The XRP price has raised 0.29% in the past 24 hours, increasing to $0.51073. This comes as the crypto market as a whole has experienced a decline.
XRP is now up 2.29% in the past week, indicating a continuation of XRP’s monthly 1.60% price increase.
In the past year, the altcoin has seen a modest return of 8.93%, as per TradingView data.
This pales in comparison to the returns of major tokens like BTC, ETH, and SOL in the past 12 months. However, it also suggests that XRP could see above-average gains later in the year.
This recent price action follows Ripple’s backing of quantum-resistant cryptographic systems, which may boost future XRP price action.
As part of our #UBRI series, explore the intersection where blockchain meets quantum computing with Professor Massimiliano Sala from @UniTrento. Gain insights into the quantum challenges facing blockchain and strides towards quantum-resistant cryptography.https://t.co/UnpxUfCX5D
— Ripple (@Ripple) May 18, 2024
Can XRP Hold Above 0.50?
XRP’s chart is looking promising today, with the coin looking ready to post some more gains after dipping a little overnight.
The altcoin is approaching a retest of the $0.5005 support level (yellow), which has continued to hold XRP price above $0.50.
Breaking through this level decisively could lead to a continued decline in price.
Other indicators argue against this, with XRP’s relative strength index (RSI) rebounding towards 50, up from a low of 25 earlier this morning. This suggests that the recent price decline was temporary and does not signal a complete shift in momentum.
Additionally, the altcoin’s 30-day moving average (orange) is trending downward and nearing a crossover with the 200-day average (blue), having dipped below it earlier in the day. This suggests that XRP is currently oversold.
The coin’s 24-hour trading volume has also risen in recent days, with its move up 76% to $827,803,541. This confirms increased interest in XRP among investors.
Several factors contribute to optimism about XRP’s price, including the broader market’s upward trend following a slowdown in March.
While technical indicators suggest positive short-term price movements, sustainable long-term growth will likely hinge on fundamental factors.
How Does Quantum Computing Research Contribute?
Ripple’s renewed investment in the research and development of quantum-resistant cryptographic systems could drive future price action.
Professor Massimiliano Sala, from Ripple’s University Blockchain Research Initiative (UBRI), highlighted quantum challenges in blockchain technologies in a Ripple Insight article.
Professor Sala emphasizes the critical vulnerabilities that quantum computing introduces to blockchain security in its potential to “undermine the mechanisms that protect users’ assets on blockchain platforms.”
Given that cryptography forms the fundamental backbone of blockchain technology, readiness is critical in the developing era of quantum computing. Sala added:
“While quantum threats may not be immediate, their probability is significant, necessitating proactive measures.”
Ripple is pioneering quantum-resistant cryptographic methods through research. Success could strengthen Ripple’s XRP Ledger (XRPL), providing a strategic advantage in the broader industry with enhanced platform security.
This advantage might increase XRPL adoption for future-proofing operations from the looming quantum threat, benefiting the blockchain’s native token XRP.
Adoption is something that has significantly hindered XRP price movement since 2022. The long-running Ripple-SEC lawsuit has caused regulatory uncertainty that has slowed institutional adoption.
However, the Ripple-SEC case is now in the final settlement phase. Ripple may 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.
Coupled with a strengthened platform, it could restore confidence in Ripple as a major player in the crypto industry.
In the long run, this points to a rising XRP price, which could reach $1 by the close of 2024.
While XRP is set to perform well in the long term, some traders are stacking this meme coin that is packed with potential.
High-Potential Meme Tokens Could Bring Bigger Gains
Indeed, the 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.
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