XRP price finds support as Ripple maps power of AI and blockchain in cybersecurity, financial services
- Ripple price is lacking any directional bias for nine days in a row but the $0.6000 support level holds.
- XRP could drop 5% to test the $0.5773 support before a possible move north.
- The short-term bearish thesis will be invalidated if XRP price records a daily candlestick close above the $0.6883 midline.
Ripple (XRP) price seems to have found support above the $0.6000 psychological level, but the odds still favor the downside. Meanwhile, a Ripple executive has peeked into what the future holds for Ripple, dissecting the convergence of AI and blockchain and its potential to revolutionize cybersecurity and financial services.
Ripple leaders focused on what 2024 holds
Ripple leaders are already looking towards 2024 anticipating what the year holds for the ecosystem. Chief Technology Officer (CTO) Joel Katz had this to say:
- By 2024, the convergence of AI and blockchain will revolutionize cybersecurity and financial services.
According to Katz, AI is critical in ascertaining blockchain security, adding that it could empower accurate market insights and automated trading. Specifically, AI chatbots similar to what are seen on XRP Ledger (XRPL) would simplify development, foster global innovation and financial inclusion.
- Real World Asset (RWA) tokenization will drive the blockchain economy, led by real estate and commodities.
- Decentralized Identity (DID) adoption will revolutionize privacy on the blockchain.
- By 2024, blockchain interoperability will break silos, creating a unified and efficient ecosystem.
- Stablecoins will reshape global finance, creating new FX corridors and reducing USD dependence.
Ripple Chief Technology Officer (CTO) David Schwartz reiterated Katz’s assertions, saying, “Tokenized RWAs on XRP Ledger will enhance collateralized loans, improve interoperability, and attract institutional adoption, thereby reshaping the financial sector.”
Schwartz also believes that 2024 will see Ripple’s XRPL become a leading blockchain that will enable the aforementioned use cases.
Ripple Price outlook as XRP consolidates
Ripple price is trading absent any directional bias, moving horizontally with the Relative Strength Index (RSI), among other indicators such as the Awesome Oscillator and the Moving Average Convergence Divergence (MACD) accentuating the bearish thesis.
Increased selling pressure could see Ripple price drop to lose the support at $0.5773, below which the bearish grip on XRP price would be firm. Such a move would constitute above 5% in losses below current levels.
In the dire case, the fall could extrapolate for Ripple price to test the $0.4595 support floor. Such a move would constitute a 25% drop below current levels.
XRP/USDT 1-day chart
On the other hand, increased buying pressure could see Ripple price push north, foraying into the supply zone extending between $0.6544 and $0.7195. To confirm the continuation of the uptrend XRP price must record a decisive candlestick close above its midline at $0.6883.
In a highly bullish case, Ripple price could flip this order block into a bullish breaker by ascending above the $0.7333 resistance level.
In highly ambitious cases, the uptrend could extend into the next supply barrier between $0.7651 and $0.8234. A break and close above its midline on the daily timeframe at $0.7949 would solidify the uptrend, sending the payments token’s market value above the $0.8516 and $0.9000 psychological level to tag the $0.9380 range high.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
