Ripple’s XRP Approaches the Critical Resistance Level
United States – Ripple’s XRP has enjoyed a great start this October. Last Monday, October 19, the platform received a 2.3% increase at it move towards the $0.255 level of resistance. Currently, Ripple’s XRP is the fourth-largest cryptocurrency behind Bitcoin, Ethereum, and Tether. It seems that this digital asset has risen from $0.242 to a high of $0.255, which is much closer now to bitcoin. If XRP continuously cracks this level, it can jump up to 15%.
Furthermore, the accounts that hold over one million XRP has increased in the past months. Most investors currently hold between $240,000 and $2.4 million in XRP each, which brought a significant increase and upward pressure on XRP’s price. After fairly uninspiring weeks, this digital asset has seen an excellent price rise, and investors with deep pockets believe that its price will continue to rise.
There may not be an obvious strategy behind XRP’s massive increase, but its reliability for cross-border payments surely helped. According to Ripple’s CTO, David Schwartz, any investors turn to Ripple’s XRP as a direct response to the post-pandemic inflation threats. Some people believed that the world would experience hyperinflation, forcing investors to bet on gold and digital asset safely.
Since 2019, Ripple has teamed up with many reputable banks in different parts of the world and merge their services. This company offers a premium and convenient experience to retail cryptocurrency investors, especially in the United States and the United Kingdom.
Ripple’s sudden gains have indeed brought a notable crypto asset to the industry. According to Coinmarketcap, Ripple’s XRP has seen a price rise in the last 14 days. Also, XRP stands very closely to Tether, making Ripple more committed to becoming the third most valuable crypto asset.
Consequently, wallets holding one to ten million XRP has been steadily increasing. Many institutions and companies have joined the platform, representing many percentages in a short period. Since Ripple’s XRP feature quicker and cheaper transactions, many people believe that this digital asset can be a reliable and long-term viable business model. It provides tangible services, including cross-border payments, that are essential in the world’s current situation.
Like Ethereum, XRP’s price will continuously ascend over the next months. While many whales have been loading up on this digital asset, the demand will still increase and reflect its prices. Despite some ambiguity that XRP presented last year, its market value still favours the industry.