XRP Price Surges After Ripple Joins ISDA: Could It Hit $1,896?

Published by

Qadir AK

August 8, 2023

XRP is anticipated to surge significantly following Ripple’s recent strategic alliance. Recent developments have brought Ripple, the company behind XRP, into the International Swaps and Derivatives Association’s (ISDA) fold.

Speculations are running wild regarding the implications this could have on XRP’s value. Let’s dive in!

Exploring New Possibilities

The excitement surrounding these recent events can largely be attributed to Ripple’s rumored foray into the derivatives market. This uncharted territory for the company has many believing that this expansion could usher in a multitude of opportunities, ultimately boosting the valuation of XRP.

Dig Perspectives, a respected figure in the XRP community, has expressed optimism regarding this strategic move. He has hinted at the possibility of XRP experiencing a remarkable surge to an astonishing $1,896.23 per unit. However, this projection does come with its skeptics, who raise doubts about the feasibility of such a dramatic price escalation.

XRP Price Analysis

At the time of writing this article, XRP is trading at $0.61. Recent market behaviors suggest a continued downward trajectory. After enjoying a momentary upswing last month courtesy of the famous ruling in the SEC case, the cryptocurrency is now slipping, struggling to maintain its ground above the 50-day EMA support level of $0.60.

Should it breach the 100-day EMA at $0.55, there’s potential for an even steeper decline. The worst-case scenario for the XRP price would regress to the $0.40 mark. Such a decline would equate to a hefty 30% price reduction from its present standing.

On the other hand, a surge in buying interest might bolster the cryptocurrency, pushing it beyond the 50-day EMA. The most optimistic traders even speak of a push toward the $0.85 mark.

Whether XRP reaches lofty heights some predict or faces headwinds remains to be seen.

Is the ISDA alliance a bullish or bearish signal for XRP? What do you think?

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.