By XRP price has stagnated in the past few months as investors wait patiently for the next key catalyst. Ripple, the third-biggest crypto in the industry, was trading at $2.43 on Monday, higher than the crucial support at $1.90, and lower than the year-to-date high of $3.4. So, what next for the XRP token after an analyst called Ripple the “track that everything will be running on in the future?”
Crypto analysts explain their bullish view of the XRP price
Analysts are expressing bullish views on XRP even as the price remains in a tight range. In an interview with Fox Business, David Stryzewski, the head of Sound Planning Group argued that Ripple will be the track that everything will be running on in the future.
🚨 BREAKING:Bank of America is utilizing $XRP for 100% of their internal transactions. Like♥️ if your holding #XRP
He cited the fact that Ripple had created its own stablecoin that is already regulated in the United States. He also pointed to the fact that Bank of America was already using Ripple in its internal transactions.
In another post, John Squire, a popular analyst on X for his bullish views on XRP noted that Ripple would disrupt SWIFT, a network that has been around for years.
💣SWIFT ruled for 50 years. Now it’s game over💣 The old system is obsolete. Slow. Expensive. Outdated. $XRP settles in real time for under a penny.⚡🕰️💸 Central Banks aren’t choosing XRP, they’re being forced to adapt. The future doesn’t wait.
SWIFT is a society that connects thousands of banks globally and is used to handle over $150 trillion transactions a day. The challenge with SWIFT is that its system is expensive and time-consuming, with some transactions taking over a week to complete. A typical SWIFT transaction costs over $50 to complete.
Ripple has seen that opportunity and is working with over 300 institutions, a trend that will accelerate now that the SEC has ended its case against the company. Ripple’s On-Demand Liquidity (ODL) solution helps banks simplify cross-border payments easily.
Its transactions are safe, faster, and cheaper than SWIFT. As such, there is a likelihood that the XRP price will do well as more companies embrace its payment solution.
In a recent interview, Brad Garlinghouse noted that many central banks were now using Ripple’s technology. While it has disclosed some of these banks, he said that the company was yet to disclose some of them, which is a positive thing.
🚨 Brad Garlinghouse he warned us🚨 “Ripple’s already working with multiple central banks. Some deals are public… others still under wraps.” With the SEC out of the way, brace yourself. The real flood of partnerships is just beginning.
Ripple at the intersection of Bitcoin and Ethereum
Further, analysts note that Ripple is at the intersection of Bitcoin and Ethereum. In this, the argument is that Ripple has achieved the store of value goal that Satoshi Nakamoto wanted to achieve with Bitcoin. It has also achieved the smart contract features that Ethereum wanted to have.
The XRP Ledger has a smaller ecosystem, but analysts expect it to be a bigger player in the future. It has better features than Ethereum in that it can handle over 50,000 transactions per second (TPS) compared to Ethereum’s 15-30. Its transactions cost less than a cent per transaction compared to those in Ethereum’s network.
Ripple’s ecosystem is growing, with some of the biggest players in the ecosystem being Ripple USD (RLUSD), Sologenic, Crypto Trading Fund, and Coreum. In other words, while Ethereum has stagnated, analysts expect that Ripple’s network will boom over time.
XRP price prediction
The monthly chart shows that the XRP token formed a strong bottom between $0.20 and $1 between 2018 and 2024. Its neckline was around the key support at $1.97, th highest swing in April 2021.
The coin blasted above that level in November last year after Donald Trump’s election and then retested its all-time high of $3.40. This was a notable level since it was its highest swing in January 2021.
XRP price has now retested the key support at $1.9695. A break-and-retest is one of the most bullish patterns in the market. It has remained above the 25-month and 15-month moving averages.
Therefore, the XRP price will likely continue rising as bulls target the initial resistance at $3.40. A break above that level will see it surge to the next psychological at $5. On the other hand, a drop below the support at $1.9 will confirm the bearish view of the head and shoulders pattern and point to more downside.
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