Ripple’s native XRP coin is slowly finding its foot following a drastic mid-week liquidation event hit the broader crypto markets. Pushed to a newly-found quarterly low twice at $2.32, the OG altcoin is now dancing around the $2.50 resistance level after Jerome Powell’s FED rate announcement.
Mega Update To Be Dropped On Ripple Swell?
For XRP Army, most holders got their eyes peeled on the upcoming Ripple Swell conference in New York next month. The annual conference will take place on November 4 & 5, sharing key technological advancements each year. This time, crypto market connoisseurs are forecasting an update on sidechains.
This falls in line with the narrative of Chart Nerd, a popular technical analyst, who believes that XRP Ledger’s sidechain adoption is one of the strongest catalysts for the long-term price goal of $8. For this to happen, XRP’s price has to break the resistance block between $2.53 & $2.59, mimicking the 2017 bull run.
What Catalysts Could Send XRP’s Price To $8?
Notably, the flagship conference in NYC will be hosted with quite a few heavyweight names in the financial industry, including BlackRock’s representatives. With Real World Asset (RWA) tokenization being the main topic, keynote speakers will also touch upon the crucial themes of ISO 20022 compliance, stablecoin regulation & XRP Ledger’s side-chains.
With both the ascending resistance and ascending support painting a bright picture in the long term, XRP’s price could retest the all-time heights of $3.65 if the Ripple Swell conference delivers the highly-anticipated XRP Ledger’s adoption updates. With institutional demand rising sharply, XRP’s next key developments revolve around SWIFT testing & ETF approvals.
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People Also Ask:
It’s referring to an upcoming announcement or update from Ripple at their Swell conference, which could potentially impact XRP’s price.
The $8 target is speculative, based on the anticipation that Ripple’s update might significantly boost XRP’s value, possibly due to new features, partnerships, or regulatory clarity.
ChartNerdTA’s charts indicate a bullish pattern for XRP with a potential breakout that could lead to higher targets like $8 if market conditions and Ripple’s news align favorably.
If the update includes positive developments like expanded utility, regulatory approvals, or major partnerships, it could drive demand and push XRP’s price upwards.
Key announcements on XRP Ledger improvements, regulatory news, or strategic partnerships that could catalyze price movement, especially if they align with the bullish signals in ChartNerdTA’s analysis.
