XRP price has stayed in the green today amid a broader crypto market recovery, but has failed to touch the brief $3 mark, which has fueled market concerns.
Notably, the Ripple coin recorded a massive pullback since last week, falling to as low as $1.5 amid geopolitical tensions.
The market fear was also evidenced by the whale movements, as highlighted by the on-chain data.
However, despite that, market pundits remain optimistic on a potential recovery and a continuing rally in the asset’s price ahead.
This optimism was further buoyed by the latest developments surrounding Ripple. According to recent updates, the blockchain firm revealed that it has partnered with a leading financial institution in Africa to expand its custody services.
This has appeared to have lifted market sentiment, with the company executives lauding the development.
Besides, a renowned market expert has shared what investors may expect ahead, citing the historical and technical trends.
XRP Price Soars as Ripple Expands Global Custody Offerings
Ripple coin price jumped more than 1.5% today and exchanged hands at $2.49 during writing, but its trading volume fell 26% to $6.2 billion.
The crypto has hovered between $2.54 and $2.41 in the last 24 hours. Despite staying in the positive territory today, XRP price has lost more than 13% in the weekly chart, while declining about 17% monthly.
Notably, the dip comes amid a broader crypto market retreat and a massive whale selloff. According to analyst Ali Martinez, the Ripple whales have offloaded 2.23 billion XRP since last Friday, hinting at a waning risk-bet appetite of traders.
However, the recent developments in the Ripple market might have bolstered the market confidence.
Recently, the blockchain firm announced a significant expansion of its custody services. The announcement revealed that Absa South Africa, one of the country’s leading financial institutions, has become Ripple’s first major custody partner in Africa.
This partnership brings institutional digital asset custody to South Africa, providing secure and compliant infrastructure to meet growing demand.
Notably, this comes as both Ripple and XRP Ledger (XRPL) have continued to hit new milestones in recent days, which has fueled discussions over its potential impact on XRP price.
Can XRP Price Hit $5?
With the ongoing development surrounding Ripple, the market watchers are looking for cues on the potential future movements of the coin.
Sharing the short-term outlook, analyst CRYPTOWZRD said that XRP price faces major resistance at $2.75.
However, if it successfully breaks through the level, the next targets lie at $3.15 and $3.75, respectively.
On the flip side, failing to hold the $2.49 mark could trigger another selloff, potentially dragging Ripple coin price to $2.
Meanwhile, market expert EGRAG CRYPTO has also shared a detailed XRP price prediction, which has gained notable traction from market participants.
According to EGRAG CRYPTO, the current momentum suggests a 57% chance of a breakout for the asset, with the upside target at $5.2 or higher.
Notably, the prediction is based on a technical analysis of XRP’s Descending Broadening Wedge pattern and a comparison with the 2021 cycle.
However, it’s worth noting that the expert noted that the other 43% suggests a potential drop.
According to the chart, there’s a 43% probability that the crypto might dip to as low as $0.5 in the current cycle.
Having said that, investors should exercise due diligence and consider the market risks while putting their bets.