US Banks Could Adopt Ripple While XRP Price Slides 4% — Can it Make an Upturn?
Ripple is getting attention once more as CEO hints at potential adoption. Can it start rising again?
Key Takeaways
- Ripple’s CEO hints at potential adoption by US banks.
- Ben “Bitboy” Armstrong is bullish on XRP.
- Chart analysis indicates a potential upturn, but $0.50 needs to hold first.
Brad Garlinghouse, CEO of Ripple, has indicated American banks may soon start adopting XRP. This development was backed by blockchain social media personality Ben “Bitboy” Armstrong as crucial for XRP’s success.
Ripple has been under legal scrutiny since 2020, facing a lawsuit from the SEC for allegedly conducting an unregistered digital asset securities offering worth over $1.3 billion. Despite this, Ripple’s kept on with its global expansion. The situation improved in 2023 when a court ruling provided legal clarity by not automatically classifying XRP as a security.
Armstrong said Ripple had evolved and resolved a significant software flaw, which previously hindered bank adoption of XRP. To facilitate this, Ripple introduced RippleNet and ODL (On-Demand Liquidity). Both these demand people hold XRP, thus potentially increasing its usage. Armstrong anticipates imminent news about the wider adoption of XRP,, and credits the Ripple CEO for his strategic approach toward realizing the company’s vision.
Meanwhile, the price of XRP fell by almost 4% on January 22. It is in a larger downtrend from November 6, decreasing by 27% since then. Can the coin start regaining previous highs?
XRP Price Analysis
XRP reached a high of $0.73 on November 6. This could have started a larger uptrend, but November’s high was still lower than July’s of nearly $1.
Although October’s low was at the same level as September’s, the support plateau has risen since June 2022. Analysis suggests the multi-year correction that started after the all-time high in January 2018 ended in September last year.
If this is true, a new bullish phase started in October. This would mean the downturn from November was the first bull market correction. The depth of the current downtrend could validate that, as the price needs to hold above $0.50.
A bounce at $0.50 could cause a larger upturn and signal the start of the next major uptrend, potentially bringing the price of XRP to $1.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
