In the past 24 hours, the price of Ripple (XRP) has surged by 10%, surpassing $2.4. This increase is attributed to positive movements in the cryptocurrency market, especially as Bitcoin breaks the $97,000 mark, which has boosted XRP’s momentum. Furthermore, investor confidence has been strengthened by the anticipation that Japanese banks will adopt XRP by 2025.
The integration of Ripple’s XRP Ledger by Japanese banks is a possibility in the future. SBI CEO Yoshitaka Kitao has emphasized 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.
Last week, the price of XRP reached $2.38, reflecting a 10% increase. Within the past 24 hours, it has fluctuated between $2.25 and $2.44, experiencing a rise of 5.84%. As the overall cryptocurrency market recovers, Ripple’s price has risen from $2.03 to over $2.4.
In terms of price targets and future expectations, 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 the momentum diminishes, XRP may revert to the $2 support level. Currently, the Relative Strength Index (RSI) stands at 67.39, suggesting that Ripple’s price is approaching overbought conditions and indicating 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 position it as an ideal tool for facilitating international remittances. As Japanese financial institutions embrace Ripple technology, it could pave the way for similar initiatives in other countries.
With strong fundamentals and growing adoption rates, the future of XRP appears increasingly promising.