XRP Price Prediction as Ripple Expands in Africa – Will Custody Services Boost XRP Above $0.52?

  • May 17, 2024
  • 0

The XRP price has gained by 0.5% in the past 24 hours, rising to $0.5209 on a day when the crypto market as a whole has risen by the same percentage.

XRP is now up by 1% in a week and by 3.5% in the last 30 days, with the major alt also sitting on a modest 16% increase in the past year.

This pales in comparison to the returns posted by other major tokens in the past 12 months (e.g. BTC, ETH, SOL), yet it also raises the possibility that XRP could compensate by enjoying some above-average gains later in the year.

And with Ripple’s MD for the Middle East and Africa revealing in a talk that the firm plans to expand deeper into the region, the XRP price could see sustained rallies in the coming months.

XRP Price Prediction as Ripple Expands in Africa – Will Custody Services Boost XRP Above $0.52?

XRP’s chart is looking promising today, with the coin looking ready to post some more gains today after dipping a little overnight.

What’s interesting is that the coin is about to test its resistance level (red), which stands at around $0.525.

Source: TradingView

If it can decisively break through this ceiling, then it may extend its gains into the weekend.

Other indicators suggests that this is quite possible, with XRP’s relative strength index (purple) rising towards 70 once again after sinking to 50 in the very early hours of the morning.

Similarly, the alt’s 30-day moving average (orange) is also rising again, having crossed over the 200-day average (blue) late on Wednesday evening.

The coin’s 24-hour trading volume has also risen in recent days, with its move close to $1 billion suggesting an elevated interest in the token.

There are various reasons to be bullish about the XRP price, with the first being the general direction of the wider market, which after a lull in mid-spring looks ready to grow again.

Yet there are also fundamentals factors at play, with Ripple announcing this week its plans to launch custody services in the MENA region and deepen its presence in the region overall.

Reece Merrick, Managing Director Middle East, Africa for @Ripple, says they are best known for payments but stepping into ” crypto native services” (custody) and supporting the #XRPL program in the region.
“Looking to expand quite heavily here” pic.twitter.com/RfVE7xUjpH

— Crypto Eri Carpe Diem (@sentosumosaba) May 17, 2024

Such news comes in addition to the imminent end of the long-running Ripple-SEC case, which is now in the final settlement phase.

It’s possible that Ripple will face a settlement fine as high as $2 billion, yet the upshot of such a penalty is that it will draw a line in the sand and enable the firm to continue growing.

And in the long run, this points to a rising XRP price, which could reach $1 by the close of 2024.

High-Potential Meme Tokens Could Bring Bigger Gains

The only real issue with XRP is that, because it’s a coin that rests more on fundamentals than hype, it may take a while to enjoy some properly big returns.

However, traders looking for quicker and bigger gains may do well to investigate some of the newer meme tokens that are currently doing the rounds.

One of the most promising is Dogeverse (DOGEVERSE), a multi-chain crypto that has raised more than $15 million in its presale.

Source: Dogeverse

Dogeverse’s sale is in its final phase and will be ending soon, with investors having rushed to buy its tokens on the back of some exciting fundamentals and tokenomics.

As the first ever multi-chain Doge-themed meme token, Dogeverse will run on Ethereum, Polygon, BNB Chain, Solana, Avalanche and Base.

What this means is that DOGEVERSE will attract more use and demand than it would have as a single-chain coin, which in turn could see its price rise higher than it might otherwise.

What’s particularly bullish about its tokenomics is that it has a hard cap of 120 million, so in theory it could become deflationary over time.

Added to this is its staking mechanism, which could see a big proportion of its total supply exit circulation.

Such features help account for why its presale has already done so well, with latecomers able to get involved by going to the official Dogeverse website.


The post XRP Price Prediction as Ripple Expands in Africa – Will Custody Services Boost XRP Above $0.52? appeared first on Cryptonews.

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