The fundamental and technical indicators for price $XRP
Bulls have hope that the current consolidation paves the way for a move toward $5.
"Ripple's multiple acquisitions" and upgrades #XRPL support the positive outlook for XRP.
The trading volume of XRP futures contracts on the Chicago Mercantile Exchange reached $542.8 million during the first month.
Elliott wave analysis and positive forecasts indicate an increase in XRP price to between $5 and $14.
XRP $2.09
The price has stabilized between $2.00 and $2.60 since early March, with no clear trend. However, several factors suggest that this stagnation may soon give way to a significant surge into the tens.
Ripple's acquisitions and upgrades #XRPLedger
Ripple's strategic moves to expand its ecosystem are a key driver for the potential breakout of XRP. Its acquisition of the major intermediary company Hidden Road for $1.25 billion reinforces the company's ambition to meet the needs of institutional investors. Ripple announced that it will use its stablecoin, #RLUSD , as collateral for the suite of intermediary services provided by Hidden Road.
David Schwartz, Ripple's Chief Technology Officer, stated that more acquisitions are in the works.
Schwartz told DL News in New York: "Our mergers and acquisitions team is very busy," he added:
"We have several potential acquisitions at different stages, from early to late stages."
Ripple is aggressively seeking to attract traditional finance firms, with Metaco and Standard Custody among the notable acquisitions.
Ripple's acquisitions since 2013.
Ripple also plans to upgrade its XRPL blockchain to include better "programmability" and a new lending protocol, according to Schwartz.
The latest partnership with Wormhole aims to expand multi-chain interoperability on the XRP Ledger (XRPL) and the upcoming XRPL EVM sidechain.
These upgrades, reminiscent of Ethereum's evolution, promise to improve scalability and interoperability, which may boost demand for XRP for cross-border payments and decentralized finance applications.
As Ripple strengthens its infrastructure and partnerships, increased adoption may drive demand, pushing the price $XRP beyond its current range.
Increasing exposure to CME XRP futures
Increasing exposure to CME XRP futures contracts may trigger a significant surge in XRP price, driven by increased institutional participation and market liquidity.
Since its launch on May 19, both standard and mini XRP futures contracts have raised over $542.8 million in notional trading volume, indicating strong interest from institutions and retail traders, according to the latest CME Group report.
"The launch of XRP futures contracts has shown significant market interest and widespread participation," explained CME, noting that trading volume reached $19.3 million across 15 firms and four retail trading platforms on the first day, adding:
Futures trading activity $XRP over one month. Source: CME Group
The CME group also highlighted that over 24,600 contracts were traded during the first month of trading, with nearly 50% of participants from outside the United States.
Related: Who is Arthur Brito, the "ghost" of Ripple who just broke 14 years of silence?
Moreover, a potential approval for the XRP spot exchange-traded fund would see more capital flows into XRP investment products, enhancing its position as a key asset and elevating its price.
The odds of approval for the XRP exchange-traded fund by December 31 are currently 76% on Poly, market.
Technical analyses of the price #XRP indicate an upcoming breakout.
The price of XRP may be preparing for a major breakout, according to cryptocurrency analyst XF,orce, Global.
The analyst on X stated that the recent pullback to $1.90 "paved the way for a faster upward path," adding that the price retested a key Fibonacci level of 0.618 at around $2.00.
The accompanying chart showed Elliott wave analysis predicting a potential breakout to $5.
Four-hour chart for pair #XRPUSDT .
In a previous post, XF,orce, Global stated that its target for this cycle ranges between $20 and $30. This aligns with Egr,ag Crypto's analysis that Fibonacci extension levels centered around a symmetrical triangle predicted a price target for XRP between $8 and $27.
A positive breakout from the flag could lead to the next XRP price increase, measured at $14, which is a 564% increase from its current price level.
Weekly chart for XRP/USD.
According to Cointelegraph, the next major price increase for XRP is likely to begin after buyers push the price above $2.65 (the upper limit of the current consolidation range), paving the way for a rise to $3 and above.