XRP Price To Surge More Than 200% in Coming Weeks – Here’s Why

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Amid the notable cash influx into the cryptocurrency industry for the past few weeks that has significantly improved the liquidity of existing digital assets, Ripple Labs-backed XRP has experienced a substantial bullish outlook. According to market data from TradingView, the XRP price has already broken out of a falling Logistical trend following last week’s bullish close above 61 cents. 

The large-cap altcoin traded around $0.625 during the early London session on Monday. 

XRP Price Bullish Outlook

Although the ongoing US SEC vs Ripple lawsuit has weighed heavily on the XRP price action, the web3 developers remain bullish on the veteran altcoin. Last week, Ripple and Alexar Foundation announced a strategic partnership to enable seamless Decentralized Financial (DeFi) interoperability to the XRP Ledger (XRPL) network. 

Previously, the Flare (FLR) network announced the introduction of XRP to the web3 ecosystem through the FAssets.

As a result, XRP can now compete with layer one (L1) tokens in the web3 space amid the mainstream adoption of digital assets.

It is worth noting that XRP’s vast trading volume currently comes from cross-border payments through the On-Demand Liquidity (ODL) program. Moreover, Ripple has integrated the ODL system with dozens of global wirehouses like SBI Remit.

XRP Price Short-term Targets

According to a popular and credible crypto analyst alias Captain Faibik on the X platform, XRP price is on the verge of a massive triangle breakout. As a result, the crypto analyst is confident XRP price will rally more than 253 percent in the coming weeks towards $1.64, which coincides with the 2.618 weekly Auto Fibonacci Retracement.

Worth noting that the XRP bullish outlook is bolstered by the weekly 200 Moving Average (MA), which has shifted from resistance to support level. Additionally, the weekly Relative Strength Index (RSI) has consistently closed above the 50 level in the recent past amid the notable crypto bullish sentiments.