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XRP Price Eyes Colossal 280% Breakout Amid CME Group Partnership
XRP price has outpaced its peers among the top ten largest cryptocurrencies on the market, seeing a notable 13.5% increase in the past week alone, after suffering a sustained decline from the yearly high of $0.745 recorded in March.
With an eye on a key Fibonacci level, the eighth largest cryptocurrency by market cap, currently valued at $26 billion, is poised for a potential price explosion which could push the XRP price to new yearly highs, coupled with a bullish announcement regarding the token’s increase starting Thursday.
XRP Becomes a Bridge Asset in a $1.2 Trillion Market
CoinGecko data shows a notable 50% increase in trading volume over the past few days, demonstrating the renewed bullish sentiment surrounding the XRP price, along with a major partnership announcement with the world’s largest derivatives exchange, CME Group, which has further strengthened XRP’s position in the market.
On Thursday, CME Group made a significant announcementrevealing that starting July 29, CME and XRP dollar benchmark rates and real-time indices will be included in its benchmark suite, positioning the token as a bridge asset in a market valued at approximately $1.2 trillion.
The price of XRP benefited from this announcement, as transparent price information is likely to increase liquidity, making it easier for investors to buy and sell XRP tokens, resulting in a 4% price increase recorded in the space of 24 hours.
Furthermore, this collaboration could open new doors to the creation of financial products, such as futures and options based on XRP, offering holders additional ways to manage risks and maximize their investments.
Brad Garlinghouse, CEO of blockchain payments firm Ripple, closely associated with XRP, expressed his excitement about the collaboration, stressing the importance of having a reliable benchmark rate as a key step in institutional adoption. cryptographic products.
Garlinghouse praised the joint effort between CME Group and CFBenchmarks to create an XRP index, noting that the market has validated the need for such initiatives. Ripple CEO declared:
The first step towards institutional crypto products is to have a reliable benchmark rate. It is great to see CME Group and CF Benchmark collaborating on this for an XRP index. The market has spoken.
XRP Price Targets $1.8
In addition to the news, technical analysis points to further XRP price upside if certain conditions are met. Cryptocurrency analyst Dark Defender recently noted in a social media posts that XRP is testing the $0.462 Fibonacci level, which is crucial to the token’s outlook and expectations for the continuation of the bullish trend.
The analyst also identified two bullish divergences in prices and Relative Strength Index (RSI) numbers, which reached higher lows on the XRP/USD weekly chart.
This has led Dark Defender to believe that if XRP price breaks and consolidates above this level from today until Sunday, the cryptocurrency could start a journey towards the $1.88 level, which represents a 288% price increase from the current trading level of $0.465.
Featured image from DALL-E, chart from TradingView.com