InvestingHaven’s research team is excited about the prospects of XRP. Our XRP price forecast remains very bullish, we confirmed this in our 2023 crypto predictions. Previously, we published XRP price targets between 3 USD and 20 USD. Those targets remain intact, they are simply delayed particularly because of the SEC lawsuit against Ripple (the company). We confirm our bullish XRP price forecast of 3 USD which we expect to be hit late in 2023. Our next bullish XRP price forecast comes in at 9 USD, which should be hit soon after 2023 (might take one year or even slightly longer).
We combine fundamental insights with chart insights in order to derive our bullish XRP price prediction of 3 USD for 2023 and higher price targets for the years after.
XRP daily charts for 2023
The daily XRP charts have a few very interesting insights.
First of all, the two really important price points we can derive from the daily XRP chart are 0.666 and 1.666 USD.
- The price point of 0.666 coincides with the 50% reversal level. We consider it the ‘line in the sand’. Readings above 0.666 imply that bullish momentum should be underway and only broad crypto market weakness can push XRP lower.
- The price point of 1.666 is essentially the real breakout level. Once XRP is able to clear 1.666 we expect it to move to our first bullish target of 3 USD in ‘no time’.
From a chart pattern perspective we observe this really bullish triangle pattern. It is a matter of time until this pattern will resolve, the odds favor that it will resolve higher.
The daily chart going back to 2017 adds one more ‘juicy’ insight: a really bullish long term reversal pattern. We get really excited when we see this type of setup, especially in a digital asset like XRP that is demonstrating fundamental growth.
XRP weekly chart predicts a bullish outcome in 2023
The weekly chart has the exact same bullish profile as the 2nd daily chart featured above: a reversal with a higher low in 2022 which is a bullish characteristic.
We even see a similarly strong reversal, though a slightly different pattern, when looking at XPR priced in BTC. Note that the green arrow refers to the point in time when we alerted members in our premium crypto investing research service about XRP’s great prospects, a perfect timing.
Fundamental forecast for XRP in 2023
The one concept that readers should understand when they think about XRP is ODL: On-Demand Liquidity. In essence, it is the way the Ripple blockchain network leverages XRP, the digital asset, to facilitate the transfer of other assets like currencies. ODL reveals whether XRP is growing in terms of usage (read: traction).
After tracking ODL for many years, we finally see what we were expecting to see several years ago. From XRP Markets Report Q2/2022:
Q2 2022 was a record quarter for On-Demand Liquidity as volume grew considerably with over 9x YoY growth. Customers continued to expand the use of ODL for use cases beyond traditional remittances or individual payments, with treasury flows and bulk payments accounting for more volume on the network.
From the recent streams of news that Ripple announced, all related to ODL:
- Ripple announced a partnership with FINCI, a Lithuanian money transfer provider, to deliver instant and cost-effective retail remittances and B2B payments using ODL (leveraging XRP for crypto-enabled cross-border payments)
- Partnership with Travelex Bank: the start of crypto-enabled payments solutions in Brazil for Ripple as a company. The service will make use of XRP as a taken through ODL (On-Demand Liquidity). With $780B+ in payments sent into Brazil annually, crypto will facilitate more affordable, faster cross-border payments.
- FOMO Pay has partnered with Ripple to improve their cross-border treasury flows using Ripple’s On-Demand Liquidity solution (making use of XRP as a token). The Singapore-based payments institution works with merchants and banks around the world to enable cashless payment processing at every point of sale.
- SBI Remit, part of the giant SBI banking group active in Japan and the APAC region, is working Ripple and adopting ODL (with XRP as a token to enable exchange), in its attempt to become the best payment service provider for foreigners living in Japan. SBI Remit and SCB are both using Ripple’s enterprise blockchain solution to enable instant remittance services.
- Blockchain development firm Peersyst Technology started using Ripple’s blockchain-based solution to store and authenticate property titles for Colombia’s national land registry agency. The first instance of that real world land registry use.
Other Ripple news, unrelated to XRP or ODL:
- Ripple partners with Lunu, a luxury retailer, to enable in-store and online purchases with crypto. Lunu’s point of sale terminal and online widget enable luxury retailers in the UK and Europe to accept crypto as a payment method. Ripple will bring crypto solutions to this high-end retail sector through Liquidity Hub. This partnership is not making use of ODL nor XRP, as far as we know.
- Ripple enables TransferGo, U.K.-based international money transfer service operating in 47 countries and 22 currencies, to integrate with banks and financial institutions around the world. It reduces processing times from a day to just minutes. Having started in India, the company is now using Ripple to open up new corridors to Southeast Asia, Latin America and Africa.
- The Digital Dollar Project will be working with crypto companies like Ripple on a new sandbox program to evaluate technical, business and policy approaches to a U.S. CBDC.
- Ripple Swell, the annual summit of Ripple (mid-Nov), will host MasterCard’s Digital Chief Officer as one of the keynote speakers and guests. There might be something brewing in the background between Ripple and MasterCard.
What a phenomenal progress as it relates to XRP, especially in the last few months.
XRP prediction 2023: Network effects will finally kick in
Adoption is what we believe will be the game changer. Forecasting when exactly increased demand for XRP as a results of adoption will kick in is an impossible task.
That’s why XRP holds should be in this game for the long run.
But then how exactly do these adoption effects works, and why do we remain so bullish even though it feels like XRP has lost its luster?
Shout out to Chris Smith on Medium.com who published this picture which is exactly what we were looking for: network effects! Mind the difference between the ‘right path’ (black lines) vs. the pitfall (green lines).
The point about network effects is that they build up slowly, but accelerate very fast in a very short period of time.
The evolution of XRP outlined in the previous chapter are signs that network effects will kick in. We expect them to kick in somewhere in 2023.
XRP price forecast 2023: 3 USD followed by 9 USD
Up until April of 2022 XRP was moving in a really wide and fast rising long term channel.
What seemingly looks like a breakdown in 2022 is essentially a widening of the long term channel on the XRP chart.
The above long term chart makes the point that XRP can easily move to 3 USD in 2023 to simply ‘touch’ the former support line of XRP’s long term channel. In other words, even if XRP trades at 3 USD in 2023 it would not be moving at an accelerate pace (like in the good old days back in 2017).
This long term channel also suggest that our XRP price forecast of 9 USD in the years to come will bring XRP back into its former channel, still in the lower bands.
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