6 June 2024
In a market witnessing a strong bullish momentum with several cryptos reaching new all-time highs and experiencing price recoveries, the XRP price has remained in a consolidation phase for the past two months after a brief surge in March that took it to its yearly high of $0.7430.
However, recent positive developments and announcements surrounding Ripple, the blockchain payment company associated with XRP, coupled with an intriguing bullish pattern, have sparked speculation of a potential massive uptrend for the XRP price.
Ripple Expands With Clear Junction Partnership
Ripple recently revealed its partnership with Clear Junction, a global provider of cross-border payment solutions for regulated institutions.
According to the announcement, the new collaboration aims to enable Clear Junction to facilitate “instant and secure” GBP and EUR-denominated payout coverage for Ripple’s payments customers. Moreover, Ripple plans to introduce support for additional currencies later this year, further expanding its network of offerings.
Cassie Craddock, Managing Director, Europe at Ripple, expressed satisfaction with the partnership, stating the following:
Clear Junction is a great fit for Ripple. Right from the beginning, it has been able to support all of our use cases, including providing GBP and EUR payout coverage for our clients sending payments into the UK and European Union.
Clear Junction, an FCA-authorized e-money institution in the UK, offers operational support and reports to provide a secure environment for partners.
The goal is to ensure the safety and protection of funds through necessary payment industry and data security safeguards. The company has earned ISO 27001 certification, the highest global data security standard.
Dima Kats, Founder and CEO at Clear Junction, emphasized the significance of the partnership, stating that blockchain technology and cryptocurrencies will be at the core of the evolution of correspondent banking. Kats further states:
We are happy to partner with Ripple to be a part of this process. This collaboration exemplifies two institutions coming together to enhance their respective products and services. We look forward to working closely with the Ripple team and exploring more avenues for future growth.
XRP Price To $300?
Presently trading at $0.5269, XRP is experiencing a prolonged consolidation phase between the price range of $0.4780 and $0.5441.
Despite lacking significant catalysts to propel the token to previous highs, the possibility of retesting its all-time high of $3.40 in January 2018 is on the horizon.
A crypto analyst known as “Jack The Rippler” has identified a bullish triangle pattern emerging in the daily XRP price chart, as seen in the image below.
Should the pattern fully break out above the $0.600 mark and the anticipated bullish uptrend materialize, as indicated by the analyst, the projected 63,000% surge would skyrocket the XRP price to approximately $331.
Nevertheless, the realization of this scenario remains uncertain, and the timeframe required for XRP to overcome its upper resistance levels is yet to be determined. The upper resistance levels currently stand at $0.5414 and $0.5574 in the near term.
Featured image from DALL-E, chart from TradingView.com