Ripple (XRP) continues its rise in 2023 thanks to a combination of institutional adoption, technical advances and positive regulatory developments. Ripple (XRP) has become the fourth largest cryptocurrency by market cap. Following these rises, the Ripple (XRP) community frequently expresses its goal of rising above $1. This target indicates the potential for XRP to return to the peaks it previously reached. Ripple (XRP) is trading at $0.685 at the time of writing.
There are several ways for XRP to reach its $1 price target. One of these is increasing corporate adoption. Ripple is running a strong campaign for adoption in the global banking and finance industries. If these efforts are successful, it could cause XRP to be in greater demand by institutional investors and increase its price.
XRP Developments:
XRP coin started to rise again after Ripple received approval to operate in Georgia and Dubai. Dubai Financial Services Authority (DFSA) approved Ripple (XRP) under its virtual assets regime last week. It also announced that it allows licensed firms in the Dubai International Financial Center to offer XRP to customers as part of their crypto services.
In addition to all this, the gains in the XRP/USD pair came amid claims that the blockchain payment firm may announce its Initial Public Offering (IPO) plans before Ripple's Swell conference to be held in Dubai on November 8-9.
XRP Support and Resistance Points
XRP coin, which rises above $ 0.70, will want to test the range of $ 0.73-0.80, which is the critical point in front of it. According to data from CoinGlass, more than $4.5 million long positions in XRP appear to have been liquidated in the last 24 hours. We can say that a rise we will see in Bitcoin will be positive for XRP.
If Bitcoin (BTC) weakens, the XRP coin may slowly retreat to lower levels. In such a situation, there may be decreases up to 0.64 - 0.60 dollars respectively. As long as the price for XRP remains above $0.60, we can say that the uptrend will continue.
