XRP (XRP) seems poised to retest this year’s latest high once again and could soon make a new all-time high after President Donald Trump signed the Genius Act.
This new piece of legislation favors a bullish XRP price prediction as it brings clarity to an important sector of the crypto industry in the United States – the stablecoins market.
XRP has exploded in the past 7 days with gains of 18.5% and has delivered a 70.8% return since the year started.
Analyst Versan Aljarrah from Black Swan Capitalist believes that this could just be the beginning of the token’s rally as institutions are eyeing the Ripple network as the potential infrastructure for the launch of central bank digital currencies (CBDCs).
He thinks that Ripple is a feasible substitute for the outdated cross-border payments system SWIFT and emphasized that the company has been making progress across the globe to establish itself as a leading force in this market.
As a result, the demand for XRP should skyrocket if central banks decide to use its network to officially launch CBDCs. His most insightful take – central banks are already testing Ripple’s infrastructure for this purpose via the CBDC Ripple Private Ledger.
The daily chart shows that XRP has broken through a key resistance at $3.4 and has already successfully retested and bounced off that level.
This favors a bullish XRP price prediction as market participants eagerly bought the token during the retest to position themselves for the token’s next leg up.
On July 17 and 18, volumes neared the $20 billion mark, which evidences strong accumulation after the breakout occurred.
Everything points to an upcoming push above XRP’s all-time high of $3.84 in the next few days. The most plausible target at this point would be the $4 psychological threshold.
Can XRP overtake Bitcoin as the most valuable crypto in the world? For that to happen, the token would have to rise to nearly $40 and BTC would have to stand still as that happens.
This is highly unlikely. However, the upside potential that XRP currently offers both from a technical and macro standpoint is quite appealing.
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