As a quick starter of the recent market performance ofXRP, 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 potentialsignal to rally higher, not to mention that it looks relatively indecisivewhile trading in a flag. In short, the crypto asset can either break down orbreak 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 ₵25and ₵30. However, manyanalysts said that XRP has a huge potential of gaining a traction.

What’s the Current XRP Price?

Yesterday, the price of XRP settled inthe bullish trend zone. The crypto’s price is witnessed to be trading in thesupport 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 pricecollapsed at $0.31.

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

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

Based on the 1-hour XRP/USD chart, theprice of the crypto rests at the bearish trend zone. However, the stochasticremains 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 thenetwork of Ripple. In fact, Ripple is currently working as the code providesfor a physical clearinghouse infrastructure’s virtual copy.

Although the blockchain itself has directindependence 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 Ripplydoesn’t facilitate PoS or PoW, it calls for adding a fresh consensus algorithm.

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

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

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