Digital Art XRP Logo Symbol. Ripple Cryptocurrency Futuristic 3D Illustration.
- Ripple is already working with several global central banks around the world to research and develop respective CBDCs.
- Crypto experts believe XRP price is preparing for a macro breakout towards new ATH after five-year consolidation.
Ripple Labs, a leading blockchain payment company that taps on XRP to facilitate seamless cross-border transactions, has been one of the winners during the crypto bear market in the past two years. As a result, XRP has attracted deep-pocketed investors while more decentralized financial ecosystems (DeFi) developers have opted for XRPL to scale their projects. According to on-chain data provided by market intelligence platform Santiment, about 221 XRPL addresses holding between 10 million and 1 billion XRP now hold a total of 16.13 billion tokens, which are worth approximately $8.71 billion at a current price of about 52 cents.
Undeniably, institutional investors have gotten more comfortable with Ripple’s vision for transforming the payment industry to reduce overall friction. Moreover, Ripple has demonstrated its capabilities to develop environmental-friendly technologies that are regulatory compliant.
According to a recent announcement by Michael Miebach, Mastercard’s Chief Executive Officer (CEO), the payment giant has partnered with several tech companies including Ripple and Consensys to help different Central Banks develop their digital currencies.
The partnership has significantly helped the XRP market get more liquid amid increased competition from other digital assets like XLM which facilitates similar operations.
Ripple and BIS Strategic Collaboration
According to a recent announcement by Uphold, Ripple was mentioned as an official partner of the cross-border payments interoperability and extension taskforce – a subgroup within the Bank for International Settlements (BIS) Committee on Payments & Market Infrastructures – to facilitate the development and research of digital currencies and blockchain payments.
Notably, BIS is already working with several central banks around the world including the Bank of England to develop interoperable CBDCs. As a result, the strategic partnership with Ripple validates the existence of XRP in the CBDC and stablecoins market.
XRP Price Analysis
After enjoying a bullish outlook following the historic SEC vs Ripple ruling last month, XRP price has since entered a bearish stance that could send the instrument towards 35 cents in the coming months. Last week, after the Bitcoin bulls lost the support level around $29.1k, XRP price suddenly dropped towards 43 cents but later stabilized to close the week trading around 53 cents. According to the latest crypto market data, XRP price traded around $0.519 on Monday, down approximately 33 percent in the past four weeks.
Notably, the $52 billion valued XRP coins had a daily traded volume of approximately $1.45 billion, which signifies the asset is heavily traded by institutional investors.
As a result, crypto experts believe XRP price is well positioned to rally beyond its ATH, around $3.4, which was achieved in early 2018. Moreover, XRP has been consolidating in a macro-symmetrical triangle, with an end expected to be hit in the next two years. From a consecutive perspective, XRP is expected to reach $5 by 2025 or beyond depending on the economic outlook.
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