Ripple is making significant strides in Asia, enhancing its crypto infrastructure and driving institutional adoption with a series of strategic moves. This week, Ripple launched key initiatives in Korea and Japan, aimed at boosting blockchain’s practical use for businesses and individuals across the region.
A standout development is Ripple’s partnership with Futureverse, a leading AI and metaverse technology company. Futureverse is utilizing XRP as a gas token on its Root Network and integrating with the XRPL DEX for enhanced liquidity. This partnership is further deepened through Ripple Custody, which will provide secure DeFi access via Futureverse’s Ottó blockchain. The collaboration signifies a notable advancement in Ripple’s mission to strengthen the use of XRP and blockchain technology globally.
In addition to these partnerships, Ripple is enhancing the XRP Ledger (XRPL) with plans to introduce smart contracts through the XRPL EVM sidechain in 2025. This initiative will bridge the XRP and Ethereum communities, allowing developers to use familiar tools and thus expanding XRPL’s reach on a global scale.
Ripple’s commitment to innovation is also evident in its University Blockchain Research Initiative (UBRI), which recently partnered with Korea’s Yonsei University. This marks UBRI’s 58th global partnership and is supported by over $60 million in Ripple funding. The Yonsei collaboration will drive research in areas such as AI, finance, and information systems, support hackathons, and establish an XRPL validator at the university. Ripple CEO Brad Garlinghouse emphasizes that these efforts are designed to meet the needs of the XRP community and align with Ripple’s strategy to empower crypto businesses and real-world applications.
XRP Set for Potential 12% Surge
Amidst these developments, XRP, Ripple’s native token, is trading at $0.5666, reflecting a 2.91% increase over the past day. This rise aligns with the broader crypto market’s 2.37% uptick, which has pushed the market cap to $2.07 trillion. Technical indicators are suggesting a bullish outlook for XRP, as it remains above the 50-day and 200-day EMAs. Crypto analyst Crypto Yapper has identified a breakout from a falling wedge pattern, forecasting a potential 12.5% gain with a target price of $0.63.
Also Read: Ripple’s Smart Contract Pivot Sparks 4-Year Developer Rift – Wietse Wind Warns Of XRP Ledger Fallout
However, caution is advised. Trader Dark Defender notes that XRP has been consolidating between $0.6649 and $0.3917, with a critical resistance level at $0.6649. Despite a positive RSI golden cross, breaking this resistance is crucial for a significant rally. Support levels are identified at $0.5286 and $0.4623. Dark Defender also draws a parallel to XRP’s 2017 bull run, suggesting a Fibonacci target level of $18.22 for Wave 3 if the trend mirrors past performance.
Ripple’s ongoing initiatives and XRP’s technical outlook highlight a dynamic period for the cryptocurrency, with potential for both innovative advancements and significant market movements in the near future.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
