Pi Price News: Pi Recovers Amid ISO 20022 Integration Chatter – Can It Jump Back to $1?

Pi (PI) has gone up by more than 7% in the past 24 hours, while trading volumes have gone up by 46% after a Cointelegraph article said that the firm joined the ISO 20022 group.

Cointelegraph Official X Account – Source: X.com

ISO 20022 is a global standard for electronic financial messaging that institutes a common language for banks and businesses to communicate and exchange data efficiently.

The way this language is structured improves accuracy, automation, and security in transactions like payments and asset exchanges. This standardization allows for more detailed information in each message, such as invoice numbers, which simplifies processes like payment reconciliation.

By embracing ISO 20022, Pi could compete with long-standing projects like Stellar (XLM) and even Ripple (XRP) in their race to launch applications that can be easily integrated with the traditional financial system.

Can Pi Play Catch-Up with XLM’s $10bn Market Cap?

According to the project’s plan, the first stage has kicked off already. This phase consists of making the required preparations to embrace the standard. Next up, the full integration is expected to be launched in late November, if everything goes as expected.

Pi’s market cap currently sits at $2.2 billion. If the project does manage to compete with the likes of XRP and XLM, its upside potential would be huge considering that the latter are valued at $160 billion and $10 billion, respectively.

The idea behind this integration is to create off-ramps solutions that allow users to move PI tokens in and out of wallets and into traditional bank accounts easily. This would facilitate the process of making cross-border payments.

PI’s community support is massive. Nearly 2.7 million users have already migrated to the project’s public mainnet recently and are actively mining tokens through the mobile app. This level of popularity would possibly turn payment apps running on the Pi blockchain into overnight successes if this ISO 20022 integration is implemented.

PI Hits Key Resistance at $0.28 Again – What’s Next?

The 4-hour chart shows that Pi spiked after breaking out of a descending triangle that had been forming from October 10 to 23. The price rose quickly and move from $0.20 to $0.28 in just three days for a 40% short-term gain.

PI/USD 4-Hour Chart (Bitget) – Source: TradingView

This emphasizes the strong volatility that this token can still experience, which is positive for speculators looking to make a quick buck.

Selling pressure mounted upon hitting that resistance, but PI has managed to climb back to that level, as buying pressure has been strong since yesterday afternoon.

Volumes are not that high as a percentage of the token’s circulating supply, meaning that this could still be considered some sort of manipulation to lure unwary buyers and use them as exit liquidity.

However, if the price breaks above $0.30, it is highly likely that PI could continue to rise to $0.36, meaning another potential 20% short-term gain for those who ride the roller coaster.

In this lower time frame, the Relative Strength Index (RSI) once again climbed above the 14-period moving average, meaning that positive momentum is accelerating. We are already seeing some selling after PI hit $0.28 again.

If the price nosedives, as it did a few days ago, and fails to climb above this level, PI could drop to $0.22 first, and then it could fully reverse its course to retest the $0.19 area. Downside risks are high as volumes indicate that deep-pocketed players could be manipulating the price amid the token’s low liquidity.