Key Takeaways
- XRP price prediction suggests that the asset’s upside momentum could lead to another 16% price increase.
- XRP exchange reserves declined by 19.05 million tokens over the past 48 hours.
- Franklin Templeton is partnering with Ripple to launch trading and lending solutions.
Amid a shift in market sentiment, XRP price prediction has become a key topic among crypto enthusiasts. The past week was a rollercoaster for XRP with notable price fluctuations, but it seems to be ending on a bullish note.
XRP Exchange Reserve Decline, Buy Signal?
Over the past 48 hours, an on-chain analytics tool, CryptoQuant, revealed that XRP reserves on exchanges have continued to decline, indicating ongoing accumulation by investors, long-term holders, and even whales. According to the on-chain data, Binance recorded a drop of 19.05 million XRP coins.
However, this decline in exchange reserves was recorded while the asset’s price was retesting the breakout level.
Current Price and Surge in Trading Volume
Meanwhile, XRP successfully retested the breakout level, and the price showed an impressive bounce back. At press time, XRP is trading near $3.11, up 3.10% over the past 24 hours. During this period, investors and traders have shown remarkable interest in the asset, leading to a 75% surge in trading volume.
Rising trading volume during a price climb shows that market participants are also interested in pushing the price to higher levels.
XRP Price Prediction and Technical Outlook
According to TimesCrypto’s technical analysis, the XRP price prediction appears bullish for the coming days, as it has successfully retested the descending trendline along with a key horizontal level at $2.95.
Based on the current price action and historical patterns, if XRP holds above the $2.95 level, it could see a 16% surge and may reach the all-time high of $3.66 or even create a new high. However, this bullish thesis may fail if the asset falls below the $2.95 level.
Meanwhile, XRP’s Relative Strength Index (RSI) stands at 59, suggesting that the asset is nearing overbought territory but still has enough room to continue its upside momentum in the coming days.
However, the Supertrend indicator still flashes a bearish signal as it continues to display red and hovers above the XRP price. This suggests that the XRP market trend remains bearish until it crosses the $3.20 level.
Franklin Templeton Collaboration With XRP
Adding to the bullish sentiment, a crypto expert noted that Franklin Templeton, an asset management giant, is partnering with Ripple to launch trading and lending solutions using tokenized money market funds and Ripple’s RLUSD stablecoin.
This is big news for XRP, as the product will run on the Ripple Ledger, indicating that the asset management firm will now utilize XRP’s blockchain technology.
