XRP prices finally managed to breach the psychological price of 50 cents. In fact, this token lagged for quite a few weeks before its prices started to rise. Today, there are 3 main factors that confirm that XRP should reach 1$. In this XRP price prediction article, we list those 3 reasons and analyze XRP technically.
What is Ripple Company?
Ripple is a platform for digital currencies that facilitates quick and safe international money transactions. It was created to make cross-border payments simpler, and financial institutions all around the world have started to embrace it. By market capitalization, the cryptocurrency issued by Ripple, XRP, is now ranked sixth.
What is XRP Coin?
XRP is a cryptocurrency that was created by the company Ripple Labs. It is one of the largest cryptocurrencies by market capitalization and is used as a means of transferring value between individuals and institutions. Unlike other cryptocurrencies like Bitcoin, which rely on a decentralized network of nodes to validate transactions, XRP relies on a consensus protocol that is managed by a select group of trusted validators.
Where to Buy XRP Coin?
There are currently many good exchanges that offer to trade and hold XRP. Here’s a list of known exchanges that are currently in good standing:
Top 3 Reasons why XRP should reach 1$?
#1 Montenegro Partners with Ripple
The Central Bank of Montenegro is partnering with blockchain provider Ripple to develop a pilot program for a central bank digital currency (CBDC), despite using the euro as its de facto currency. The program will identify practical applications for a CBDC and analyze its advantages and risks, including compliance with regulations and protection of end-users rights and privacy.
Montenegro has adopted the euro without joining the eurozone, and the European Central Bank and EU are considering introducing a digital euro. Over 100 countries are exploring the possibility of issuing a CBDC.
#2 XRP Broke the 50 cents Price Mark
From a technical perspective, it looks like XRP broke the downtrend it established back in April 2021. Looking at Figure 1 below, we can clearly see how XRP was in a downtrend, consolidated since June 2022, then broke the downtrend line. If XRP maintains a level higher than 50 cents, we can confirm higher highs in the medium term.
However, any break of this 50 cents price mark can send XRP back to a price of around 40 cents.
#3 Ripple still has a pending SEC Lawsuit
Many experts already speculated that Ripple is about to win the lawsuit. In fact, the resolution was supposed to happen at the beginning of 2023, but many factors contributed to the delay of the resolution such as slow legal processes, the complexity of the case, a backlog of cases, settlement negotiations, and an appeals process.
If Ripple wins the SEC lawsuit as expected, XRP price should soar high.