As a quick starter of the recent market performance of XRP, the crypto asset is trading below the resistance level of $0.32. Besides, it also trades above the $0.31 support level.

XRP is the only major altcoin that has seen with a potential signal to rally higher, not to mention that it looks relatively indecisive while trading in a flag. In short, the crypto asset can either break down or break up.

Considering that most of the international payments made by banks are soon to flow through Ripple’s solutions, then XRP can potentially gain a price level of up to 2000%. That price level can increase its market capitalization to $27 trillion. Meaning, it could reach a price level close to $692.

Last week, the XRP’s price was floating between ₵25 and ₵30. However, many analysts said that XRP has a huge potential of gaining a traction.

What’s the Current XRP Price?

Yesterday, the price of XRP settled in the bullish trend zone. The crypto’s price is witnessed to be trading in the support zone as a result of tight range-bound action. At the time of writing, there’s a further price rejection at the $0.32 resistance level. So, the price collapsed at $0.31.

In the case that the price breakdown occurs at the resistance level, then it will find a support level at $0.28.

Furthermore, the stochastic failed to stay in the overbought region. However, it is below the 60% range. That range implies that XRP is positioned in the bearish area, and displays a sell signal.

Based on the 1-hour XRP/USD chart, the price of the crypto rests at the bearish trend zone. However, the stochastic remains above the 20% range, which signals the traders for a buying action.

What’s Behind the Possible Rise of XRP?

More and more banks are adding to the network of Ripple. In fact, Ripple is currently working as the code provides for a physical clearinghouse infrastructure’s virtual copy.

Although the blockchain itself has direct independence from Ripple Labs, the firm still controls the money supply at 50%. In addition, the firm proposes the use of servers in the banks-validators’ decentralized network and eliminates the clearinghouse office. Since Ripply doesn’t facilitate PoS or PoW, it calls for adding a fresh consensus algorithm.

Ripple is set to offer two-layer protocol, which is designed in facilitating payments. The firm aims to reduce the risks of token holders, and that’s made possible by delivering the payment settlement layer to financial institutions like banks. Meaning, the users can send virtual assets or gold by utilizing the settlement layer.

As for the second layer, average users can use the freely available token to transact. The payment is intended not to require KYC and anonymous.

Based on the above information, if cross-border payments by banks become part of the Ripple network, then the price level of the crypto will naturally surge higher.