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- CME Group’s new XRP index sparks renewed interest and bullish speculation.
- Analysts predict long-term potential for XRP despite the ongoing Ripple vs. SEC case.
For those who support Ripple XRP, today is a wonderful day since the so-called “sleeping giant” has astounded the market with a double-digit increase, thus ranking among the top five gainers in major cryptocurrencies nowadays.
XRP’s price shot 12.40% over the last 24 hours to $0.5095 at the time of writing. Its weekly performance is likewise remarkable; it jumps by more than 18%.
CME Group’s New XRP Index Fuels Bullish Interest
Apparently, news of new indices for XRP from CME Group has piqued fresh interest in this coin, therefore fueling a new wave of purchase among rising bullish speculation. CNF has earlier reported that the CME Group collaborated with CF Benchmark to present indices for XRP and Internet Computer (ICP) coins.
Meanwhile, popular crypto analyst Captain Faibik pointed out the possibility of a bullish rally in XRP given its outstanding price increase. XRP seems to have broken out above a falling wedge pattern in the daily chart he showed, hence perhaps increasing its price to $0.640, where strong resistance awaits.
$XRP #XRP Falling Wedge Upside Breakout..🔥📈 https://t.co/3pW8YDsVCk pic.twitter.com/XJWUOhW9sW
— Captain Faibik (@CryptoFaibik) July 13, 2024
Predicting a whopping 60,000% surge by 2028, another well-known analyst, The Great Mattsby, has also recognized the long-term potential of XRP. XRP keeps investors and experts hopeful about the token’s future even with the continuous Ripple vs. SEC case since it keeps making progress in acceptance and integration.
Ripple Labs, the firm behind XRP, has been actively attempting to grow its ecosystem. To encourage the usage of their On-Demand Liquidity (ODL) service, which uses XRP to enable cross-border payments, they have been developing alliances with several financial institutions all around.
This service seeks to speed up and save costs on international transactions in comparison with conventional methods. Technological developments and deliberate actions by Ripple have greatly helped to inspire increasing faith in XRP’s possibilities.
