XRP prices rose on Tuesday as the crypto market rallied after Brand Garlinghouse highlighted Ripple’s upside for the year.
Conclusion
- The price of XRP has moved sideways in the past few weeks.
- Brad Garlinghouse outlined the main priority areas of the company this year.
- The coin has formed an upward divergence pattern, indicating a recovery.
The Ripple token (XRP) rose from a weekly low of $1.3365 to $1.3895. It has remained in this range for the past few weeks.
In an X message, Garlinghouse, CEO of Ripple Labs, highlighted some of the company’s top priorities for this year. He made the announcement after traveling to three continents for five days with Monica Long, the president.
He expects the company to continue to focus on key areas such as payments, custody, liquidity and treasury management.
The company has already made some important announcements in this regard. For example, it launched Ripple Payments, a solution developed for corporations, offering them solutions such as managed storage, unified collections and advanced liquidity.
These solutions are at the intersection of fiat and stablecoins, helping companies save money and speed up cash management.
Ripple Labs also recently increased its RLUSD growth. Data shows that the RLUSD stablecoin has amassed more than $1.6 billion in assets on the Ethereum network and the XRP Ledger. It then releases the coin to other chains including Base and Polygon via Wormhole.
In addition, the developers launched the Permissioned DEX platform, which allows companies to participate in decentralized finance through a regulated platform. Its use cases will be in areas such as cross-border payments, fiat and stablecoin swaps, payroll management and international payments.
XRP Price Prediction: Technical Analysis
The three-day chart shows that the price of XRP has fallen sideways over the past month as demand has remained thin. In fact, spot XRP ETF inflows have been very limited during this period, which is a sign that investors are staying away.
On the positive side, the Stochastic RSI reversed and moved to a weekly high. The interest rate oscillator has formed a high crossover pattern.
Therefore, while the coin remains below all moving averages and the Ichimoku cloud, it is likely to recover in the near future. If that happens, the next key target to watch will be $1.6700, the February high.
The bullish XRP price forecast will be invalidated if it breaks below the key support level at $1.3363.
