Similarly, the alt’s 30-day moving average (orange) is also rising again, having crossed over the 200-day average (blue) late on Wednesday evening.
The coin’s 24-hour trading volume has also risen in recent days, with its move close to $1 billion suggesting an elevated interest in the token.
There are various reasons to be bullish about the XRP price, with the first being the general direction of the wider market, which after a lull in mid-spring looks ready to grow again.
Yet there are also fundamentals factors at play, with Ripple announcing this week its plans to launch custody services in the MENA region and deepen its presence in the region overall.
Reece Merrick, Managing Director Middle East, Africa for
@Ripple, says they are best known for payments but stepping into ” crypto native services” (custody) and supporting the #XRPL program in the region.
👉https://youtu.be/ToyxRYAXl4s
“Looking to expand quite heavily here”
Such news comes in addition to the imminent end of the long-running Ripple-SEC case, which is now in the final settlement phase.
It’s possible that Ripple will face a settlement fine as high as $2 billion, yet the upshot of such a penalty is that it will draw a line in the sand and enable the firm to continue growing.
And in the long run, this points to a rising XRP price, which could reach $1 by the close of 2024.High-Potential Meme Tokens Could Bring Bigger Gains
The only real issue with XRP is that, because it’s a coin that rests more on fundamentals than hype, it may take a while to enjoy some properly big returns.