XRP News Today: XRP Price Could Rally 429% to $12 on Partnerships and Regulatory Wins

Crypto analyst Cryptoinsight has provided a bullish outlook for the XRP price, predicting that it could soon rally to as high as $12. The analyst highlighted several factors that could contribute to this potential surge, including recent partnerships and major moves by Ripple, the company behind XRP.

One of the key catalysts mentioned by Cryptoinsight is the Dubai Land Department’s recent launch of a tokenization platform on the XRP Ledger (XRPL). This move is seen as a significant development that could boost the utility of the XRP Ledger and, consequently, the value of XRP. Additionally, Ripple’s acquisition of the prime broker Hidden Road is expected to enhance the XRP Ledger’s utility, further driving up the price of XRP. The alleged link between Hidden Road and the Depository Trust & Clearing Corporation (DTCC), which processes trillions of dollars in US Treasury trades daily, adds to the bullish sentiment.

Ripple’s acquisition of a payments license in Dubai is another factor that could positively impact the XRP price. As the native token of Ripple’s payment services, XRP stands to benefit from this regulatory approval. Furthermore, reports of Ripple allegedly looking to acquire USDC issuer Circle and the potential approval of XRP ETFs add to the optimistic outlook. Ripple CEO Brad Garlinghouse’s recent discussion on crypto ETFs is seen as a hint that these ETFs could be approved soon, further boosting the XRP price.

The ongoing XRP lawsuit is another event that could act as a catalyst if the legal battle concludes soon. Cryptoinsight predicts that the XRP price rally to $12 could occur within the next few months. From a technical perspective, the analyst highlighted bullish indicators such as a bull flag that had formed on XRP’s weekly chart, suggesting that momentum is starting to reverse to the upside and that buyers could step in soon.

Another analyst, CasiTrades, provided a different perspective on the XRP price. In an X post, CasiTrades stated that the XRP price hasn’t made a local low yet but is on the verge of doing so. She remarked that all signs point to a retest of the $2.25 to $2.26 zone, which is a major structural support that aligns with the macro .382 retracement and has been a key level for the last six months. If this support zone holds, it could mark the base for a new wave toward $2.70. However, if it breaks, deeper support levels at $1.90 and $1.55 would come into focus, meaning that the altcoin could still drop below the psychological $2 level before the next leg up.

At the time of writing, the XRP price is trading at around $2.30, down almost 2% in the last 24 hours. The differing views from these analysts highlight the uncertainty and volatility in the cryptocurrency market, where predictions can vary widely based on different interpretations of market fundamentals and technical indicators.