XRP has shown strong price momentum, currently trading at $1.92 and remaining above key support levels. The recent Treasury launch by Ripple has given a huge positive impact on markets, implying additional increase of its prices in the future.
The cryptocurrency market has made a bullish gain by 2.58% over the last 24 hours.
Bitcoin (BTC) is up above $90,000, and Ethereum (ETH) has moved past the $3,000 mark following a period of consolidation.
With the FOMC meeting going on today, investors are looking forward to more recovery in the days to come.
Ripple Launches Treasury Platform to Integrate Blockchain and Traditional Finance
Ripple has launched Ripple Treasury, a new platform combining GTreasury’s software with Ripple’s blockchain technology. This is a major step in the company’s expansion into institutional finance.
The platform, which is the result of Ripple’s $1 billion acquisition of GTreasury, is meant to make the process of managing cash and digital assets easier for businesses. Ripple Treasury seeks to improve liquidity management, accelerate cross-border payments, and eliminate the need for pre-funding.
By combining more than 40 years of conventional treasury management with the latest breakthrough in blockchain infrastructure, the platform provides real-time solutions for global enterprises
It provides a unified system for companies to manage both their cash and digital assets, further positioning Ripple at the forefront of modern financial solutions.
Institutional Interest in XRP Grows as Spot ETFs See $9.16 Million Inflow
According to Sosvalue data, XRP spot ETFs recorded a net inflow of $9.16 million, reflecting strong institutional interest. In spite of the price fluctuation, XRP ETFs have consistently attracted investor demand since their debut.
Conversely, Bitcoin and Ethereum spot ETFs recorded huge outflows of 147 million and 63.53 million, respectively. The ability of XRP to receive consistent inflows indicates that XRP is capturing more and more institutional interest.
XRP Price Eyes $2 as Bulls Push for Higher Gains
At the time of writing, the XRP price has surged to $1.92, and thus, there is a minor 2% growth within a day.
The price is currently hovering around $1.92, following a brief recovery. The MACD (Moving Average Convergence Divergence) is also suggesting a bullish outlook in the short term. The MACD line is drawn above the signal line.
The RSI (Relative Strength Index) currently reads 52, indicating that XRP is neither overbought or oversold.
In case XRP price can break past above $2.00, there may be a resistance of about 2.10. However, a move below $1.85 may see further declines, as low as $1.75.
Source: XRP/USD 4-hour chart: TradingviewIn conclusion, the Treasury launch of Ripple has had a severe positive effect on the price of XRP and has attracted much institutional interest towards it. The bullish momentum means that XRP could break through resistance levels, and there could be more gains for it.
Source: https://coingape.com/markets/xrp-price-prediction-after-ripple-treasury-launch/
