How High Can XRP Price Go as Ripple Trademarks “Downloadable Software”
Highlights
- XRP price could rally to multi-month highs after Ripple filed a trademark for downloadable software.
- The recent filing hints at Ripple's plans to set up a crypto wallet and offer digital asset custody services.
- XRP price has a solid technical outlook on the daily chart that could push the price to the 123% Fibonacci level of $3.75 in the near term.
Ripple (XRP) has filed a trademark for “downloadable software” to allow people to custody cryptocurrencies. This software could stir a parabolic rally for XRP price as the company expands its reach beyond blockchain payments. If this trademark is approved and Ripple launches a crypto wallet, how high will XRP rally?
XRP Price Poised to Rally As Ripple Trademarks Downloadable Software
XRP price today trades at $1.32, reflecting a modest 1.4% increase. This uptick follows Ripple’s trademark filing for downloadable software, signaling the company’s intent to launch a cryptocurrency wallet and broaden its crypto offerings.
Pro-XRP lawyer Jeremy Hogan has opined that this product will likely be launched in the next six months. Once the trademark office approves the filing, the crypto company will only have six months to advertise and offer the product.
“Be on the lookout for the Allowance of Use from the trademark office… Ripple only has 6 months to advertise, sell, etc, the service, and file a Statement of Use (SOU). You’ll know what it’s all about before the end of the summer probably,” Hogan stated.
Once this product launches, it will bolster Ripple’s presence in the crypto industry. The blockchain company has already taken the lead in the blockchain-powered payments sector, with this offering set to boost an XRP price rally to as high as $5 within months.,
How High Will Ripple Rally?
XRP price is poised for a parabolic rally once this product is launched. This filing comes amid several bullish catalysts that are already driving Ripple’s price including the possible end of the SEC vs. Ripple lawsuit, a spot ETF filing, and a possible $125M XRP purchase by the US government.
Ripple has a bullish outlook on its daily chart. The price has broken out of a descending trendline on the daily chart and could drop to retest this level. A successful retest will confirm the strength of the trend. If it holds this support and forms a bullish leg past the 50% Fibonacci level of $2.57, it could stir massive gains to a multi-month high of $3.75.
Bollinger bands confirm this bullish outlook after XRP price turned the middle band into support. Looking at the past trends, each time Ripple moved above this middle band ignited an uptrend. With the potential launch of a crypto wallet, this rally could happen soon.
The bullish trajectory could also continue after the RSI flipped above 50, confirming a surge in the buying pressure.
The potential release of a crypto wallet that will expand Ripple’s digital asset offerings and the bullish technical outlook suggest that the price could be on the path towards a massive rally towards $5.
Frequently Asked Questions (FAQs)
1. How high can XRP price rally after Ripple filed a trademark for downloadable software?
2. Will Ripple offer crypto custody services?
3. When will XRP price reach an ATH?
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