- XRP could rally to $12 courtesy of Ripple’s decision to dabble into the stablecoin market.
- The analyst spotlights XRP’s current movement pattern, and identifies key support.
Following recent announcement to dip its foot into the stablecoin market, market players are making a bold price prediction for the asset, asserting that a price surge to $12 is attainable in the long term.
Recently, Ripple made a major announcement, revealing that the network will work towards developing a stablecoin.
Taking to X to make an announcement, Ripple’s post read;
“The stablecoin market is booming – around $150B today, and projected to soar past $2.8T by 2028. There’s a clear demand for trust, stability, and utility. That’s why later this year we’re launching a stablecoin pegged 1:1 to the USD on the XRP Ledger and Ethereum.”
In response to the new development, Rob Cunningham, the host of KUWL.show explains that XRP is projected to soar 20x in size come 2028. “Wouldn’t this imply that 20 x $0.60 = $12/XRP based solely on StableCoin utility in 4 years?”, he added, as he further broke down the company’s move to explore its stablecoin.
XRP makes a turnaround, drops below its daily ATH of $0.65
Speaking on DLT, explaining why it changes everything and how Ripple is the “king of DLT” of blockchain infrastructure, Rob Cunningham is quoted saying;
“Hopefully you can begin to understand WHY global banking monopolists and their paid media assassins are so very desperate to disrupt, delay, acquire and/or steal the most innovative & disruptive technology capable of scrambling their world control system.”
Identifying major support, renowned Cryptocurrency analyst EGRAG spotlights the asset’s current movement pattern, noting that XRP might not close below Fib 0.382. He added that the wicking on the 4hr daily chart is likely to happen, but might not impact the long-term trajectory and strength of the XRP token.
#XRP Fib 0.382 Major Support : #XRP will never close below Fib 0.382 on weekly TF. Wicking on 4h/daily is possible but it has no impact on the long term trajectory & strength of #XRP
Next Target: Fib 0.702-0.786 🎯
Next Major Pitstop: Fib 1.618-$6.4💰#XRPArmy STAY STEADY! 💪 pic.twitter.com/7BwMJ2GIc7— EGRAG CRYPTO (@egragcrypto) April 2, 2024
Meanwhile, XRP like other leading altcoins has kickstarted the week with losses sustained from the previous week. Notably, the top altcoins have collectively lost more than 20% over the last week, and XRP has dipped by 2.28%.
Down from its 24-hour high of $0.60, XRP trades at a press time price of $0.59. While the market cap is down by 0.65%, trading volume over the past 24 hours is up by 11.71%.