Long

Moon

<p>The post <a href="https://coinpedia.org/news/xrp-price-to-explode-could-breakout-push-xrp-to-0-58-analyst-weighs-in/">XRP Price To Explode: Could Breakout Push XRP To $0.58, Analyst Weighs In!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Ripple’s XRP has faced a tough two weeks, with its <a href="https://coinpedia.org/price-analysis/ripple-is-7-down-will-xrp-price-hold-its-0-56-level-or-plunge/" target="_blank" rel="noreferrer noopener">price sliding by 7%</a> and hitting a local low of around $0.54. However, recent developments suggest that XRP might be on the verge of a major turnaround. Meanwhile, prominent crypto analysts are eyeing a potential breakout that could push XRP’s price up to $0.589, sparking a new bullish rally.</p> 
<h2 class="wp-block-heading" id="h-xrp-s-key-breakout-targets-0-5850">XRP’s Key Breakout Targets $0.5850</h2> 
<p>According to The Moon, a well-known Bitcoin investor, XRP’s latest move has broken through a descending resistance line on the 3-day price chart. This is seen as a strong bullish signal. When a cryptocurrency breaks through such resistance, it often indicates that it could continue rising.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw">#XRP</a> broke through the descending resistance and now is about to continue pumping to the potential target at $0,5850. <a href="https://t.co/Fk57nXM7DL">pic.twitter.com/Fk57nXM7DL</a></p>— The Moon (@TheMoonCarl) <a href="https://twitter.com/TheMoonCarl/status/1830931362192232940?ref_src=twsrc%5Etfw">September 3, 2024</a>
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<p>The recent breakout suggests that XRP might be gearing up for further gains. Perhaps, the next key resistance level is set at $0.5850. If XRP maintains its current trajectory, it could reach this target soon.&nbsp;</p> 
<p>Ecohing a bullish stance analyst <a href="https://x.com/JavonTM1/status/1830606988751077871" target="_blank" rel="noreferrer noopener nofollow">Javon Marks adds to the optimism</a> by drawing parallels between XRP’s recent performance and the 2017-2018 period, which began the significant bull run. Meanwhile, Marks suggests that XRP might be on the brink of another major surge not seen in the past 6-7 years.</p> 
<h2 class="wp-block-heading" id="h-ripple-to-introduce-smart-contracts-on-xrpl">Ripple To Introduce Smart Contracts On XRPL</h2> 
<p>In other exciting news, Ripple <a href="https://ripple.com/insights/expanding-programmability-on-the-xrp-ledger/" target="_blank" rel="noreferrer noopener nofollow">has announced plans</a> to introduce smart contracts to the XRP Ledger mainnet. Such upgradation aims to enhance the platform’s capabilities and attract more developers to the ecosystem.&nbsp;</p> 
<p>The addition of smart contracts will allow developers to create customized applications using XRPL’s foundational features, such as escrows, NFTs, and decentralized exchanges.</p> 
<p>However, Ripple President Monica Long has highlighted these advancements as a major step in boosting blockchain utility and appealing to institutional investors. </p> 
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   <p lang="en" dir="ltr">Custody is a critical entry point to tokenization. Everyone – from big banks to crypto natives – needs secure and compliant infrastructure to power enterprise use cases. Excited to further our partnership with <a href="https://twitter.com/futureverse?ref_src=twsrc%5Etfw">@futureverse</a> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f91d.png" alt="🤝" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/oTA7ZZGxyp">https://t.co/oTA7ZZGxyp</a></p>— Monica Long (@MonicaLongSF) <a href="https://twitter.com/MonicaLongSF/status/1830865794047320222?ref_src=twsrc%5Etfw">September 3, 2024</a>
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<p>Additionally, Futureverse, an AI and metaverse tech company, has partnered with Ripple Custody to securely manage its assets, further expanding Ripple’s influence.</p> 
<h3 class="wp-block-heading" id="h-what-to-expect-next">What To Expect Next?</h3> 
<p>As of now, XRP is trading at $0.57, holding above a crucial support level at the daily 200 moving average (MA) of $0.565. This level is crucial for maintaining bullish momentum. If XRP can stay above this support, it might signal a recovery.&nbsp;</p> 
<p>However, if the price falls below $0.5650 or $0.5550, it could enter a bearish phase, with initial support at $0.5440 and a major support level at $0.5320.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/nexo-resumes-client-registrations-in-uk-after-10-months-break/" target="_blank" rel="noreferrer noopener">Nexo Resumes Client Registrations In UK After 10 Months Break</a></p>

XRP Price To Explode: Could Breakout Push XRP To $0.58, Analyst Weighs In!

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