The post How Ripple’s Global Takeover Could Push XRP Past $1 and New ATHs appeared first on Coinpedia Fintech News
XRP’s global takeover has officially begun and according to analysts across the globe, XRP is about to go mainstream. And to top it all off, the SEC recently released a statement that could signify a pivotal moment for cryptocurrency regulations. For the first time, they acknowledged the need to provide clarity around cryptocurrencies.
According to analyst Levi, Gary Gensler’s recent statements gave the clearest definition yet of what qualifies as a security, giving these big companies the freedom to move forward at lightning speed. The key takeaway is that XRP, which has been ruled as not a security, is in a perfect position for adoption.
Why Is This A Pivotal Moment For Crypto?
This is huge news, especially for those working with tokenized assets on the XRP Ledger (XRPL), such as real estate or other physical assets. The confirmation that these tokenized assets are not securities means that companies no longer need Gensler’s permission to push forward with their plans.
The analyst said that many global banks are ready to integrate Ripple’s XRP Ledger (XRPL) for cross-border payments and remittances, leveraging its blockchain technology for faster, cheaper transactions.
Will The Market Value of XRP Skyrocket?
A key point according to him is that XRP’s price is closely tied to its adoption by banks worldwide. As more banks start using XRP for cross-border payments, remittances, and other financial services, its utility will increase, which could lead to a massive demand for the token. This, in turn, could drive up its price significantly.
Banks currently using SWIFT are ready to integrate XRP into their systems. Since trillions of dollars are transferred daily using SWIFT, they believe that once banks start using XRP for these transfers, the market value of XRP could skyrocket. They suggest that the sheer volume of money that could flow through the XRP Ledger (XRPL) would push the price to levels that are difficult to even imagine.
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XRP Price Analysis: What’s Next?
XRP is currently trading sideways, forming a potential triangle pattern since the low on September 6. The key invalidation point is around 50.4 cents; if XRP drops below this level, the triangle pattern would be invalidated. Ideally, XRP should hold above support levels of 52.2 cents and 51.5 cents. A breakout above 64.4 cents could signal a stronger upward movement, focusing on higher prices as long as support levels hold.