The XRP price shows a modest downtick of 0.22% during the Saturday trading session. Amid the geopolitical tension and recent appeal by the U.S. SEC, the Ripple coin struggles to drive a sustained recovery and prolong a sideways trend. Here are three reasons why the XRP price could escape the accumulation trend for a rally beyond $250.
XRP Price Could Hit $277 by October: Here’s Why
Over the past week, the XRP coin experienced a sharp decline, losing 20% of its value as the price dropped from $0.665 to $0.525. The bearish reversal signals the continuation of the current consolidation, which has been intact since late 2021. Is the Ripple price ready at the end of the multi-year sideways trend?Â
Analysts Project $1,000 XRP Rally Amid Cross-Border Payment Utility
Despite the continuing legal challenge for Ripple, the digital payment company, several analysts believe its native cryptocurrency, XRP, is positioned for a $1,000 rally driven by its utility in cross-border payments.Â
The forecast is based on XRP’s potential to handle large-scale international transactions, with JPMorgan recognizing XRP’s ability to unlock up to $120 billion in trapped liquidity in cross-border payments.
A prominent crypto analyst, MasonVersluis, highlighted the Ripple price and how it would handle trillions in transaction volume. According to XRP Liquidity Cheat Sheet, the coin price could support transaction volumes of up to $1 trillion daily at prices between $100 and $500. However, to accommodate larger daily volumes ranging from $6 trillion to $20 trillion, the XRP price would need to climb to at least $1,000.
The $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, the financial giant company Wells Fargo officially integrated XRP as a payment method to settle credit card bills and loan payments. This move allows customers to use XRP for debt repayment, highlighting the bank’s (Traditional method) shift toward embracing blockchain technology.Â
Moreover, the customers can now earn rewards through the XRP Ledger System’s CryptoTradingFund (CTF). The innovative setup simplifies payments and provides users with cashback rewards. As more financial institutions like Wells Fargo adopt XRP, the token’s utility will increase, driving up demand and solidifying its role in mainstream finance.
India and UAE Complete Oil Trade Using XRP Ledger
Adding further credibility to XRP’s growing role in global finance, India and UAE have recently executed their first oil transaction using the XRP Ledger. The trade bypassed the reliance on the U.S. dollar and demonstrated XRP’s ability to facilitate real-world, high-value transactions efficiently.
Moreover, Ripple has strengthened its foothold in the UAE by partnering with the Dubai International Financial Centre (DIFC).Â
This development accentuates the growing thrush on Ripple’s technology, which could further bolster broader adoption in international markets.
Conclusion:
With key partnerships and real-world applications, Ripple’s role in cross-border payments could drive natural demand pressure on the XRP price. While the altcoin shows huge upside potential as the $270 target could take a few years as Ripple continues to strengthen its international adoption.
Frequently Asked Questions (FAQs)
XRP’s potential price surge is driven by increasing utility in cross-border payments, institutional adoption like Wells Fargo integrating XRP
Analysts, like Mason Versluis, have projected that XRP could rally to $1,000 if it handles trillions of dollars in daily cross-border transactions
The successful completion of an oil trade using the XRP Ledger by India and the UAE showcases XRP’s real-world utility in high-value transactions
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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