XRP Price Prediction as Ripple Receives Approval to Provide Services to Central Bank of Ireland – $1 XRP Soon?
The XRP price has increased by 1% in the past 24 hours, with its move to $0.619473 coming as the cryptocurrency market as a whole gains by 3% today.
XRP’s little jump comes after yesterday’s announcement that Ripple has secured approval from the Central Bank of Ireland as a Virtual Asset Service Provider.
This approval as a VASP puts Ripple on course to offer cryptocurrency services throughout the European Union, a development which could see it gain much more adoption.
And with more adoption, the XRP price could continue to rise strongly in 2024, potentially reaching new heights.
As XRP’s chart shows, the market has oversold the altcoin for several weeks now, meaning that it’s due a rebound.
Its RSI (purple) has been under 50 since December 11, and it looks like it has finally begun rising again, signalling potential incoming rises.
Having said that, XRP’s 30-day average (yellow) has flatlined considerably in the past week or so, and given that it has been above the 200-day average (blue) since early November, this could mean that XRP may actually fall further before it begins rising again.
This pessimism, however, is undermined by recent market developments and news, with analysts now expecting things to become more bullish once the SEC begins approving Bitcoin ETFs in January.
If the SEC does provide a few ETF approvals, the market will undoubtedly rally big, with XRP likely to benefit more or less as much as any other altcoin.
On top of this, Ripple has some good news of its own, with the company now registered as a VASP in Ireland.
We’re honored to be added to the @centralbank_ie’s list of registered virtual asset service providers – allowing us to provide digital assets services within Ireland.
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