{"id":629548,"date":"2024-07-12T19:00:52","date_gmt":"2024-07-12T19:00:52","guid":{"rendered":"https:\/\/uniquehot.com\/?p=629548"},"modified":"2024-07-12T15:07:58","modified_gmt":"2024-07-12T15:07:58","slug":"xrp-price-eyes-colossal-280-breakout-amid-cme-group-partnership","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/analysis\/xrp\/xrp-price-eyes-colossal-280-breakout-amid-cme-group-partnership\/","title":{"rendered":"XRP Price Eyes Colossal 280% Breakout Amid CME Group Partnership"},"content":{"rendered":"

The XRP price has outperformed its peers among the top ten largest cryptocurrencies on the market, experiencing a significant surge of 13.5% in the past week alone after experiencing a sustained decline from its yearly high of $0.745 in March.\u00a0<\/span><\/p>\n

With an eye on a key Fibonacci level, the eighth largest cryptocurrency by market capitalization, currently valued at $26 billion, is poised for a potential<\/span> price explosion <\/span><\/a>that could send the XRP price to new yearly highs, coupled with a bullish announcement surrounding the token’s rise since Thursday.\u00a0<\/span><\/p>\n

XRP Becomes Bridge Asset In $1.2 Trillion Market<\/span><\/h2>\n

CoinGecko <\/span>data <\/span><\/a>shows a notable increase of 50% in trading volume over the past few days, demonstrating the renewed bullish sentiment surrounding the XRP price, along with a significant collaboration announcement with the world’s largest derivatives marketplace, CME Group, which has further strengthened XRP’s position in the market.<\/span><\/p>\n

Related Reading: Litecoin Is A Hub Of Whales: Over $2.85 Billion Of $100,000 Transactions Processed<\/a><\/div>\n

On Thursday, CME Group made a major <\/span>announcement<\/span><\/a>, revealing that starting July 29, the CME and XRP dollar reference rates and real-time indices will be included in its suite of benchmarks, positioning the token as a bridge asset in a market worth approximately $1.2 trillion.<\/span><\/p>\n

The XRP price has benefited from this announcement, as transparent pricing information is likely to increase liquidity, making it easier for investors to buy and sell XRP tokens, resulting in the current price surge of 4% witnessed in the 24-hour time frame.\u00a0<\/span><\/p>\n

Additionally, this collaboration may open new doors for creating financial products, such as<\/span> futures and options<\/span><\/a> based on XRP, providing holders with additional ways to manage risks and maximize their investments.<\/span><\/p>\n

Brad Garlinghouse, CEO of blockchain payments company Ripple, which is closely associated with XRP, expressed his enthusiasm for the collaboration, emphasizing the importance of having a trusted benchmark reference rate as a critical step in adopting institutional <\/span>crypto products<\/span><\/a>.\u00a0<\/span><\/p>\n

Garlinghouse praised the joint effort between CME Group and CFBenchmarks to create an XRP index, noting that the market has validated the need for such initiatives. Ripple\u2019s CEO <\/span>stated<\/span><\/a>:<\/span>
\n<\/span><\/p>\n

First step towards institutional crypto products is to have a trusted benchmark reference rate. Nice to see CME Group and CF Benchmarks collaborate on this for an XRP index. The market has spoken.<\/span><\/p><\/blockquote>\n

XRP Price Eyes $1.8\u00a0<\/span><\/h2>\n

In addition to the news, technical analysis points to further upside for the XRP price if certain conditions are met. Crypto analyst Dark Defender recently noted in a <\/span>social media post<\/span><\/a> that XRP is testing the $0.462 Fibonacci level, which is key to the token’s prospects and expectations for the continuation of the uptrend.<\/span><\/p>\n

The analyst also spotted two bullish divergences in the price and the Relative Strength Index (RSI) numbers as they made higher lows on the weekly XRP\/USD chart.<\/span><\/p>\n

This led Dark Defender to believe that if the XRP price breaks and consolidates above this level from today until Sunday, the cryptocurrency could begin a journey towards the $1.88 level, representing a 288% <\/span>price increase<\/span><\/a> from the current trading level of $0.465.\u00a0<\/span><\/p>\n

Related Reading: Spot Ethereum ETFs FOMO: Tron Founder Justin Sun Drops $5 Million On ETH<\/a><\/div>\n
\"XRP
The 1-D chart shows XRP’s price trending upward. Source: XRPUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from DALL-E, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The XRP price has outperformed its peers among the top ten largest cryptocurrencies on the market, experiencing a significant surge of 13.5% in the past week alone after experiencing a sustained decline from its yearly high of $0.745 in March.\u00a0 With an eye on a key Fibonacci level, the eighth largest cryptocurrency by market capitalization, currently valued at $26 billion, is poised for a potential price explosion that could send the XRP price to new yearly highs, coupled with a bullish announcement surrounding the token’s rise since Thursday.\u00a0 XRP Becomes Bridge Asset In $1.2 Trillion Market CoinGecko data shows a notable increase of 50% in trading volume over the past few days, demonstrating the renewed bullish sentiment surrounding the XRP price, along with a significant collaboration announcement with the world’s largest derivatives marketplace, CME Group, which has further strengthened XRP’s position in the market. Related Reading: Litecoin Is A Hub Of Whales: Over $2.85 Billion Of $100,000 Transactions Processed On Thursday, CME Group made a major announcement, revealing that starting July 29, the CME and XRP dollar reference rates and real-time indices will be included in its suite of benchmarks, positioning the token as a bridge asset in a market worth approximately $1.2 trillion. The XRP price has benefited from this announcement, as transparent pricing information is likely to increase liquidity, making it easier for investors to buy and sell XRP tokens, resulting in the current price surge of 4% witnessed in the 24-hour time frame.\u00a0 Additionally, this collaboration may open new doors for creating financial products, such as futures and options based on XRP, providing holders with additional ways to manage risks and maximize their investments. Brad Garlinghouse, CEO of blockchain payments company Ripple, which is closely associated with XRP, expressed his enthusiasm for the collaboration, emphasizing the importance of having a trusted benchmark reference rate as a critical step in adopting institutional crypto products.\u00a0 Garlinghouse praised the joint effort between CME Group and CFBenchmarks to create an XRP index, noting that the market has validated the need for such initiatives. Ripple\u2019s CEO stated: First step towards institutional crypto products is to have a trusted benchmark reference rate. Nice to see CME Group and CF Benchmarks collaborate on this for an XRP index. The market has spoken. XRP Price Eyes $1.8\u00a0 In addition to the news, technical analysis points to further upside for the XRP price if certain conditions are met. Crypto analyst Dark Defender recently noted in a social media post that XRP is testing the $0.462 Fibonacci level, which is key to the token’s prospects and expectations for the continuation of the uptrend. The analyst also spotted two bullish divergences in the price and the Relative Strength Index (RSI) numbers as they made higher lows on the weekly XRP\/USD chart. This led Dark Defender to believe that if the XRP price breaks and consolidates above this level from today until Sunday, the cryptocurrency could begin a journey towards the $1.88 level, representing a 288% price increase from the current trading level of $0.465.\u00a0 Related Reading: Spot Ethereum ETFs FOMO: Tron Founder Justin Sun Drops $5 Million On ETH Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":611653,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83363],"tags":[6664,14690,3680,14939,83637,13172,15883,91056,89423,10972,78763],"class_list":["post-629548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-xrp","tag-crypto","tag-crypto-news","tag-ripple","tag-ripple-adoption","tag-xrp-news","tag-xrp-price","tag-xrp-price-analysis","tag-xrp-price-breakout","tag-xrp-price-news","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\nXRP Price Eyes Colossal 280% Breakout Amid CME Group Partnership<\/title>\n<meta name=\"description\" content=\"The XRP price has outperformed its peers among the top ten largest cryptocurrencies on the market, experiencing a significant surge of 13.5%.\" \/>\n<meta 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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