Ripple's XRP has faced a tough two weeks, with its price sliding by 7% and hitting a local low of around $0.54. However, recent developments suggest that XRP might be on the verge of a major turnaround.
XRP's Key Breakout Levels
According to The Moon, a well-known Bitcoin investor, XRP’s latest move has broken through a descending resistance line on the 3-day price chart. This is seen as a strong bullish signal. When a cryptocurrency breaks through such resistance, it often indicates that it could continue rising. "#XRP broke through the descending resistance and now is about to continue pumping to the potential target at $0.5850," The Moon tweeted on September 3, 2024. The recent breakout suggests that XRP might be gearing up for further gains. Perhaps, the next key resistance level is set at $0.5850. If XRP maintains its current trajectory, it could reach this target soon. Echoing a bullish stance, analyst Javon Marks adds to the optimism by drawing parallels between XRP’s recent performance and the 2017-2018 period, which began the significant bull run. Meanwhile, Marks suggests that XRP might be on the brink of another major surge not seen in the past 6-7 years.
Introduction of Smart Contracts on XRPL
In other exciting news, Ripple has announced plans to introduce smart contracts to the XRP Ledger mainnet. Such an upgrade aims to enhance the platform’s capabilities and attract more developers to the ecosystem. The addition of smart contracts will allow developers to create customized applications using XRPL’s foundational features, such as escrows, NFTs, and decentralized exchanges. Ripple President Monica Long has highlighted these advancements as a major step in boosting blockchain utility and appealing to institutional investors. "Custody is a critical entry point to tokenization. Everyone – from big banks to crypto natives – needs secure and compliant infrastructure to power enterprise use cases. Excited to further our partnership with Futureverse!" she tweeted on September 3, 2024. Additionally, Futureverse, an AI and metaverse tech company, has partnered with Ripple Custody to securely manage its assets, further expanding Ripple’s influence.
What to Expect Next?
As of now, XRP is trading at $0.57, holding above a crucial support level at the daily 200 moving average (MA) of $0.565. This level is crucial for maintaining bullish momentum. If XRP can stay above this support, it might signal a recovery. However, if the price falls below $0.5650 or $0.5550, it could enter a bearish phase, with initial support at $0.5440 and a major support level at $0.5320.
Thus, XRP might be on the verge of significant growth, and recent updates in the Ripple ecosystem could play a crucial role in attracting investors and developers.
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