XRP/BTC Price Prediction: Ripple’s $500 Million Bet On East Asia To Propel XRP Price to $1?

Sahil Mahadik
Updated
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Will XRP Price Bounce Back Stronger After Whale Activity?

Highlights

  • The XRP price is witnessing 6 years of sideways action under the influence of a symmetrical triangle pattern is intact.
  • A double bottom formation in the XRP/BTC pair hints at a potential rebound for the token value.
  • The intraday trading volume in the XRP is $1.14 Billion, indicating an 8.8% loss.

Over the past three weeks, the cryptocurrency market has seen subdued volatility, largely due to Bitcoin’s failure to remain above the $71,000 mark. This period of low volatility has allowed the XRP/BTC trading pair to maintain stability above the 0.0000069 BTC price point. As Bitcoin appears poised for a continued correction and Ripple actively pursues greater adoption in East Asia, the price of XRP is set to experience organic growth. 

Also Read: Crypto Market Correction: $100B Liquidated in BTC, ETH, SOL, XRP, Other Altcoins, Here’s Why

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XRP Price Eyes Major Reversal as Ripple Boosts Global Adoption

BINANCE:XRPBTC Chart
XRP Price| Tradingview

Over the past 11 months, the XRP/BTC price has witnessed an aggressive downtrend in the daily chart. This bearish turnaround has tumbled the trading pair value from 0.0000297 BTC to 0.00000714 BTC, registering a 76% loss. 

The downtrend is likely triggered by a renewed recovery trend for Bitcoin in 2024, thanks to the launch of ETFs in the US while a prolonged sideways action in the XRP token. Currently, the leading digital asset is struggling to surpass the $71000 barrier, allowing the trading pair to stabilize above the $0.0000069 BTC level.

The XRP to BTC ratio rebounded twice the aforementioned support revealing the formation of a double bottom pattern reversal. The chart setup commonly observed in a bear market bottom signals a notable change in trend.

Moreover, Ripple has recently announced the allocation of 1 billion XRP, approximately $490 million, to the East Asia region. This initiative aims to drive the growth and advancement of the XRP Ledger ecosystem. 

The XRPL Japan & Korea Fund will focus on corporate partnerships, developer grants, startup investments, and community growth, enhancing innovation and utility on the XRP Ledger in the APAC region. This strategic move underscores Ripple’s commitment to expanding its influence and fostering technological development in key Asian markets.

Furthermore, Ripple has completed the acquisition of Standard Custody & Trust Company, enhancing its digital asset custodial capabilities. This move aligns with Ripple’s strategy to integrate regulatory compliance into its operations. 

Also Read: Breaking: Ripple CEO Spotlights Standard Custody Acquisition Amid Stablecoin Plans

This acquisition, alongside Ripple’s plans to issue a USD-backed stablecoin on the XRP Ledger, signifies their commitment to bridging blockchain with traditional finance and expanding their enterprise solutions.

Amid this development, the XRP coin is expected to witness natural demand in the market, escape its sluggish price trend, and potentially regain the $1 mark.

Moreover, if the XRP/BTC pair successfully forms a double bottom pattern, a potential rally to the 0.00008 BTC level could be imminent.

Bottom Line:

The long-term price trend of XRP has been mostly horizontal, as it struggles to achieve a sustained recovery amidst ongoing litigation with the US Securities and Exchange Commission. This legal uncertainty has dampened investor enthusiasm for XRP, contributing to its prolonged sideways movement. However, with Ripple Labs intensifying efforts to boost global adoption and the court case drawing to a close, the XRP price is positioned for significant growth.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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