XRP Price Prediction: Can XRP Stay Above $0.50 as Ripple Supports Quantum Computing Research?
In the past 24 hours, XRP price increased by 0.29% to $0.51073. This comes at a time when the overall crypto market is experiencing a decline.
XRP has gained 2.29% over the past week, showing that XRP is continuing its monthly price increase of 1.60%.
According to TradingView, the altcoin has returned 8.93% over the past year.
This pales in comparison to the returns of major coins such as BTC, ETH, and SOL over the past 12 months. However, this also suggests that XRP may see above-average gains later this year.
The recent price action, which occurred after Ripple supported a quantum-resistant encryption system, may boost XRP price action in the future.
Can XRP sustain above $0.50?
The chart for XRP looks promising today, with the coin looking poised for more gains after a slight decline last night.
The altcoin is approaching a retest of the $0.5005 support (yellow), which has been holding XRP price above $0.50.
If this support is breached, the price could continue to fall.
Other indicators argue against this view, with XRP’s relative strength index (RSI) rebounding to 50 from 25 earlier this morning. This suggests that the recent price decline is temporary and does not mean a complete shift in trend.
Additionally, the altcoin’s 30-day moving average (orange) is trending downwards and is approaching a crossover with the 200-day EMA (blue), which it fell below earlier today. This indicates that XRP is currently oversold.
XRP’s 24-hour trading volume has also increased in recent days, growing by 76% to $827,803,541. This confirms the increased investor interest in XRP.
There are many factors for XRP price optimism, including an upward trend in the overall market after slowing down in March.
While technical indicators suggest positive price action in the short term, sustainable long-term growth may rely on fundamental factors.
What contribution does quantum computing research make?
Ripple’s new investment in the research and development of quantum-resistant encryption systems may drive future price trends.
At Ripple’s University Blockchain Research Initiative (UBRI), Professor Massimiliano Sala highlighted the quantum challenges facing blockchain technology in a Ripple Insight article.
Professor Sala highlighted the key vulnerabilities that quantum computing introduces to blockchain security, which has the potential to "undermine the mechanisms that protect user assets."
Given that cryptography forms the fundamental backbone of blockchain technology, it is crucial to be prepared in the era of quantum computing developments. Sarah added:
"While the quantum threat may not be immediate, its probability is significant and requires proactive measures."
Ripple is developing quantum-resistant encryption methods through research. If successful, this will enhance Ripple’s XRP Ledger (XRPL), providing strategic advantages across the wider industry and improving platform security.
This advantage could benefit the blockchain’s native token, XRP, by increasing the adoption of XRPL in response to the looming quantum threat.
Adoption has significantly hindered XRP’s price action since 2022. The long-running Ripple-SEC lawsuit has led to regulatory uncertainty, slowing institutional adoption.
However, the Ripple-SEC case has now entered the final stages of settlement. Ripple could face a settlement fine of up to $2 billion, but the result of this fine is to draw a line under the law and allow the company to continue to grow.
Coupled with a more robust platform, this could restore market confidence in Ripple as a major player in the crypto industry.
In the long term, this suggests that the XRP price will rise, possibly reaching $1 by the end of 2024.
While XRP has performed well in the long term, some traders are accumulating potential in this meme coin.
High-potential meme tokens could bring bigger gains
In fact, the problem with XRP is that since it relies more on fundamentals than hype, it can take a while to see really big returns.
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