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?
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.
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.
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.
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.