XRP is currently finding it hard to close above $2.20 on the daily timeframe, which caused it to close its most recent weekly candlestick just below this level. Although the technicals show some sort of resistance at this zone, XRP fundamentals are still positive, and the cryptocurrency is on track for high valuations.Â
XRP’s bullish fundamental is tied to its position as a bridge between crypto and global banking infrastructure. As noted by a crypto analyst, this is the prime factor that will send the cryptocurrency trading at massive levels.
Analyst Says The Real XRP Rally Begins When Banks Fully Adopt It
Even though XRP is currently battling some sort of resistance, this altcoin has rallied massively from its price point at the same time last year. Despite the fact that it is currently down by about 34% from its January high of $3.3, XRP is still up by about 311% in a one year timeframe. However, you could easily argue that the best rally is yet to come for the XRP price.
According to a prediction made by crypto analyst BarriC on social media platform X, the current XRP price is still far from what he believes it could be when banks start actively using it for financial settlements. In his view, the relatively low price of XRP today, hovering just above $2, is a sign that traditional financial institutions have not yet tapped into XRP’s real utility. The analyst noted that once widespread adoption takes place among global banks, XRP’s price would rise to levels previously unimaginable.Â
Unlike other cryptocurrencies, XRP was created as a bridge currency for peer-to-peer transfers with low fees and minimal delays. Ripple, the payments technology company behind the cryptocurrency, wanted to create something that would rival SWIFT’s trillion-dollar payment empire. Notably, Ripple has been really proactive in making this a reality.Â
Once widespread adoption takes place among global banks, XRP’s price will no longer be affected by retail investor sentiment, Bitcoin’s price action, or crypto cycles. Instead, it could rise to levels previously unimaginable.
The Altcoin Price To $1,000 Once Banks Adopt It
As noted by BarriC, we will know when banks start using XRP because of the insane price per XRP. Once banks start using XRP, we will see prices like $100, $500, $1,000 per XRP. This would be insane, considering the current price of XRP.
At the time of writing, XRP is trading at $2.17. Hitting BarriC’s projected targets would mark increases of roughly 4,500% to reach $100, 22,900% to reach $500, and a staggering 45,900% for $1,000. If such valuations were to materialize, XRP’s market cap could potentially rival or even exceed that of Bitcoin.
Most central banks and major financial institutions are still experimenting with CBDCs, with XRP yet to be fully deployed at the core of any nation’s financial infrastructure.
Featured image from Getty Images, chart from Tradingview.com
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