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Ripple (XRP) has been relatively strong, climbing towards $0.70, with a cryptocurrency rally. XRP seems ready to ascend, but it’s if it can clear $1 by year-end — a more turbulent period for XRP and other cryptocurrencies. As things stand on the legal, market, and technical sides, XRP could be on an upward trajectory.
For Ripple, the outcome of the recent election, along with regulatory changes, places the company at a critical junction time. The more positive environment for digital assets like XRP that industry experts foresee is welcomed by the fact President-elect Donald Trump’s stance on digital assets would be pro-crypto. Ripple could get a much-needed boost if investors begin to place more faith in Ripple, as Gary Gensler’s SEC leadership may be reconsidered.
Ripple’s legal battle with the SEC previously derailed the company’s growth, stifling its domestic agency and investor trust. But analysts say Ripple has the potential to surmount these hurdles, given the certainty of regulatory clarity under a pro-crypto administration.
Bitcoin’s high performance has so significantly influenced the entire crypto market that it’s inspired consumer confidence elsewhere. Also, this month, Bitcoin hit an all-time high of $89,000, causing attention and drawing capital into other cryptocurrencies, such as XRP. This rally has brought fresh bullishness to Ripple’s price. Who knows, Bitcoin might follow a general market trend to positively impact Ripple’s price.
Furthermore, technical indicators also support a positive outlook for XRP. The cryptocurrency recently rallied out of a descending triangle pattern, a historically meaningful event. The Relative Strength Index (RSI) of XRP is in good shape and shows that it isn’t too extended, but the relative strength is still bearish.
Ripple’s newly announced option for a stablecoin might increase interest in XRP. This should help Ripple’s ecosystem, making the asset more stable and attractive for transactions. The analysts think this is another positive factor that could pump the XRP price as more institutional capital starts to back XRP based on a stablecoin-anchored application.
Adding stablecoin functionality to Ripple’s network is the icing on the cake, as its appeal, from an institutional and consumer investment perspective, is already based on high fundamentals. This increased demand would speed up XRP price growth, as the token is migrating into an increasing number of use cases. Ripple’s greater functionality, combined with the prevailing market dynamics, is capable of supporting a price increase.
Another digital asset that has recently gained prominence with its unique platform is DTX Exchange, which has raised over $7m in its presale. Crypto investors looking for a competitive platform are looking at the appeal that the project offers with trader-centric tools including 1000x leverage and decentralized security. More recently, investor interest has been to intensify specifically due to its upcoming mainnet launch and listing on CoinMarketCap possibly taking DTX to some price milestones this year.
The crypto space is evolving as industry stakeholders take into account established projects such as XRP and new projects like DTX. The growth of DTX is indicative of a shift in interest from platforms that impose limited trading functionality and force upon users, to those that provide sophisticated, intuitive trading tools with greater control. As well, the overall crypto market has scope for growth with the rise of competitive platforms, which in turn could benefit established assets as the interest in digital assets expands.
According to the current market and regulatory environment, XRP will likely break the $1 barrier by the start of 2024. Ripple, however, must have strong technical support and manage the legal situation well to prevent sudden price fluctuations. Even by early December, the cryptocurrency could surpass $1 if it continues to ride the momentum and the market optimism keeps up, analysts said.
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