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XRP Price Surges 9% as Ripple Unveils Plans for Expansion into Africa

By:
Ibrahim Ajibade
Published: May 17, 2024, 21:30 GMT+00:00

Key Points:

  • XRP price has recorded major gains in the 24 hours, rising to a daily peak of $0.53 on May 17.
  • Ripple Labs has unveiled plans to expand its operations in Africa.
  • XRP price must break above the $0.56 resistance to advance into the next phase of the rally.
XRP price forecast

In this article:

XRP price has recorded major gains in the 24 hours, rising to $0.53 on May 17, as Ripple Labs unveiled plans to expand its operations in Africa.

XRP Price Surges on News of Africa Expansion Plans

XRP is now up by 1% in a week and by 3.5% in the last 30 days, with the major alt also sitting on a modest 16% increase in the past year.

This pales in comparison to the returns posted by other major tokens in the past 12 months (e.g. BTC, ETH, SOLSOL), yet it also raises the possibility that XRP could compensate by enjoying some above-average gains later in the year.

And with Ripple’s MD for the Middle East and Africa that the firm plans to expand deeper into the region, the XRP price could see sustained rallies in the coming months.

XRP’s chart is looking promising today, with the coin looking ready to post some more gains today after dipping a little overnight.

Ripple (XRP) price action 
Ripple (XRP) price action May, 17 2024 | TradingView

At the time up writing on May 17, XRP price has surged above the $0.52 level, now up 9% from the monthly lows recorded on May 13.

What’s interesting is that the coin is about to test its resistance level (blue), which stands at around $0.56 as indicated by the Parabolic SAR technical indicator. If it can decisively break through this ceiling, then it may extend its gains into the weekend.

Other indicators suggests that this is quite possible, with XRP’s relative strength index (purple) rising towards 70 once again after sinking to 50 in the very early hours of the morning.

Similarly, the alt’s 30-day moving average (orange) is also rising again, having crossed over the 200-day average (blue) late on Wednesday evening.

The coin’s 24-hour trading volume has also risen in recent days, with its move close to $1 billion suggesting an elevated interest in the token.

There are various reasons to be bullish about the XRP price, with the first being the general direction of the wider market, which after a lull in mid-spring looks ready to grow again.

Yet there are also fundamentals factors at play, with Ripple announcing this week its plans to launch custody services in the MENA region and deepen its presence in the region overall.

Reece Merrick, Managing Director Middle East, Africa for
@Ripple, says they are best known for payments but stepping into ” crypto native services” (custody) and supporting the #XRPL program in the region.
👉https://youtu.be/ToyxRYAXl4s
“Looking to expand quite heavily here”

Such news comes in addition to the imminent end of the long-running Ripple-SEC case, which is now in the final settlement phase.

It’s possible that Ripple will face a settlement fine as high as $2 billion, yet the upshot of such a penalty is that it will draw a line in the sand and enable the firm to continue growing.

And in the long run, this points to a rising XRP price, which could reach $1 by the close of 2024.High-Potential Meme Tokens Could Bring Bigger Gains

The only real issue with XRP is that, because it’s a coin that rests more on fundamentals than hype, it may take a while to enjoy some properly big returns.

About the Author

Ibrahim Ajibade Ademolawa is a seasoned research analyst with a background in Commercial Banking and Web3 startups, specializing in DeFi and TradFi analysis. He holds a B.A. in Economics and is pursuing an MSc in Blockchain.

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