Why $1.2 Or Higher Remains A Realistic XRP Price Target By EOY

All eyes in the crypto world are on various assets, including Bitcoin and Shiba Iu. However, there are reasons to believe that XRP might make some moves reasonably soon. Despite going through a bit of a dip recently, a return to $1.2 is still very plausible before the end of the year. 

Strong XRP Accumulation

The past few weeks have been interesting for major crypto markets. Assets noted a substantial increase, although there has been some bearish pressure to contend with. For Ripple’s XRP, the bearish pressure appears to be positive news for those looking to accumulate this currency. There isn’t enough”dumping” to push prices down, yet insufficient buy support to trigger a market reversal too. 

Source: Tradingview

After a few days of trying to bring XRP below $0.96, the market shows some resilience again. The $1 floor remains intact, and prices hover near $1.06 for now. There may be an XRP breakout very soon, as there hasn’t been any exceptional volume in either direction. Sideways trading usually indicates accumulation, and it wouldn’t be the first wave of XRP accumulation either. 

A New RippleNet Partner

Outside of the price charts, there are still plenty of Ripple and XRP developments to keep tabs on. First, RippleNet welcomes a new partner in Al Ansari Exchange based out of the UAE. The forex and global money transfer company sees merit in RippleNet to provide same-day remittances to Malaysia. The services support the Malaysian Ringgit but will expand to Brunei dollar and Australian transactions in the future. 

XRPL Machine Learning Potential

Even though not everyone is a coder, most people will acknowledge the XRP Ledger – or XRPL – can serve multiple use cases. One such use case is machine learning and artificial intelligence capabilities. Both aspects can bring Ripple closer to developing the “perfect customer experience” on RippleNet. In addition, enhancing payment networks will often unlock new benefits, such as a better transaction speed and improved available liquidity. 

Middle Eastern ODL Deployment

One of the core products under the RIpple Banner is On-Demand Liquidity or ODL. It is a great tool to facilitate global money transfers at fractional costs and within mere seconds. Pyypl, together with Ripple, has launched the first-ever ODl deployment in the Middle East. The main challenge is to provide more financial services for SMEs, financial institutions, and other parties requiring cross-border payments. 

SEC Lawsuit Still Progresses

Most people are well aware of how Ripple and the SEC are involved in an ongoing lawsuit. Interestingly, it seems as if the SEC will have to give up even more ground in these proceedings. The SEC will need to clarify its application of the Howey Test for this case, which seems akin to confirming there is little or no evidence to speak of. Whether that clarification will occur is a different matter, though, as these “orders” can be drawn out rather easily. 

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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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JP Buntinx

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