XRP Price Eyes Colossal 280% Breakout Amid CME Group Partnership
12 Luglio 2024 - 9:00PM
NEWSBTC
The XRP price has outperformed its peers among the top ten largest
cryptocurrencies on the market, experiencing a significant surge of
13.5% in the past week alone after experiencing a sustained decline
from its yearly high of $0.745 in March. With an eye on a key
Fibonacci level, the eighth largest cryptocurrency by market
capitalization, currently valued at $26 billion, is poised for a
potential price explosion that could send the XRP price to new
yearly highs, coupled with a bullish announcement surrounding the
token’s rise since Thursday. XRP Becomes Bridge Asset In $1.2
Trillion Market CoinGecko data shows a notable increase of 50% in
trading volume over the past few days, demonstrating the renewed
bullish sentiment surrounding the XRP price, along with a
significant collaboration announcement with the world’s largest
derivatives marketplace, CME Group, which has further strengthened
XRP’s position in the market. Related Reading: Litecoin Is A Hub Of
Whales: Over $2.85 Billion Of $100,000 Transactions Processed On
Thursday, CME Group made a major announcement, revealing that
starting July 29, the CME and XRP dollar reference rates and
real-time indices will be included in its suite of benchmarks,
positioning the token as a bridge asset in a market worth
approximately $1.2 trillion. The XRP price has benefited from this
announcement, as transparent pricing information is likely to
increase liquidity, making it easier for investors to buy and sell
XRP tokens, resulting in the current price surge of 4% witnessed in
the 24-hour time frame. Additionally, this collaboration may
open new doors for creating financial products, such as futures and
options based on XRP, providing holders with additional ways to
manage risks and maximize their investments. Brad Garlinghouse, CEO
of blockchain payments company Ripple, which is closely associated
with XRP, expressed his enthusiasm for the collaboration,
emphasizing the importance of having a trusted benchmark reference
rate as a critical step in adopting institutional crypto
products. Garlinghouse praised the joint effort between CME
Group and CFBenchmarks to create an XRP index, noting that the
market has validated the need for such initiatives. Ripple’s CEO
stated: First step towards institutional crypto products is to have
a trusted benchmark reference rate. Nice to see CME Group and CF
Benchmarks collaborate on this for an XRP index. The market has
spoken. XRP Price Eyes $1.8 In addition to the news,
technical analysis points to further upside for the XRP price if
certain conditions are met. Crypto analyst Dark Defender recently
noted in a social media post that XRP is testing the $0.462
Fibonacci level, which is key to the token’s prospects and
expectations for the continuation of the uptrend. The analyst also
spotted two bullish divergences in the price and the Relative
Strength Index (RSI) numbers as they made higher lows on the weekly
XRP/USD chart. This led Dark Defender to believe that if the XRP
price breaks and consolidates above this level from today until
Sunday, the cryptocurrency could begin a journey towards the $1.88
level, representing a 288% price increase from the current trading
level of $0.465. Related Reading: Spot Ethereum ETFs FOMO:
Tron Founder Justin Sun Drops $5 Million On ETH Featured image from
DALL-E, chart from TradingView.com
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