XRP Price Rebounds: Why Ripple Could Surge Despite Crypto Market Turmoil?
Top cryptocurrencies, including the price of XRP, saw a catastrophic plunge on Tuesday as Bitcoin fell below $100K. At worst, unverified rumors indicate that the US Department of Justice (DoJ) has been given permission to sell $6.5 billion worth of Bitcoin.
Ripple (XRP) is resilient and exhibiting signs of a robust recovery in spite of these unfavorable occurrences. The price of XRP fell 6.15% in this direction but showed resilience by rising 7.86% from the low. Here are three arguments in favor of this optimistic view of XRP.
Bullish Momentum? XRP Holds Steady Despite Market Sell-Off
The token has been trading at the same levels as before Bitcoin crashed below $100,000, mostly unaffected by the recent crash and selling pressure. In the event that the adverse market conditions disappear, this resilience promotes a tumultuous return to the upside and speaks to the bullish momentum.
Japan’s Banking Sector Prepares for XRP Ledger Integration
CoinGape also claims that there are rumors that Japanese banks may begin utilizing XRP.
Next week, every bank in Japan is set to integrate Ripple’s XRP Ledger, marking a significant development in financial technology. This announcement comes from SBI CEO Yoshitaka Kitao, highlighting the transformative potential of Ripple’s hybrid remittance system.
CoinGape
David Stryzewski asserts that Bank of America has integrated XRP for all internal transactions, in addition to SBI in Japan.
XRP Defies Bitcoin Dip: Bull Flag Pattern Points to $15 Surge
The price of XRP has been circling within a bull flag continuation pattern since December 3. According to this configuration, the tendency is expected to continue. The goal, in this instance, is $15. This bullish pattern has been unaffected by the short-term correction brought on by the collapse of Bitcoin, further supporting Ripple’s rise.
Final Thoughts
In conclusion, XRP’s power and endurance are indisputable, even in light of Bitcoin’s decline below $100,000 and the US DoJ’s possible sale of $6.5 billion worth of BTC. The outlook appears hopeful given the robust bullish trend and the readiness of big banks to embrace XRP. Furthermore, a bull flag pattern that predicts a $15 goal is also visible in the technicals. To sum up, despite the market’s pessimistic outlooks, Ripple is poised for a huge return for these reasons.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment