Will XRP’s Price Rally as Ripple Gains Support From These Crypto Exchanges?
TL;DR
- Ripple’s XRP has garnered significant adoption from multiple cryptocurrency exchanges recently, boosting its accessibility and trading options ahead of a major legal trial with the SEC.
- The price of the asset has seen a 5% increase for the day, with experts predicting a significant surge in the near future, citing technical analysis and market conditions
Who Embraced XRP?
Ripple’s XRP has been the subject of adoption from numerous cryptocurrency exchanges as of late. The spree started at the beginning of the week when the US-based Atlantis Exchange opened trading services with the asset.
A few days later, XRP received support from one of the veterans in the industry – BitMEX. The latter revealed that users can deposit, convert, and trade the cryptocurrency on BitMEX Spot, describing the XRP Ledger as “a faster, more energy-efficient alternative to the Bitcoin blockchain.”
Bitrue also joined the club, introducing eight new XRP base spot trading pairs. Some of those include XRP/SHIB, XRP/PEPE, and XRP/BONK.
#Bitrue has launched 8 new $XRP base spot trading pairs!
$XAH, $PEPE, $SHIB, $BONK, $UNI, $WLD, $ORDI and $OP are now available for trading
Trade now https://t.co/ynhAZZhWom pic.twitter.com/N4PYetMVL8
— Bitrue (@BitrueOfficial) March 20, 2024
The most recent wave of support from exchanges comes approximately a month before the grand trial between Ripple and the US Securities and Exchange Commission (SEC).
Such mass backing from industry leaders occurred last summer shortly after the company secured its first partial court win against the regulator. Back then, Coinbase, Kraken, Crypto.com, Bitstamp, and many more re-listed XRP on their platforms.
Is a Price Surge on the Horizon?
XRP is among the best-performing cryptocurrencies today (March 22) from the top 10 list, with its price rising by 5% and reaching $0.64 (per CoinGecko’s data). One reason behind its resurgence could be the thumbs-up from the aforementioned exchanges, which might have increased the asset’s legitimacy, liquidity, and accessibility, thus attracting more investors.
Several analysts remain optimistic that XRP is poised for a substantial move to the upside next month. The X user Dark Defender set a $1 price target due to hitting previously depicted resistance zones.
EGRAG CRYPTO chipped in, too, stating that the Fibonacci 0.5 level “has held us so far” and claiming that the bulls seem ready to make a significant move. The analyst concluded that those conditions can trigger a price spike of around $1.40 next month.
Those willing to explore seven important signs hinting that XRP’s price could be on the verge of explosive growth throughout 2024, feel free to take a look at our dedicated video below:
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