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XRP (XRP) dropped by nearly 6% yesterday and is retreating by another 1% today but as the crypto market has taken a breather from last week’s bullish price action.
A strong bounce off the $3 could favor a bullish XRP price prediction. However, $883 million worth of long positions in the crypto market were wiped out yesterday as the downturn flushed out some excess leverage.
Data from CoinGlass shows that, in the past 12 hours, liquidations have also been quite high at $255 million. Although XRP’s longs have not been the most battered, this wave of bearish momentum could push the token to break below this critical psychological threshold.
Ripple’s RWAs Surpass the $1 Billion Mark
The crypto community celebrated today that the project surpassed the $1 billion mark in real-world assets (RWAs). This makes Ripple the 3th largest network in this specific category with a market share of 7.6%, only surpassed by ZKsync and Ethereum.
The majority of this total value locked (TVL) comes from a single decentralized protocol, VERT Capital, a Brazilian securitization company that debuted its tokenized private credit platform on the XRP Ledger in July this year and that has been responsible for bringing more than $900 million in capital inflows to the network.
Real-world assets (RWA) could be as important to the crypto space as staking was a few years ago after the launch of proof-of-stake (PoS) networks.
Estimates indicate that over $30 trillion worth of RWAs like Treasury bonds, equities, commodities, and more could be tokenized to leverage the power of blockchain technology to offer faster transaction execution speeds and lower costs.
Ripple could benefit tremendously from this growth if it continues to lead this market. VERT Capital’s success in using the Ripple network for its private credit has increased its credibility and could lure other similar institutions to adopt the XRP Ledger as their infrastructure for RWA tokenization.
XRP Price Prediction: XRP Could Rise to $4 If This Key Support Level Holds
Looking at the 4-hour chart, we can see that there has been a lot of movement at the $3 level. The price has already bounced off this level twice in just 48 hours. This key support also coincides with the 200-period exponential moving average (EMA) in this lower time frame, which increases its relevance.
If this support holds, XRP could experience a significant jump in the near term that propels it to $3.3 at least and then to much higher ground if bullish momentum accelerates.
The next leg up for this token will likely aim at the $4 threshold. This means that XRP should follow Bitcoin (BTC) and Ethereum (ETH) in making a new all-time high to officially kick off altcoin season.
A bullish breakout above $3.3 would confirm the token’s trajectory to this short-term target. That said, the crypto industry seems to be about to enter a new era of accelerated growth.
In this regard, regulatory hurdles in the United States have been cleared to increase adoption rates through supportive legislation like the Genius Act.
