Monday, March 4, 2024

Ripple’s Push for XRPL Adoption Could Drive XRP Price Surge.

The price of ripple (XRP) may rise following a sharp, multi-week decline. After one of the biggest banks in the world, HSBC, selected Ripple as their custody technology, there is excitement. Some believe that the collaboration is an obvious sign that banks want to use XRPL and, most significantly, the XRP cryptocurrency.

Metaco’s HSBC partnership with Ripple portends potential XRP development.

Earlier in the year, Ripple bought the Swiss digital asset custody company Metaco. However, the XRP community is feeling optimistic after learning that the company is collaborating with HSBC, one of the biggest banks in the world.

As per the XRP community, HSBC’s decision to work with Ripple for custody technology is an obvious indication that financial institutions are interested in implementing XRPL, and notably, XRP coin.

“There is an indirect link between Ripple protocols and Metaco’s banking clients,” states CEO Adrien Treccani of Metaco. Treccani emphasizes the symbiotic relationship between Ripple’s growth and the XRPL’s success. As Ripple gains traction, it inadvertently promotes the adoption of the XRPL protocol, fostering a mutually beneficial dynamic.

Ripple has been actively pursuing banks in an effort to simplify international payments. One of the more enduring instances of a private tokenization blockchain, according to Treccani, is XRPL.

Because of this, the combination of Metaco and Ripple offers a full suite consisting of an infrastructure layer and a services layer, resulting in a financial powerhouse with a neatly packaged vertical stack that includes liquidity management, payment primitives, and tokenization life cycle—all from a single vendor.

The Ripple Metaco cooperation signals expansion, which supports the price of XRP.

The price of Ripple (XRP) has recovered to $0.5981 on a daily basis following a 20% decline that started on November 7. The Awesome Oscillator (AO) green histogram bars in the positive area show that the bulls are trying to make a move in the XRP market. On the three-day timeframe price chart of XRP versus the USDT stablecoin, analysts have also detected an inverted head-and-shoulders pattern, indicating a 60% increase to $1.234.

If purchasing pressure rises above the current levels, the price of ripples may test the supply zone, which is between $0.6582 and $0.7186. In order to validate the ongoing upward trend, the market needs to breach and close above this order block’s midline, which is located at $0.6820.

In an extremely bullish scenario, the price of Ripple might rise even higher, breaking above the psychological mark of $0.8000, in order to acquire the sell-side liquidity (SSL) that is still present above. With this action, the supply barrier would become a bullish breaker and act as a springboard for further increases.

On the other hand, the Ripple price may lose the $0.5981 support if selling pressure overwhelms buying demand, opening the door for a decline that would take it into the consolidation phase between $0.4735 and $0.5392. Should the price break and close below the $0.5981 support level, the bullish argument would be refuted.

The Relative Strength Index (RSI) position below 50, which indicates weak market strength as bears continue to exhibit resilience, supports the bearish thesis. Its southward departure indicates a decrease in momentum.

Observe that the RSI made an attempt to cross above the yellow band, which represents the signal line, but the move was premature because the two bands deflected in the bears’ favor.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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