- The distinctive chart structure of XRP suggests an increase in the price of up to 60 percent.
- The demand is high, as whale wallets achieve new highs.
- The U.S. law and Fed regulations strengthen the XRP position in the market.
The current price of XRP is 2.99 and has skyrocketed by 5.25 percent over the past 24 hours, with the market capitalization rocketing up to 176,93 billion and the 24-hour-volume growth of 60.09 percent to 11.82 billion. This rally is accompanied by a so-called highly rare continuation compound fulcrum pattern on the weekly chart of XRP as identified by veteran trader Peter Brandt, which is projecting an increase of 60 percent up to the mark of $4.47 in the foreseeable future.
Source – X PeterLBrandt
Complex base formation composed of minor designs, breakdown failures, and minor ranges, which normally filter out weaker hands and which are usually accumulated by strong hands, are also noted in the analysis drawn by Brandt. Barring a fall below a significant support level at 1.80, XRP’s possible breakout is encouraged by the price’s present upward trend, which is likely to continue after this is penetrated.
Whale Accumulation and Institutional Confidence Fuel Rally
The most recent track record of the XRP was its strongest weekly gain since November, when it went up by about 25 percent, with the overall strength of the crypto market. The wallets of the addresses containing more than 1 million XRP are also at record highs, and this means that very big players and institutional investors are gradually gaining confidence.
Source- Glassnode
On-chain data further supports this bullish momentum. Glassnode Net Unrealized Profit-Loss indicator has taken XRP into the belief-denial zone, which means traders are less nervous to sell them off. Such a type of stage is primarily followed by the extended bullish market in the prices, as compared to the past occurrences when XRP used to undergo euphoria-greed levels, followed by steep drops.
Bullish sentiment is also relevant due to the fact that XRP has been stabilized in the area of the major support levels, and the open interest and trading volumes are also growing, indicating high activity on the market and a positive attitude to further profits.
U.S. Legislative Momentum and Fed Adopting ISO 20022 on the role of XRP in the Cross-Border Payments
Source – X
The House in the U.S. will vote on a proposal, namely, the GENIUS Act, this week, which is proposed to turn the nation into a leader in the innovation of cryptocurrencies. Senator Hagerty discussed the significance of this bill and lobbied for the expedited passage of the bill, in order to pass the bill to the President. The passing of the bill would promote a more harmonized regulation and infrastructure that would support the use of cryptocurrencies, such as XRP, that aim at payment solutions.
Source – frbservices
With respect to this, the FedWire has been transformed to accept the ISO 20022 international financial messaging standard by the Federal Reserve in an effort to aid cross-border payments. The upgrade will benefit all the other currencies, such as XRP, Stellar (XLM), Cardano (ADA), and Algorand (ALGO), since they are created as a bridging currency that allows fast and low-cost cross-border payments.
The adoption also fulfills the core mission of Ripple to streamline its cross-border payments by the financial institutions that would render the XRP more applicable and can be integrated into the redesigned global payment systems.