đđ XRP Price Could Hit $5 If Ripple Captures 50% of Global Remittance Market đ€ đ
$XRP đ§§đ§§
The XRP price action depicts a beautiful bullish continuation pattern on the daily chart that promises a 40% breakout if market conditions remain favorable. On September 18, the Federal Open Market Committee (FOMC) announced a 50 basis point cut on the interest rate, and XRP surged by 5%. If Ripple successfully captures 50% of the global remittance market and the regulatory hurdles diminish, could the XRP price soar to $5?
XRP is designed to facilitate fast and low-cost transactions across borders. This is needed for the mammoth global remittance market, which, according to Statista, is projected to reach $11.53 trillion in 2024 and $16.59 trillion by 2028. Digital remittances took the lionâs share of global digital payments, closely followed by digital commerce. Mobile POS payments came in last.
XRP has a total supply of 100 billion coins and only 56 billion in circulation. Taking on a $16 trillion industry with only 100 billion coins spells a $160 price tag for XRP. However, currently, there are only 56.4 billion in circulation.
Assuming they never release the escrowed tokens into circulation, the XRP price could rise to $283. In February, Rippleâs CTO detailed Rippleâs ability to effectively âburnâ the 40 billion locked XRP by âbackholdingâ the associated accounts.
XRP price has been respecting an ascending trendline, indicating a series of higher lows. This suggests a steady uptrend in the short- to mid-term.
$0.64 is the key resistance level that marks the top of the recent range. The price has been consolidating below this level, and a breakout would propel the price up to $0.85, a 40% potential gain from the current price.
If the XRP price fails to hold above $0.56, it could drop lower to $0.52, $0.50, and $0.42. Nevertheless, the long-term target is also $5.00, with the potential for higher gains if the trend continues and market sentiment holds bullish.DYOR
