The 5th largest crypto, XRP, has seen its share of ups and downs, yet its steadfast community, known as the XRP army, remains unfazed. Despite recent bearish trends, XRP has managed to hold its ground, even as it dipped below a crucial support line.
This resilience hints that the recent pullback may be a short-term reversal rather than a prolonged downturn. With the SEC’s softened attitude towards Bitcoin ETF approval, more prominent institutions are taking a keen interest in crypto assets. Here’s the top reason behind the anticipated bull run.
BlackRock and JPMorgan to Ignite Next Bull Run
While XRP struggles to regain the $0.5 price mark, despite this, Forbes is uncovering a massive bull run. It could be a reality soon as whales switch from Ethereum to XRP, and accumulation is up. Santiment reports that wallets with 100K to 100M XRP possess $7.89 billion in currency, up from $7.16 billion last year.
On similar grounds, Senior Forbes Contributor Billy Bambrough, hints at a significant potential upswing, driven by an unexpected force. Forbes unveils the silent but strategic preparations by global financial titans BlackRock and JPMorgan, setting the stage for a significant surge in the cryptocurrency market.
A Symphony of Crypto Initiatives
The report highlights collaborative efforts between BlackRock and JPMorgan in the crypto space. BlackRock has achieved a historic milestone by becoming the first Wall Street giant to adopt JPMorgan’s blockchain-powered collateral settlement program. As outlined by BlackRock’s CEO Larry Fink, this move aligns with the broader vision of ushering in the next era for financial markets, including a pivotal role for cryptocurrencies.
Tokenization and Transformation
Meanwhile, the report also unveils BlackRock’s utilization of JPMorgan’s Ethereum-based Onyx network and tokenized collateral service. This allowed the conversion of shares from one of its financial market funds, ultimately facilitating a transfer to Barclays in an over-the-counter derivatives transaction. Fink’s recognition of blockchain’s pivotal role further underscores the significance of this technology in financial operations.
The Ripple Effect: XRP to Reach $27?
On the flip side, Ripple is making strides in its legal battle against the SEC; combined with increasing developments in the blockchain sector and heightened XRP volatility, bullish sentiment is growing. Several analysts have offered diverse forecasts, but a recent X post from user EGRAG CRYPTO has caught attention, speculating that XRP could reach a staggering $27 within three years. This bold prediction is rooted in the “Elliott Wave Theory,” highlighting the significance of the pivotal “Wave 3” for XRP’s potential rise.
In other news, the SEC’s active engagement with Bitcoin ETF applicants hints at the possibility of $17.7 trillion entering the market, surpassing existing futures ETF volumes.
Source: https://coinpedia.org/news/blackrock-and-jpmorgans-strategic-moves-hint-at-potential-crypto-market-rally/