In the past 24 hours, the price of Ripple (XRP) has surged by 10%, surpassing $2.4. This increase is attributed to positive movements across the cryptocurrency market, particularly as Bitcoin breaks the $97,000 mark, boosting XRP’s momentum. Additionally, the anticipation that Japanese banks will adopt XRP by 2025 has strengthened investor confidence.
Adoption of XRP by Japanese Banks
In the future, banks in Japan may integrate Ripple’s XRP Ledger. SBI CEO Yoshitaka Kitao has highlighted the transformative potential of Ripple’s hybrid remittance system. The combination of the XRP Ledger and Interledger Protocol (ILP) aims to facilitate cross-border payments and reduce currency conversion challenges.
“Ripple’s technology has the potential to revolutionize international financial transactions.” -Yoshitaka Kitao.
Last week, the XRP price reached $2.38, marking a 10% increase. Within the last 24 hours, it fluctuated between $2.25 and $2.44 with a rise of 5.84%. Following the overall recovery in the cryptocurrency market, Ripple’s price moved up from $2.03 to over $2.4.
Price Targets and Future Expectations
Technical indicators mark $2.37 as immediate support, while $3 should be monitored as a psychological level. If XRP surpasses $3, it is expected to rise to $3.84. However, if momentum fades, XRP may revert to the $2 support level.
The Relative Strength Index (RSI) is currently at 67.39, signaling 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 increase the capital invested in XRP. This development may exemplify efforts to modernize cross-border payment infrastructures within 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 adopt Ripple technology, this step could pave the way for similar initiatives in other countries.
With solid fundamentals and increasing adoption rates, the future of XRP looks increasingly promising.
