In the past 24 hours, the price of Ripple (XRP) has increased by 10%, surpassing $2.4. This rise can be attributed to positive movements in the cryptocurrency market, particularly as Bitcoin breaks the $97,000 mark, which has boosted XRP’s momentum. Furthermore, the anticipation that Japanese banks will adopt XRP by 2025 has strengthened investor confidence.
The integration of Ripple’s XRP Ledger by Japanese banks may be a possibility in the future. SBI CEO Yoshitaka Kitao has highlighted the transformative potential of Ripple’s hybrid remittance system, which combines the XRP Ledger and Interledger Protocol (ILP) to facilitate cross-border payments and mitigate currency conversion challenges.
“Ripple’s technology has the potential to revolutionize international financial transactions.” – Yoshitaka Kitao.
Last week, the price of XRP reached $2.38, marking a 10% increase. Within the past 24 hours, it has fluctuated between $2.25 and $2.44, with a rise of 5.84%. Following the overall recovery in the cryptocurrency market, Ripple’s price has moved up from $2.03 to over $2.4.
Technical indicators indicate that $2.37 is the immediate support level, while $3 should be monitored as a psychological level. If XRP surpasses $3, it is expected to rise to $3.84. However, if momentum weakens, XRP may revert to the $2 support level.
The Relative Strength Index (RSI) is currently at 67.39, indicating that Ripple’s price is approaching overbought conditions. This suggests a potential consolidation phase in price movements.
The adoption of Ripple technology by Japanese banks could lead to an increase in capital invested in XRP. This development exemplifies efforts to modernize cross-border payment infrastructures in global banking systems.
The efficiency and cost-effectiveness of the XRP Ledger make it an ideal tool for facilitating international remittances. As Japanese financial institutions adopt Ripple technology, it could pave the way for similar initiatives in other countries.
With strong fundamentals and increasing adoption rates, the future of XRP appears increasingly promising.
