XRP Price Heading Toward $1.40? Here Are 3 Developments That Are Boosting The Price
Ripple Labs has recently experienced a series of positive fundamental developments that have reignited optimism in the XRP market.
Let’s delve into these updates and their implications for the XRP ecosystem.
Ripple Joins e-HKD Pilot Program
Ripple Labs’ collaboration with the e-HKD pilot program marks an important milestone for both the company and the XRP market. By becoming a research partner, Ripple aims to leverage its expertise in digital payments and blockchain technology to explore the possibilities of utilizing the digital yuan in cross-border transactions. This partnership not only showcases Ripple’s commitment to innovation but also highlights the growing recognition of XRP’s potential as a bridge currency.
Metaco Acquisition Bolsters Crypto Custody Offerings
In a strategic move to enhance its institutional offerings, Ripple Labs has acquired Metaco, a reputable institutional crypto custody startup based in Switzerland. This acquisition, valued at hundreds of millions of dollars, positions Ripple as a key player in the crypto custody space. Metaco’s advanced technology and security infrastructure will bolster Ripple’s ability to serve institutional investors seeking secure storage solutions for digital assets.
Learn More: Ripple Dives into First Major Acquisition, Buys Crypto Custody Giant Metaco for $250 Million – Coinpedia Fintech News
Hinman’s Document Unveiled
In a significant legal development, District Judge Analisa Torres has granted Ripple Labs’ motion to make Hinman documents public. This document contains a pivotal 2018 speech by a former SEC executive, stating that Ethereum, the second-largest digital asset and the largest smart contract ecosystem, is not a security. The revelation of this document has sparked renewed optimism in the XRP community, as it supports the argument that XRP should also be classified as a non-security. This development could have far-reaching implications for the regulatory landscape surrounding XRP and other digital assets.
XRP Bulls Poised for a Rally
Renowned crypto analyst @CryptoFaibik has recently shared insights on the XRP price action. According to the analyst, XRP’s bullish momentum is expected to continue, with a projected midterm price target of $1.40. This prediction suggests that the logarithmic downtrend that has persisted in XRP’s higher time frames since the end of the 2021 crypto bull market could potentially be broken in the near term. Traders and investors are closely monitoring the symmetrical triangle candlestick pattern forming in the higher time frames, indicating a potential trend reversal.
Related: Analyst Predicts XRP Price Resurgence: Potential 640% Surge to $3 – Coinpedia Fintech News
XRP Market Outlook
Amidst these positive developments, XRP’s market value has surged. Trading at approximately $0.4659, XRP has experienced a notable 4% increase during the early Asian market on Friday. This price appreciation can be attributed to the growing institutional adoption of Ripple products, such as On-Demand Liquidity (ODL) and RippleNet. With global institutional investors embracing Ripple’s solutions, XRP’s Fully Diluted Valuation (FDV) has scaled up to an impressive $46.61 billion, solidifying its position as a leading digital asset.