- XRP price is on a three-day winning streak and a $100 million purchase plan by Nasdaq-listed ViVoPower is a key incentive to buy.
XRP price has reclaimed the $2.20 support amid a broader recovery across the crypto market. The coin traded at $2.20 at press time, staying on course to register the fourth successive daily gain. With its trading volume up by 24.8% in the last 24 hours, the upside momentum will likely stay on the upside. In addition, news of a $100 million acquisition by Vivo Power has strengthened the coin’s fundamentals as investors await spot ETF decision.
VivoPower, the Nasdaq-listed sustainable energy solutions company has raised $100 million to purchase XRP, joining the list of institutions that consider the crypto coin a valuable growth asset. BitGo will be the exclusive trading and custody partner in the transaction, which is a major step in VivoPower’s journey to build a strong presence in decentralised finance, backed by an XRP treasury.
Elsewhere, Dubai Financial Services Authority has approved RLUSD for use within the Dubai International Financial Centre. Rising integration of the RLUSD stablecoin in the mainstream financial markets boosts XRP utility, which is good for the asset’s price upside. XRP’s open interest contracts rose by 0.92% in the 24 hours to this writing, hitting $1.8 billion according to Coinanalyze data. In addition, the Long/Short ratio was at 3.75 on the shorter 4-hour time frame. These factors add credence to the likely continuation of XRP price upside movement in the near-term.
XRP Price Prediction
The momentum on XRP price calls for further upside above $2.20. That momentum will likely meet the first hurdle at $2.22. However, an extended control by the buyers will clear that barrier and potentially test $2.24. On the other hand, going below $2.20 will favour the sellers to take control. If that happens, the XRPUSD pair will likely go lower and break the first support at $2.19. Breaking below that level will invalidate the upside narrative. Furthermore, the resulting momentum could extend the downside and test $2.18.
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