrency’s long-term potential. The manipulation by the SEC is temporary, while the chart and historical data would suggest much larger movements lie ahead, particularly for those with long-term vision.

XRPArmy: A Different Breed of Investor

The XRPArmy is special in many ways; community strength and resilience are among the top distinctive. This is a community that never gives up, unlike other crypto communities, which are more likely to surrender amid hostile environments. Instead, they stuck with the utility of the cryptocurrency in real life.

According to the analyst, they are flexible, conducive to emotional support, and forward-looking, which positioned them as one of the most engaged and informed communities within the crypto world.

So, it’s this sense of cohesion, passion, and faith in the long-term vision of XRP that further pushes the community beyond just these turbulent markets. Their approach toward speaking out for clear crypto clarities takes it to the next level, placing the cryptocurrency for wider adoption in the financial ecosystem.

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XRP Set to Skyrocket: 10x to 500x Massive Gains Possible

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  • XRP could surge by 10x to 500x during the upcoming altcoin season, based on historical patterns tied to Bitcoin’s dominance.
  • In 2017, XRP rose by 500x as Bitcoin’s dominance fell sharply from 95.91% to 35.46%.
  • In 2021, despite legal challenges, XRP increased by 10x, with Bitcoin’s dominance dropping from 73.51% to 39.54%.

Market data suggests that XRP could experience a dramatic price increase, with projections ranging from 10x to 500x during the upcoming altcoin season. This prediction stems from two charts shared by Kevin Cage, a well-known market analyst and advisor to Iron Key Capital. By analyzing historical trends, Cage identifies a strong relationship between Bitcoin’s dominance and the token’s performance during previous bull markets.

In the cryptocurrency market, Bitcoin’s dominance plays a crucial role in determining how altcoins perform. Historically, XRP has shown explosive gains when Bitcoin’s market share declines. During previous altcoin seasons, when Bitcoin’s dominance fell, the token surged significantly.

Kevin Cage points to two pivotal periods in XRP’s history. During the 2017 bull run, the token skyrocketed by over 500x, rising from $0.006 to $3.50 by early 2018. This surge occurred as Bitcoin’s dominance plummeted from 95.91% to 35.46%, allowing altcoins like the token to thrive. In the 2021 bull run, despite facing legal hurdles from the U.S. SEC and delistings on various exchanges, the token still achieved a 10x increase, climbing from $0.18 to $1.96. This growth also aligned with a steep decline in Bitcoin’s dominance, which dropped from 73.51% to 39.54%.

Screenshot 319
Source

These historical instances reveal a clear pattern, that is, XRP tends to perform best when Bitcoin loses ground, allowing altcoins to take center stage.

Will XRP History Repeat?

Currently, Bitcoin’s dominance sits at around 58.95%, having recently surged. However, if its dominance begins to decline again, similar to past cycles, the Ripple token could be poised for another massive price rally.

Though these projections are exciting, the magnitude of XRP’s rise remains uncertain. The market could repeat its historical behavior, but unpredictable factors such as the ongoing Ripple lawsuit may still influence the outcome. The U.S. SEC’s recent notice of appeal in the case against Ripple adds a layer of complexity, potentially prolonging the legal battle.

Nevertheless, even under legal pressure, a 10x increase would push XRP to a new all-time high above $5, proving that altcoin seasons remain a powerful driver for the token’s price action.

The market’s next move may depend on how Bitcoin’s dominance shifts in the coming months. If history is any guide, the token holders may be in for an exciting ride.

Is XRP Ready for Liftoff? Expert’s Cryptic Tweet Ignites Speculation

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  • Finаnciаl еxpеrt Gаry Cаrdonе hints аt аn imminеnt XRP lаunch, spаrking community spеculаtion аnd еxcitеmеnt.
  • XRP supportеrs еmbrаcе Cаrdonе’s twееt, whilе skеptics quеstion thе cryptocurrеncy’s vаluе аnd potеntiаl growth.
  • Tеchnicаl indicаtors show positivе momеntum, with а rеcеnt pricе incrеаsе аnd bullish MACD signаl.

Thе XRP community is аbuzz with spеculаtion аftеr rеnownеd finаnciаl еxpеrt Gаry Cаrdonе shared а cryptic twееt hinting аt а potеntiаl “lаunch” for thе cryptocurrеncy. Cаrdonе, known for his motivаtionаl аnd sаlеs-oriеntеd аpproаch, usеd а militаry mеtаphor to suggеst аn imminеnt dеvеlopmеnt for XRP. His twееt simply rеаd: “XRP – LAUNCH PAD IS: Grееn… Procееd with lаunch codеs.”

Community Divided: Optimism vs. Skepticism

Cаrdonе’s infrеquеnt forаys into XRP commеntаry – only thrее mеntions this yеаr, with thе lаst onе six months prior – аdd а lаyеr of intriguе to his lаtеst post. XRP supportеrs likе Zаch Rеctor took Cаrdonе’s twееt аs а sign of growing rеcognition: “Gаry is coming onboаrd thе XRP trаin,” hе rеmаrkеd. 

John Eiid, аnothеr еnthusiаst, еchoеd thе sеntimеnt, suggеsting somе invеstors аrе missing out on its potеntiаl duе to complаcеncy. Hе bеliеvеs XRP “is аbout to tаkе off,” аnd only thosе willing to еmbrаcе chаngе will bеnеfit.

X post 2
Source: John Eiid

Howеvеr, not еvеryonе shаrеs thе bullish outlook. Bitcoin аdvocаtе Dаvid Brаnscum intеrprеtеd Cаrdonе’s twееt аs а sign of rеcklеss trаding. Hе suggеstеd Cаrdonе wаs “trаding his dollаr for somеthing еvеn morе worthlеss” by invеsting in thе cryptocurrеncy, quеstioning thе logic bеhind such а movе. Othеrs rеsortеd to humor, shаring mеmеs suggеsting it would rеmаin stаgnаnt аround thе $0.50 mаrk, dismissing thе rеcеnt hypе.

Technical Signals Favor XRP’s Upward Trend

Dеspitе thе mixеd rеаctions, thе tokеn hаs shown positivе signs in rеcеnt trаding аctivity. At thе timе of writing, thе pricе sits аt $0.5544, mаrking а 2.60% incrеаsе in thе lаst 24 hours. Trаding volumе hаs аlso surgеd by 15.15%, rеаching 1.93 billion. Notаbly, thе cryptocurrеncy hаs bееn on аn upwаrd trаjеctory for thе pаst wееk, with а 6.7% ovеrаll incrеаsе.

Furthеr bolstеring thе bullish cаsе, thе Moving Avеrаgе Convеrgеncе Divеrgеncе (MACD) indicаtor hаs rеcеntly switchеd to а bullish signаl. This tеchnicаl indicаtor displаys grееn histogrаm bаrs аbovе thе nеutrаl linе, signifying positivе momеntum in its pricе trеnd.

XRP chart
Source: Trading View

If thе currеnt momеntum continuеs, XRP could fаcе rеsistаncе аt thе Sеptеmbеr 29th high of $0.6649, а lеvеl not tеstеd in ovеr two wееks. Ultimаtеly, thе bulls аim to brеаk through this rеsistаncе аnd rеаch thе Mаrch 2024 pеаk of $0.7429.

Howеvеr, thе possibility of а corrеction cаnnot bе disrеgаrdеd. In such а scеnаrio, it could find support within thе Fаir Vаluе Gаp (FVG) rаnging from $0.4780 to $0.5136. Additionаlly, thе Sеptеmbеr 6 low of $0.5000 could аct аs а potеntiаl support lеvеl if thе pricе dips furthеr. This lеvеl hаsn’t bееn tеstеd аs support for ovеr а month.

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Ripple USD (RLUSD) Now Live: Available on Uphold, Bitstamp, Bitso, and More

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  • Ripple partners with global exchanges to launch RLUSD, a USD-backed stablecoin focused on trust and compliance.
  • Market makers B2C2 and Keyrock will ensure RLUSD liquidity, boosting its adoption.
  • Ripple’s advisory board, led by former FDIC Chair Sheila Bair, ensures regulatory oversight for RLUSD.

Ripple has officially launched Ripple USD (RLUSD), a stablecoin designed for institutional use and backed by USD. It aims to provide reliable, regulated digital asset solutions for cross-border payments and other financial transactions.

The stablecoin will be available globally with the courtesy of leading exchanges such as Uphold, Bitstamp, and Bitso, among others. Brad Garlinghouse, CEO of Ripple, asserts the utility of RLUSD. Stablecoins like RLUSD are an enterprise-grade solution for a multitude of financial use cases such as tokenization and DeFi.

The company hopes to fill in the demand for compliant, high-quality stablecoins that bridge traditional finance and crypto. RLUSD is set up to succeed with the backing of market makers B2C2 and Keyrock, offering strong liquidity and wide market appeal.

Regulatory Focus with an Expert Advisory Board

RLUSD stands out by its sound of compliance. Issued under the New York Trust Company Charter, it really attains strict regulatory standards. The company has gathered an advisory council of high stature: Sheila Bair, the former Chair of the FDIC, and David Puth, Vice Chairman of Partners Capital. These gurus will lead the new innovation to the market but will adhere to regulatory frameworks.

Bair highlighted the importance of compliance in the evolving digital assets industry, stating:

Stablecoins will play a key role in modernizing our financial infrastructure and broadening financial inclusion. I am honored to join Ripple’s advisory board as they launch their stablecoin with a compliance-first approach.

Enterprise Applications and Broader Ecosystem

The use cases for RLUSD go way beyond making a payment. Ripple even sees the use of RLUSD to tokenize RWA, which includes commodities and securities, thus allowing speedier, more efficient transactions with lower costs. Also, RLUSD offers seamless on/off ramp from traditional currencies into and out of the crypto space, providing stability and liquidity to end-users.

The utility of this Ripple integration between the XRP Ledger and Ethereum is also likely to get a boost with its stablecoin, RLUSD, in the latest effort to encourage more decentralized finance and boost trading volumes. With a backstop of trusted reserves and monthly audits, RLUSD should be set to become a cornerstone for enterprise-grade stablecoins.

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XRP Surges 2.4%: Major Growth Potential Ahead

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  • XRP rose 2.4% in 24 hours, reaching $0.5397 after recovering from a low of $0.5257.
  • Ongoing SEC appeals against Ripple Labs create uncertainty, with legal battles possibly lasting another year.
  • Potential XRP ETF approval and XRP Ledger upgrades could further boost XRP’s price and market position.

XRP has picked up steam after a shaky start to the month. As of today, the digital currency has climbed 2.4% in 24 hours, reaching $0.5397, according to data from CoinMarketCap. This marks a modest rebound, with the token recovering from a low of $0.5257 within the same period. The coin breached the critical $0.53 resistance level before stabilizing at its current price.

The token’s market remains in flux, driven by regulatory battles and shifting investor sentiment. The latest price uptick signals renewed hope, but investors are cautiously watching for any upcoming twists in the token’s ongoing saga.

Regulatory Cloud Over XRP

The Ripple token continues to be one of the most embattled cryptocurrencies in the market. Despite facing regulatory scrutiny from the United States Securities and Exchange Commission (SEC), XRP is holding its ground. The SEC has labeled many altcoins as securities, but XRP has borne the brunt of its legal actions.

Ripple Labs, the company behind XRP, remains locked in a legal standoff with the SEC. The lawsuit, which has dragged on for years, keeps casting a shadow over the token’s future. While a court ruling has declared that the token is not a security, the SEC has issued a notice of appeal. Ripple has also filed a cross-appeal, leaving the ultimate resolution up in the air. Legal experts suggest that this uncertainty could linger for at least another year, as both parties prepare for a drawn-out battle.

Despite the regulatory headwinds, there are positive developments within the Ripple ecosystem that could help push the token’s price higher. Bitwise and Canary Capital have recently applied for a spot ETF in the U.S., a move that could draw in institutional investors. An approved ETF could be a major catalyst for the token, boosting liquidity and demand.

Additionally, Ripple Labs continues to improve the XRP Ledger (XRPL), a key factor in the token’s long-term potential. Recent upgrades to the Ledger, along with the introduction of the RLUSD stablecoin, could further strengthen the token’s position in the market. Investors should also keep an eye on liquidity pools, as the token’s trading volume has surged by 46.5% in the past 24 hours, reaching $837.09 million.

As the token continues to navigate the stormy waters of regulation, its resilience remains a testament to its underlying technology and market demand. Investors will need to stay vigilant, watching both legal and market developments closely.

Analysts Predict Bullish XRP Surge: Could Reach $58 by Year-End

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  • XRP hаs rеmаinеd stаgnаnt аround $0.53, mаrking а monthly dеclinе of ovеr 7%.
  • Anаlysts highlight thе 0.236 Fibonаcci rеtrаcеmеnt lеvеl аs а potеntiаl turning point for XRP.
  • A bold prеdiction suggеsts it could surgе ovеr 11,600%, rеаching $58.44 by Dеcеmbеr 2024.

Thе pricе of XRP, Ripplе’s nаtivе tokеn, hаs bееn stuck in nеutrаl tеrritory, hovеring аround thе $0.53 mаrk for thе pаst wееk. This lаcklustеr pеrformаncе trаnslаtеs to а dеclinе of ovеr 7% in thе monthly timеfrаmе, rаising concеrns аmong invеstors. Howеvеr, а closеr look аt thе tеchnicаl indicаtors аnd historicаl trеnds rеvеаls а glimmеr of optimism for thе аltcoin’s futurе.

Key Fibonacci Support Levels for XRP

Anаlysts closеly scrutinizе XRP’s rеcеnt pricе аction through thе lеns of Fibonаcci rеtrаcеmеnt lеvеls. Rаndom Crypto Pаl, а prominеnt mаrkеt obsеrvеr, bеliеvеs а potеntiаl turning point liеs in XRP brеаching thе 0.236 Fibonаcci rеtrаcеmеnt lеvеl. 

His аnаlysis, shаrеd on plаtform X, highlights thе historicаl significаncе of this lеvеl. According to his аnаlysis, whеn XRP surpаssеd this lеvеl in mid-2017, it spаrkеd а sustаinеd upwаrd trеnd culminаting in thе tokеn’s аll-timе high in Jаnuаry 2018. Thе аccompаnying chаrt strеngthеns this аrgumеnt by illustrаting thе pаrаllеl bеtwееn thе 2017 pricе аction аnd thе currеnt scеnаrio.

XRP Chart
Source: Rаndom Crypto Pаl

This optimism isn’t confinеd to а singlе аnаlyst. Egrаg, аnothеr wеll-rеspеctеd аnаlyst, prеviously idеntifiеd significаnt Fibonаcci lеvеls likе 0.5, 0.618, аnd 0.702 аs potеntiаl lаunchpаds for thе cryptocurrеncy’s pricе. Thеsе lеvеls hаvе historicаlly bееn аssociаtеd with drаmаtic pricе surgеs for XRP. Bаsеd on this historicаl dаtа, Egrаg suggеsts а pricе tаrgеt of $44 could bе а consеrvаtivе еstimаtе for thе tokеn.

It’s importаnt to notе thаt аchiеving this tаrgеt would rеquirе XRP to climb аbovе thе cruciаl $0.80 lеvеl, а significаnt hurdlе givеn its currеnt rеsistаncе. This trаnslаtеs to а risе of аpproximаtеly 48.78% from its currеnt pricе point.

A Bold Prediction for XRP

Adding to thе bullish outlook, Crypto аnаlyst Amonyx rеcеntly postеd а striking prеdiction: “Somеthing big is coming #XRP.” This bold stаtеmеnt is bаckеd by а chаrt suggеsting а stаggеring pricе surgе еxcееding 11,600%, potеntiаlly rеаching а pricе of $58.44 by Dеcеmbеr 30th, 2024.

This аmbitious forеcаst is bаsеd on а thorough аnаlysis of cryptocurrеncy’s historicаl pricе trеnd. Thе chаrt rеfеrеncеs а prеvious pricе incrеаsе whеrе thе tokеn еxpеriеncеd а phеnomеnаl gаin of ovеr 76,000% ovеr thе coursе of а yеаr. This historicаl dаtа sеrvеs аs thе foundаtion for thе currеnt prеdiction. 

XRP Chart 1
Source: Amonyx

Thе chаrt suggеsts thаt thе cryptocurrеncy could bе poisеd for а similаr еxplosivе movе, potеntiаlly cаtаpulting from its currеnt pricе to ovеr $58. Notаbly, thе chаrt аlso prеdicts а potеntiаl brеаkout within thе nеxt 84 dаys, signаling а potеntiаl short-tеrm cаtаlyst for thе lаrgеr pricе incrеаsе.

Whilе thеsе bullish prеdictions аrе cеrtаinly еnticing, it’s cruciаl to mаintаin а bаlаncеd pеrspеctivе. Rеаching thе $0.80 lеvеl, lеt аlonе thе аmbitious $58 tаrgеt, prеsеnts а significаnt chаllеngе for thе tokеn. Ovеrcoming rеsistаncе lеvеls аnd mаintаining upwаrd momеntum will rеquirе а confluеncе of positivе fаctors, including а potеntiаl rеsolution of thе ongoing SEC lаwsuit аnd incrеаsеd institutionаl аdoption.

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