Tech

Ripple to Hit $1 With Growing Global Reach?

02/27/2023
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The Ripple blockchain is one of the most renowned blockchain projects in the emerging crypto space. The protocol enables instant and cheap cross-border payment settlement through its XRP Ledger. Since debuting in 2012, the cross-border solution has become the flagship bearer of an improved payment solution in the crypto space.

However, its token price has largely underperformed due to unclear regulatory oversight in the US and industry-related incidents. But this has not stifled the growth of the XRP token, as it remains one of the top 10 most valuable cryptocurrencies. With the bull cycle coming around once again, could XRP hit $1 despite issues with US regulators?

XRP Price Reflecting Broader Market Position

The bullish run experienced in the crypto market in the past few days seems to be ebbing. At press time, the emerging industry has shed some of its gains, with the bears causing a 3.09% drop in the overall market capitalization to $1.06 trillion.

The Ripple asset is also trailing in this direction, with the international payment solution down by 2.38% in the last 24 hours. Its seven-day growth has also been negative, with the network token experiencing a downtrend of 4.62% in the same period. At press time, XRP is trading at $0.378, with the overall market sentiment showing a strong bearish trend.

XRP price prediction 25/02/23

However, its technical performance in the long term shows a promising trend. The digital asset is up 17.03% in the last six months and 11.3% year-to-date (YTD). Its 20-day smooth moving average (SMA) shows a bearish dominance with the indicator price of $0.3905 higher than the current token price. The same goes for its 200-day SMA, which shows a $0.3805 price position. But the close interaction of the current price indicates a propensity for the bulls to take over in the coming days.

Its other metrics reflect a weak investor sentiment as well. The moving average convergence and divergence (MACD) signal a sell position while the relative strength index (RSI) figure of 34.40 puts the digital asset in the underbought position, making now a potentially profitable moment to buy XRP and rally with the market.

While XRP’s technical performance leaves little to be desired, the blockchain protocol is one of the most fundamentally rich in the entire emerging industry.

XRP Ledger Expands Middle East Influence Once More

The XRP Ledger has become a focal point for several payment companies as they try to expand their customer reach and transaction settlement times outside of the domestic US.

According to a new post on his LinkedIn profile, General Manager of Joyalukkas Exchange Punnoose Matthew in the UAE, XRP On-Demand Liquidity (ODL), has been tapped as a payment settlement hub for its customers.

Matthew pointed out that XRP will play a crucial role in this new system as it would serve as the payment token. He also pointed out that the affordability and scalability the ODL provides to money transfer businesses and financial institutions are great benefits for the new generation of companies.

The Ripple blockchain has continued to expand its use cases and positioned its ODL service as the solution for cross-border money transfer bottlenecks financial institutions face in their everyday operations.

Pointing out the growing influence of the crypto project, Twitter user @WKhaneman presented a market map of XRP’s existing partners. BPI, Metrobank, and 20 other prominent names are also included.

Cross-Chain Network to Enable Interoperability

However, the enterprise blockchain solution still needs to be completed. According to a new GitHub post on its repository, Ripple developers are proposing a new XRPL standard that will enable the transfer and receipt of new tokens into its Ledger system. These tokens will be locked in smart contracts, and the cross-chain protocol will also allow an equivalent deposit of these tokens on other blockchain networks.

Even though the idea is still in its infancy and the development team is working on the fine details, the Ripple blockchain is rapidly rising to the growing need for interoperability in the blockchain space. This would potentially put it on the global map as a viable interoperable cross-border settlement hub for most businesses to seamlessly transact their businesses.

XRP Alternatives to Consider

While XRP holds strong sway in the crypto space, a new generation of projects is enabling a healthier lifestyle and more green mobility for everyone. Two such promising projects are FGHT and CCHG.

FGHT is the native token for the move-to-earn (M2E) metaverse project Fight Out. The project focuses on enabling users to develop a healthier fitness regimen by completing challenges and workouts. Fight Out enables users to access virtual and physical gym chains and also connect with a team of experts and colleagues in the metaverse.

CCHG powers the C+Charge network, which enables a peer-to-peer (P2P) payment system for EV owners. C+Charge provides a network app that allows users to access cheap EV charging stations in 1.8 million locations, earn carbon credits from charging their vehicles, and even access an online crypto wallet all in one place.

Both projects are in their presale stages, and early-bird investors can easily tap into these promising crypto assets. At press time, FGHT has raised over $4.69 million, and CCHG has garnered more than $1.59 million in investor funds.

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Source: https://insidebitcoins.com/news/xrp-price-prediction-ripple-to-hit-1-with-growing-global-reach