This phenomenon could be the start of an upcoming rally. Thanks to the recent integration of automated market maker (AMM) functionality into the XRP Ledger (XRPL) ecosystem, Ripple’s price is at a crucial support level at $0.586, indicating a possible breakout.
Could this mean that Ripple could cross the 1 euro mark?
DeFi Innovations On XRPL: AMM Features Now Live
According to a post on X (formerly Twitter) by XRPScan, the first AMM liquidity pools were created just minutes after the AMM features went live. Some pools now hold hundreds of millions of tokens, supporting pairs such as XRP/USD and XRP/BTC.
Automated Market Makers (AMMs) rely on mathematical algorithms to quote cryptocurrency prices and facilitate trading for users through liquidity pools.
AMM is now live on XRPL mainnet! First few pools are rolling in 😀 – https://t.co/RR0LsMcvEG pic.twitter.com/epnT2QESzS
— XRPScan (@xrpscan) March 22, 2024
This approach allows anyone to participate as a liquidity provider to receive trading rewards, and users get instant liquidity through the above pools.
Ripple Labs announced that the XRP Ledger planned to add an AMM engine into its network. After a year of extensive research and development, the feature is finally live.
Adding the AMM engine to XRPL facilitates token swapping and liquidity sourcing, making it more accessible to users and beneficial for decentralized applications (dApps), especially decentralized exchanges (DEX).
Furthermore, the feature aims to facilitate the creation of bridges, promote innovation within the XRP ecosystem, and enable seamless interaction with other blockchain networks.
This means that as more decentralized applications come to XRPL, XRP could see a price increase as more users trade the token or pay transaction fees. Furthermore, more protocols would start using the token to reward network validators for their tasks.
Volume Increase in Ripple (XRP) Signals Possible Rally
For much of this year, the digital asset market has performed positively compared to early 2023. In March, however, that performance took a huge leap forward, with the first two weeks bringing huge gains. Bitcoin led the way, reaching an all-time high of $73,000 mid-month.
However, in the last week, numerous assets have seen a fairly steep price correction. Among those was Ripple (XRP), which could see a turnaround with a recent $25 billion increase in its trading volume in the last two days.
Potentially, the sudden increase in trading volume could indicate the recent price correction. When these downturns end, they often start with large market cap tokens experiencing increased activity. But, could that indicate a rally is approaching?
While it is by no means a guaranteed statement of an upcoming rally, it does indicate the possibility of such an event. Specifically, investors would benefit from observing the current support level at $0.50, a resistance area presenting itself around $0.60, for a possible upside.
Can Ripple become 1 euro?
Ripple price has been in a tight consolidation range for over 250 days. This development has led to two major outcomes – a breakout above a descending trendline and a reversal from the $0.586 resistance level into a support floor.
Currently, Ripple price continues to float above USD 0.586, indicating another range formation. The weekly Relative Strength Index (RSI) has recovered after briefly dipping below the average level of 50, suggesting buyers are still in control. The Awesome Oscillator (AO) is hovering above zero, indicating that bullish momentum is dominating.
This technical outlook suggests that Ripple price is poised for an explosive move towards $0.920, which is around 50% away from the current level of $0.617.
While all signs point to a potentially bullish outlook for the Ripple price, investors should be cautious with the Bitcoin price. If BTC continues its decline to $59,000, there is a good chance that altcoins will be pulled down with it.
In such a case, Ripple price may crash by 22% to the next key support level at $0.481.
This dynamic places Ripple at a crossroads, where both optimistic and cautious perspectives should be considered when considering whether XRP can break the 1 euro barrier. Besides XRP, there are also other emerging cryptos that are important to keep an eye on, especially those that are still in the presale phase.
Green Bitcoin (GBTC)
A greener option for Bitcoin is Green Bitcoin (GBTC), which is known to rely on the Ethereum blockchain to allow investors to earn stable returns on their investments while maintaining sustainability.
One of the benefits of GBTC staking is that you can get free tokens as a reward without having to do anything. However, for investors who can anticipate bitcoin’s value and make substantial profit predictions, there is another side to the coin. There are two types to choose from: standard bet or ‘predict and earn’ bet, which has a higher predicted return.
Only $400K away from the Green Bitcoin Presale BEING FILLED!
Our journey starts HERE!
Follow us and make sure to tag a friend for your chance to win $200 worth of Green Bitcoin! pic.twitter.com/9YQfzXilgJ
— GreenBitcoin (@GreenBTCtoken) March 20, 2024
In the first presale phase you can get Green Bitcoin for $1.10. However, you have a high chance of an 80% annualized rate of return (APY) if you become a token holder during this period. The presale has already raised over $7.9 million and will close soon. After GBTC goes through and completes the IPO process in due course, we can expect its value to increase significantly.
Dogecoin20 (DOGE20)
Although DOGE20 (Dogecoin20) is one of the alternatives to Dogecoin (DOGE), a viral meme coin, DOGE has seen low volume over the past year. In the last 30 days, DOGE is only up 50% while other meme coins have soared higher. When creating Dogecoin20, care was taken to combine the best aspects of Dogecoin and also address the issue of DOGE being perceived as worthless.
DOGE20, on the other hand, can be earned by passively holding them, without the need for the energy-consuming Proof-of-Work (mining) that Dogecoin uses.
Wow! 🎉
No words to describe this amazing achievement! 🚀#Dogecoin20 reaches $6 million raised! 💰
Massive thanks to the #Crypto Community! 🙌#DOGE20 wishes you a great weekend! 🌟🐶 pic.twitter.com/PaAyohkpB7
— Dogecoin20 (@DOGE_COIN20) March 22, 2024
During the presale, you can purchase one Dogecoin20 for just $0.000207 and have the option to stake it in a DeFi program that delivers an annualized return (APY) of 144%. DOGE20 has already raised over $6.8 million in its first week and a half, so this new meme coin is quite popular and is expected to quickly increase in value soon after launch.
Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.
Source: https://bitcoinmagazine.nl/nieuws/ripple-registreert-25-mld-adtv-kan-ripple-1-euro-worden
