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Road to $1? XRP Price Soars Amid Ripple’s Payment Milestones and New Partnerships

Last Updated November 9, 2023 11:44 AM
Nikola Lazic
Last Updated November 9, 2023 11:44 AM

Key Takeaways

  • Ripple’s Swell boosts XRP, potentially paving the way for a surge to $1.
  • HSBC-Metaco partnership further enhances Ripple’s prospects.
  • XRP’s bullish trend sets its sights on the crucial $0.85 resistance.

As Ripple continues to achieve major payment milestones and foster strategic partnerships, the XRP token experiences a noteworthy surge, sparking speculation about its potential to hit the $1 mark.

The recent accomplishments unveiled at the Swell 2023 conference have not only expanded Ripple’s global payment network coverage but also increased liquidity, potentially driving a surge in demand for XRP.

Moreover, the collaboration between HSBC and Ripple-affiliated Metaco for an upcoming digital asset custody service suggests a deepening relationship between prominent financial institutions and blockchain technology.

The question lingers: could these developments serve as a catalyst for Ripple’s sustained upward trend toward the coveted $1 milestone?

Payment Milestones And New Partnerships

Ripple showcased significant advancements during its Swell 2023 conference on November 8. These advancements underscore a major stride in global payment coverage and liquidity options for customers, propelled by the enhanced utility of the XRPLedger.

The company’s strides encompass securing money transmitter licenses across diverse US regions and Singapore, paving the way for expansion into more than 70 payout markets. Ripple ‘s Payments product has seamlessly integrated with the XRPLedger DEX, enhancing liquidity and accessibility. Additionally, the exploration of new payment corridors between Africa and other regions adds a layer of strategic expansion.

These advancements have the potential to fuel heightened demand for Ripple’s native token, XRP, particularly in anticipation of a favorable settlement with the SEC.

Simultaneously, pivotal partnerships have been solidified. The global banking powerhouse HSBC is poised to unveil a cutting-edge digital asset custody service catering to institutional clients. This endeavor is a collaborative effort with Ripple-affiliated Metaco.

Powered by Metaco’s Harmonize platform, this service aligns with HSBC’s overarching strategy to provide a comprehensive range of digital asset services. These services extend to issuing digital assets through HSBC Orion and tokenizing physical gold, showcasing a multifaceted approach to the evolving landscape of digital finance.

XRP’s $1 Target on the Horizon?

XRP’s price journey has exhibited a consistent ascent, surging from a low of $0.475 on October 11 to its pinnacle at $0.723 on November 6. This peak represents the zenith of the ongoing uptrend. Subsequently, a minor pullback followed suit, aligning with our earlier analysis that hinted at a possible climax of wave 3 in the shorter-term cycle.

 

XRP in a larger uptrend
$0.85 resistance a first target

Despite a brief dip to $0.65 on November 7, XRP‘s bullish momentum remains resilient. The climb initiated since October 28 represents the third wave within a broader pattern, foreshadowing additional gains and a focus on overcoming the pivotal resistance around $0.85.

A glance at the Relative Strength Index (RSI) on the 4-hour chart indicates an overbought condition, implying a potential phase of consolidation or sideways trading on the horizon. However, if XRP manages to surpass its recent peak, it may be gearing up for a challenge against the crucial $0.85 resistance level. A successful breach here could pave the way for a more prolonged consolidation, setting the stage for an eventual push towards the fifth wave.

With a promising potential price target of $1, the outlook for XRP appears optimistic, hinting that a journey towards this significant milestone might be on the horizon.

Disclaimer

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.

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