Surging by 14.97% for the last week, XRP got on the rails of the increased interest towards altcoins and crypto in general. The recent Bitcoin’s bullish movement is still echoing (and will continue to) on the digital market.
Ripple did not appear to be aside from it. As of October 27, it is trading for around $0.55, indicating slight bullish sentiment.
Nevertheless, XRP remains an asset with quite a thorny roadmap. While its utility remains promising, its reputation gained some kicks.
The worst is not yet behind for Ripple, but the best is truly ahead. In this article, we’ll outline the essential facts about XRP that may boost its position on the market. And, additionally, we’ll try to move the write-up into the technical perspective.
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Let’s kick into high gear!
Ripple to Increase Liquidity With New Collaboration
Just days ago, Ripple announced it has established a partnership with Uphold – a global Web3 financial platform. The core of it – scale XRP’s liquidity and enhance its cross-border payment infrastructure.
Investors are exhilarated knowing that Uphold’s capabilities spread on a great bunch of crypto liquidity venues for the global market.
By and large, XRP is the utility asset that remains a part and parcel of a cross-border payment system. The increased liquidity in the Ripple system is a driver for the technical flexibility of the token.
And this may turn into a positive factor for XRP’s price. The great significance of this collaboration can not be underestimated.
What is more, the recent tendency reveals that altcoins are sought specifically for their utility, but not for a trading opportunity. Namely, such coins as ADA, WBT, and SOL also increased in popularity.
All of them can’t be called investing opportunities in terms of highs. Specifically, WBT’s price is artificially kept stable, and holding it unlocks great utility on WhiteBIT.
SEC Litigation Breaking Ice In Favour of Crypto
On October 19, the U.S. Securities and Exchange Commission (SEC) dropped its charges against Ripple Labs CEO Brad Garlinghouse and Executive Chairman Christian Larsen.
That took Ripple to a triple-win streak against the SEC. In July, Ripple achieved a pivotal move within the case. It won a partial victory when Judge Analisa Torres ruled that the company had not violated federal securities laws in making XRP available to retail investors by putting it on exchanges.
Earlier this month, an attempt by the SEC to appeal its court loss in the Ripple case was denied. The severe setbacks by the SEC unlocked the opportunity for Ripple to have its reputation boosted, consequently impacting the price of XRP.
Xumm Wallet Hits User Record
Xumm – an XRP-based wallet – recently announced that the platform had crossed 600,000 active users in the past three months.
It was also specified that Xumm had been actively scaling its technical potential. Pivotally, it is about to redesign its core to become 10x more retail-friendly. For instance, the wallet is about to get AMM and DEX activity multiplied.
But what is more remarkable, is Xumm plans to incorporate XRP’s sidechain Xahua and its “Hooks” feature. Without a doubt, these novelties will advance the XRP token’s utility which may be reflected in the asset’s bullish perspective.
Notably, Xumm keeps its place as one of the most significant XRP projects, meaning that its progress automatically affects the network’s access.
XRP Price Analysis
For the last quarter, Ripple has been a relatively stable asset with a price around $0.47-$0.53 range. Such a pattern became usual after XRP’s pump to $0.92 amidst the aforementioned Ripple’s partial victory in the court.
The recent three-month chart also revealed that XRP was predominantly bearish until the latest BTC $35,000 surge. Well, what happens next?
Amidst the bullish 100-hour SMA and the increased overall interest in cryptocurrencies, XRP might continue its path to the top with the same volatility rate and price dips as low as $0.54. But the overall value of it may grow by $0.61-$0.62.
Outlook for Ripple. Source: Paul Osadchuk/WhiteBIT Trading View
However, there is another, worst-case scenario, that may look even more realistic. While the obscurity with Ripple will be massively noted, XRP may return to its previous $0.47-$0.50 range.
Still, we’ll never know what happens next in the turbulent crypto market. Hence it is crucial to stay on top of things and analyse updates as soon as possible.
Disclaimer: This article is for educational purposes and should not be taken as financial advice. You are advised to do your research and trade carefully.
Read more:
- Reasons Why the Crypto Market is Up Today
- Top 5 Trending Cryptos in the Market Right Now: A Closer Look at the Crypto Market
- Shiba Inu Might Experience a Bullish Rally Soon, See Why
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Paul Osadchuk
I am a crypto-enthusiast with 5-year experience in copywriting. Worked for web3 companies and cryptocurrency exchange, which drove my keen interest towards the industry. Been writing for different publications on cryptocurrency, technology, economics and politics.