Discover the three main reasons why XRP price could emerge from consolidation and reach $277 by October, driven by adoption in global finance.
Highlights
The symmetrical triangle pattern is driving the current sideways movement in XRP price.
Growing international use cases, such as the recent oil trade between India and the UAE using the XRP Ledger, highlight XRP’s ability to facilitate large-scale transactions.
Institutional adoption by companies like Wells Fargo is driving demand for XRP, integrating it into mainstream finance.
XRP price is showing a modest decline of 0.22% during the trading session on Saturday. Amid geopolitical tensions and the recent tug of war from the US Securities and Exchange Commission, Ripple is struggling to push a sustainable recovery and extend the sideways trend. Here are three reasons why XRP price could escape the accumulation trend to rise above $250.
XRP Price Could Hit $277 by October: Here’s Why
Over the past week, XRP has seen a sharp decline, losing 20% of its value as the price dropped from $0.665 to $0.525. The bearish reversal suggests a continuation of the current consolidation, which has been intact since late 2021. Is Ripple price ready for the end of a multi-year sideways trend?
Analysts Expect XRP to Rise by $1,000 Amid Cross-Border Payment Benefit
Despite the ongoing legal challenge from digital payments company Ripple, many analysts believe the native cryptocurrency, XRP, is poised to surge past $1,000 driven by its utility in cross-border payments.
The forecast is based on XRP’s potential to handle large-scale international transactions, with JPMorgan recognizing XRP’s potential to unlock up to $120 billion in liquidity trapped in cross-border payments.
Prominent cryptocurrency analyst MasonVersluis has shed light on Ripple’s price and how it will handle trillions of transaction volume. According to the XRP Liquidity Cheat Sheet, the coin’s price could support $1 trillion in daily transaction volume at prices between $100 and $500. However, to accommodate larger daily volumes of $6 trillion to $20 trillion, XRP’s price would need to rise to at least $1,000.
Wells Fargo Adopts XRP for Credit Card and Loan Payments
Last month, financial giant Wells Fargo officially integrated XRP as a payment method for settling credit card bills and repaying loans. The move allows customers to use XRP to pay off debt, highlighting the bank’s (traditional) shift toward embracing blockchain technology.
Furthermore, customers can now earn rewards through the XRP Ledger’s CryptoTradingFund (CTF). The innovative setup simplifies payments and provides users with cashback rewards. As more financial institutions like Wells Fargo adopt XRP, the utility of the token will increase, driving demand and enhancing its role in mainstream finance.
India, UAE Complete Oil Trading Using XRP Ledger
Adding credibility to XRP’s growing role in global finance, India and the UAE recently executed their first oil transaction using the XRP Ledger. The trade bypassed reliance on the US dollar and demonstrated XRP’s ability to efficiently facilitate high-value transactions in the real world.
Furthermore, Ripple has strengthened its foothold in the UAE by partnering with the Dubai International Financial Centre (DIFC).
This development underscores the growing appeal of Ripple technology, which could boost wider adoption in international markets.
Conclusion:
With key partnerships and real-world applications, Ripple’s role in cross-border payments could push natural demand pressures on XRP’s price. While the altcoin shows huge upside potential, reaching the $270 target could take a few years as Ripple continues to build international adoption.