XRP price has been experiencing sideways movement in the past week, reaching a high of $2.23 and a low of $2.01. However, the possibility of a breakout is looming as the US Federal Reserve hints at adopting Ripple’s blockchain technology. Speculations suggest that this integration could lead to a significant rally in the XRP price.
There is speculation within the Ripple community that the Federal Reserve may integrate the Ripple blockchain for its FedNow payment systems, potentially boosting the XRP price. Analysts have pointed out a document shared by the Fed indicating plans to use blockchain technology, with Ripple being a potential candidate.
Reports of a partnership between Ripple and SWIFT, coupled with Ripple being a US-based blockchain, increase the likelihood of the Federal Reserve integration. This could set the stage for a parabolic rally in the XRP price, with some analysts predicting a rally to as high as $20.
If Ripple is indeed integrated by the Federal Reserve, the XRP price could rally significantly, potentially reaching $20. This would make it the largest altcoin by market capitalization. Other analysts, such as Davinci Jeremie, believe that with support from the US administration, XRP could reach even higher price levels.
In the short term, the XRP price faces hurdles to clear before a strong uptrend can be established. The daily chart shows some bearish momentum, but as long as Ripple defends crucial support levels, a steep selloff may be avoided. Traders should watch for key levels, such as the 200-day EMA and the 50-day EMA, to gauge market direction.
Overall, the XRP price outlook is surrounded by bullish catalysts, including the potential adoption by the Federal Reserve. A breakout from current levels could signal a resumption of bullish trends. However, traders should remain cautious and monitor key levels for confirmation of market direction. It is advisable to conduct thorough research before making any investment decisions in the crypto market.
