Quick overview

Live XRP/USD Chart

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XRP bulls are setting their sights on a $3.5 price target amid the recent volatility in the cryptocurrency market.XRP has once again captured attention as technical indicators suggest a potential breakout.

The cryptocurrency is no longer forming a descending triangle, a well-known chart pattern that often precedes significant price movements. According to data from CoinGecko, XRP experienced a remarkable rise, reaching a price of $3.16 yesterday.

The descending triangle typically indicates a period of consolidation, where buyers defend support levels while sellers push prices lower. However, XRP’s support has remained strong despite market fluctuations, indicating robust demand.

If Ripple bulls can break above the upper boundary of the triangle, momentum may increase, attracting new buyers and potentially leading to a surge towards $3.60. Achieving this price would mark one of XRP’s strongest rallies in recent months and signal a notable recovery from its prolonged consolidation. At this level, XRP would also be very close to its current all-time high.

Morgan Stanley has made progress in analyzing Ripple’s potential to disrupt traditional cross-border payment systems, including SWIFT. Experts within the firm speculated that the successful launch of a spot XRP ETF could generate up to a trillion dollars in liquidity for the XRP ecosystem.

This estimate is based on the idea that XRP can reduce the operational costs of cross-border transactions by sixty percent, freeing up a significant amount of dormant bank capital and effectively positioning it as a competitor to SWIFT.