XRP Price Could Hit $277 by October: Here's Why

Over the past week, the XRP coin experienced a sharp decline, losing 20% of its value as the price dropped from $0.665 to $0.525.

The XRP coin experienced a slight decrease of 0.22% during the Saturday trading session. Amid the geopolitical tension and recent appeal by the U.S. SEC, the Ripple coin encountered difficulties in maintaining a sustained recovery, continuing a sideways trend. Here are three reasons why the XRP price could experience a breakout from the accumulation phase and rally beyond $250.

1. XRP Price Could Hit $277 by October: Here’s Why

Over the past week, the XRP coin faced sharp decline, losing 20% of its value as the price dropped from $0.665 to $0.525. The bearish reversal signals the continuation of the current consolidation, which has been intact since late 2021. Is the Ripple price ready at the end of the multi-year sideways trend?

2. Analysts Project $1,000 XRP Rally Amid Cross-Border Payment Utility

Despite the continuing legal challenge for Ripple, the digital payment company, several analysts believe its native cryptocurrency, XRP, is positioned for a $1,000 rally driven by its utility in cross-border payments.

3. The forecast is based on XRP’s potential to handle large-scale international transactions, with JPMorgan recognizing XRP’s ability to unlock up to $120 billion in trapped liquidity in cross-border payments.

A prominent crypto analyst, MasonVersluis, highlighted the Ripple price and how it would handle trillions in transaction volume. According to XRP Liquidity Cheat Sheet, the coin price could support transaction volumes of up to $1 trillion daily at prices between $100 and $500. However, to accommodate larger daily volumes ranging from $6 trillion to $20 trillion, the XRP price would need to climb to at least $1,000.

The $XRP Liquidity Cheat Sheet ? pic.twitter.com/YBY3AF7ClJ

— MASON VERSLUIS (@MasonVersluis) May 21, 2023

Wells Fargo Adopts XRP for Credit Card and Loan Payments

Last month, the financial giant company Wells Fargo officially adopted XRP as a payment method to settle credit card bills and loan payments. This move allows customers to use XRP for debt repayment, highlighting the bank’s (Traditional method) shift toward embracing blockchain technology.

Moreover, the customers can now earn rewards through the XRP Ledger System’s CryptoTradingFund (CTF). The innovative setup simplifies payments and provides users with cashback rewards. As more financial institutions like Wells Fargo adopt XRP, the token’s utility will increase, driving up demand and solidifying its role in mainstream finance.

India and UAE Complete Oil Trade Using XRP Ledger

Adding further credibility to XRP’s growing role in global finance, India and UAE have recently completed their first oil transaction using the XRP Ledger. The trade bypassed the reliance on the U.S. dollar and demonstrated XRP’s ability to facilitate real-world, high-value transactions efficiently.

Moreover, Ripple has strengthened its foothold in the UAE by partnering with the Dubai International Financial Centre (DIFC).

This development accentuates the growing thrust on Ripple’s technology, which could further bolster broader adoption in international markets.

Conclusion:

With key partnerships and real-world applications, Ripple’s role in cross-border payments could drive natural demand pressure on the XRP price. While the altcoin shows huge upside potential as the $270 target could take a few years as Ripple continues to strengthen its international adoption.

Frequently Asked Questions (FAQs)

1. Why could XRP’s price hit $277 by October?

A. XRP’s price could hit $277 by October due to a combination of factors, including the coin’s role in cross-border payments, partnerships with financial institutions like Wells Fargo, and the completion of the India-UAE oil trade using the XRP Ledger.

2. What are analysts saying about XRP’s long-term price potential?

A. Several analysts are bullish on XRP’s long-term price potential, with some projecting a $1,000 rally driven by its utility in cross-border payments.

3. How does the India-UAE oil trade affect XRP’s price outlook?

A. The India-UAE oil trade, which was executed using the XRP Ledger, adds further credibility to XRP’s role in global finance and could drive up demand for the token, positively impacting its price outlook.

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