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bitcoin
Bitcoin (BITCOIN)
$108,052 -0.89%
ethereum
Ethereum (ETHEREUM)
$2,712 2.32%
binancecoin
BNB (BINANCECOIN)
$689.38 0.54%
solana
Solana (SOLANA)
$173.05 -2.14%
ripple
XRP (RIPPLE)
$2.29 -1.18%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000015 0.33%
pepe
Pepe (PEPE)
$0.000014 2.92%
bonk
Bonk (BONK)
$0.000020 -2.37%
bitcoin
Bitcoin (BITCOIN)
$108,052 -0.89%
ethereum
Ethereum (ETHEREUM)
$2,712 2.32%
binancecoin
BNB (BINANCECOIN)
$689.38 0.54%
solana
Solana (SOLANA)
$173.05 -2.14%
ripple
XRP (RIPPLE)
$2.29 -1.18%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000015 0.33%
pepe
Pepe (PEPE)
$0.000014 2.92%
bonk
Bonk (BONK)
$0.000020 -2.37%
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XRP Price Forecast – Confluence of Bullish Factors Could Send XRP to $10 Soon

Highlights:

  • XRP is trending towards $3.02 resistance as bulls take control
  • Rally through $3.02 resistance could trigger a rally to $10 soon
  • Marketwide momentum and strong XRP fundamentals could drive growth 

XRP (XRP), like the rest of the market, is in the green today. At the time of going to press, XRP was trading at $2.34, up by 2.43% in the day. XRP trading volumes have also shot up in the day, indicating the rising investor interest in this top-rated cryptocurrency. When writing, XRP trading volumes were up by 31.90% to stand at $2.07 billion in the day. Multiple factors play a role in XRP’s intra-day price action, which could help drive the price higher in the short to medium term. One of them is Bitcoin. 

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Bitcoin Price Supports XRP Upside Momentum

Bitcoin moves the cryptocurrency market, and whatever direction it goes, the market follows. Bitcoin has shot higher in the day after a minor correction over the weekend. Today’s rebound has pushed all top altcoins higher, and XRP is no exception.

With the momentum on the rise around Bitcoin as it eyes a push through $110k, top altcoins like XRP could experience an exponential price rally in the short term. XRP’s rising volumes intra-day hint at a build-up in momentum, which could trigger a rally once Bitcoin fully confirms the uptrend. Outside of Bitcoin’s sway on the market, XRP fundamentals are also strengthening. 

XRPL Adoption In Asset Tokenization – A Bullish Signal for XRP

A key indicator of XRP’s strengthening fundamentals is the UAE’s adoption of the XRP ledger. The latest news from the UAE is that Dubai has launched a real estate tokenization project on the XRP ledger. Dubai chose the XRP ledger for its strong features, such as the ability to scale. This is a big deal for XRP in two ways.

First, it will drive demand for XRP since the XRP Ledger uses XRP for transactions. As such, the more the demand for the ledger, the higher the demand for XRP tokens. Second, Dubai’s adoption of XRPL is essential for driving investor optics. It gives investors the impression that XRP is a use case in asset tokenization, a market expected to grow exponentially going into the future.

XRP Futures Launch Could Drive XRP Demand Higher

XRP could also get a boost because Wall Street is increasingly warming up to it. This is evident in the move by Nasdaq to launch an XRP futures ETF. According to a Standard Chartered analyst, the XRP Futures ETF could attract volumes of between four and eight billion dollars in the first year.

Such predictions if true, could not only help stabilize the price of XRP, but also push its price to new highs going into the future. The futures launch also gives investors confidence that XRP’s woes that started in 2020 are over. Such could inspire retail adoption and could drive XRP to new highs, especially now that the broader market is sending bullish signals. 

Technical Analysis – XRP Price Range Bound But Bulls Gaining Control

XRP is currently trading between the $3.02 resistance and $1.91 support. If bulls take control and push XRP through the $3.02 resistance, a short-term rally to prices as high as $10 is possible.

XRP Price
Source: TradingView

On the other hand, if bears take control and push XRP through the $1.91 support, a price correction below $1 could be possible in the short term. Of these two scenarios, the odds are higher that XRP could be headed higher. This is mainly due to rising bullish sentiment and the growing adoption of XRP in growth markets.

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