Ripple’s native token XRP has felt the heat of the crypto market’s recent upward push as the token surged over 10% in 24 hours. However, the price trend of XRP remains bearish amid intense volatility as buyers need more strength to escape the current consolidation range to mark a bullish trend continuation.
Ripple’s Focus On Cross-Border Payments Adds Bullish Sentiment
Since the beginning of 2023, Ripple has been focusing on its commitment to real-world applications, particularly in non-fungible tokens (NFTs), central bank digital currencies (CBDCs), and sustainability. Ripple believes that prioritizing actual use cases will be beneficial in driving the long-lasting era of CBDCs.
Swift, the global financial messaging company, has revealed that it will adopt the ISO 20022 standard worldwide in March 2023, as the international standard for cross-border payments continues to head towards ISO 20022. Notably, Ripple has taken the initiative in this transition, designing its RippleNet network with ISO 20022 standards as a fundamental aspect from the outset.
As the expectations of new pilot programs for Central Bank Digital Currencies (CBDCs) are projected to touch highs globally, Ripple is ready to take the lead.
James Wallis, VP of Central Bank Engagements, expects a focus on interoperable CBDC solutions will improve cross-border payments as Ripple’s emphasis on practicality also includes Non-Fungible Tokens (NFTs), with a second wave of NFTs being developed that explore real-world applications, including real estate and carbon markets. The recent developments ahead of the final judgment by March’s end fill investors with optimistic hopes of a massive bull run in the XRP price trend soon.
What Lies Ahead For XRP Price?
XRP token made a steep fall after enjoying a massive bullish ride which got influenced by a huge USDC inflow in the crypto market. However, bulls have now defended the immediate support level at $0.38, pushing the token again above 23.6% Fib retracement.
According to CoinMarketCap, XRP price trades at $0.39 with a downtrend of nearly 2% in the last 24 hours. Analyzing the daily price chart, XRP’s short sellers are preparing for a rejection near the crucial resistance of $0.4, which may slump the token below its weekly support level of $0.38. Moreover, the SMA-14 trades below the RSI-14 level near 50, hinting at a short-term downward retracement to retest the support of $0.38.
If the XRP price witnesses a downtrend continuation, it may force investors to exit long positions and wait for a dip until the final judgment. On the other hand, a breakout above the EMA-100 trend line may send the token to soaring highs as it can enter a stable region of $0.44-$0.49.
