- XRP tops CoinMarketCap’s bullish poll with over 1.1 million votes, signaling strong investor confidence.
- Ripple committed $5 million to APAC blockchain growth to boost developer talent and expand the XRPL’s real-world use.
A recent poll on CoinMarketCap has placed XRP at the top of the list of the most bullish cryptocurrencies. Notably, the poll recorded over 1.1 million votes in favor of the coin. This outcome shows growing investor confidence in the digital asset, with 91.3% of participants agreeing that XRP has strong potential.
XRP Gains Strong Support as Technical Indicators Align
It is worth noting that the poll’s result is not random. Several indicators show why XRP is enjoying strong support. For instance, one of the biggest signs is the steady rise in open interest, which has now crossed the $4 billion mark. This rise signals growing liquidity and a surge in market activity, pointing to more traders betting on XRP’s future performance.
Technical analysts are also weighing in. Vlad Hryniv, a market analyst, observed that XRP is flashing bullish signals following a bottoming pattern in early April. He explained that the chart forms a W-shaped double bottom, a pattern often seen before strong reversals.
According to him, if XRP breaks through the resistance levels at $2.35 to $2.36, it could move quickly to $2.44 and possibly even $2.60. At the time of writing, MarketCap data shows that XRP is trading at $2.1, up marginally by 0.6%.
The price movement occurs within an ascending triangle, a setup often suggesting an upward breakout. If this pattern holds, the token could be on course to hit the psychological $5 mark. This is a level they believe would be a major milestone for its supporters.
Adding to this outlook, we reported recently that an analyst at Sistine Research has predicted that XRP could surge to $73 once it breaches the resistance level at $3.
Ripple’s APAC investment adds to XRP’s bullish outlook
Further adding to the positive momentum is Ripple’s commitment to the growth of blockchain in the Asia-Pacific region. The company recently invested over $5 million through its University Blockchain Research Initiative (UBRI).
It is essential to add that this effort is focused on developing blockchain talent and academic support in countries like Australia, Taiwan, Singapore, Japan, and South Korea.
The investment encourages real-world blockchain development and boosts the XRP Ledger ecosystem. By targeting education and innovation, Ripple aims to strengthen the region’s position as a key hub for blockchain activity.
Additionally, as mentioned in our recent news brief, Nate Geraci disclosed that he expects BlackRock to file for an XRP ETF with the SEC soon. In a recent post, we covered that Guggenheim and Ripple have teamed up to bring a US Treasury-backed fixed-income asset to the XRP Ledger (XRPL).
We also covered in a previous news brief that to boost blockchain innovation in Asia, Ripple has launched a new grant program tied to the XRP Ledger. The initiative is designed for promising early-stage Web3 startups in Japan. This move could not have come at a better time, as global interest in XRP continues to grow both in price and promise.
Recommended for you:
Other Articles
No Comment! Be the first one.