XRP price turned on Tuesday as the crypto market rallied, and after Brand Garlinghouse highlighted Ripple’s priorities for the year.
Summary
- XRP price has moved sideways in the past few weeks.
- Brad Garlinghouse highlighted the key priority areas for the company this year.
- The coin has formed a bullish divergence pattern, pointing to a rebound.
Ripple (XRP) token rose to $1.3895 from this week’s low of $1.3365. It has remained in this range in the past few weeks.
In an X post, Garlinghouse, Ripple Labs CEO, highlighted some of the top priorities the company is focusing on this year. He made the comment after traveling to three continents in five days, together with Monica Long, the president.
He expects the company to continue focusing on key areas like payments, custody, liquidity, and treasury management.
The company has already made some major announcements on this recently. For example, it launched Ripple Payments, a solution tailored to corporations, providing them with solutions like managed custody, unified collections, and advanced liquidity.
These solutions will be at the intersection of fiat and stablecoins, helping companies to save money and accelerate the speed of cash management.
Ripple Labs has also intensified its RLUSD growth recently. Data shows that the RLUSD stablecoin has accumulated over $1.6 billion in assets across Ethereum and XRP Ledger network. It will then roll out the coin to other chains, including Base and Polygon, through Wormhole.
Additionally, the developers launched the Permissioned DEX platform, which allows companies to take part in decentralized finance through a regulated platform. Its use case will be in areas like cross-border payments, fiat and stablecoin swaps, payroll management, and international payments.
XRP price prediction: Technical analysis
The three-day chart shows that the XRP price has drifted sideways in the past month as demand has remained thin. Indeed, spot XRP ETF inflows have been highly limited in this period, a sign that investors are remaining in the sidelines.
On the positive side, the Stochastic RSI has reversed and moved to the highest point in weeks. The Percentage Price Oscillator has formed a bullish crossover pattern.
Therefore, while the coin remains below all moving averages and the Ichimoku cloud, there is a possibility that it will rebound in the near term. If this happens, the next key target to watch will be at $1.6700, its highest point in February.
The bullish XRP price forecast will become invalid if it drops below the key support level at $1.3363.
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