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Ripple is emerging to be one of the fastest-growing ecosystems for institutional adoption, with the company’s crypto infrastructure and global settlement system well aligned with current shifts in global financial markets.

XRP, the cryptocurrency linked to the Ripple ecosystem, has thus experienced traction with Ripple Labs leading a $1 billion SPAC to launch a strategic digital asset treasury targeting XRP, as per October 17 reports.

Recent XRP News Affecting the Price

More recently, the XRP token has been influenced by the continued delay in the XRP ETF approval, which saw the price fall by more than 22% between October 4th and October 22nd, before mounting a slight rebound over the weekend.

Currently, there are at least six XRP EFT filings pending approval despite passing their stipulated review deadlines. The delays have been attributed to the agency’s reduced operations, rather than a more adverse outcome of denial, according to reports. This has sparked a significant surge in the value of the first XRP ETF, which topped $100 million over the weekend. 

Earlier on Monday, the XRP token received some boosting news after crypto exchange platform Bitrue launched a new rewards program with 80% APR. Dubbed “Start, Earn, Multiply”, the campaign provides pathways for investors to easily find opportunities for more XRP rewards.

The exchange platform claims to have distributed more than 7 million XRP to over 500,000 XRP holders since its investment program began in 2019. 

The new bonus program allows for XRP to be invested at 80% APY for 7 days once KYC verification has been completed, after which users continue earning from the platform’s flexible savings product, the Power Piggy Function.

Ripple’s business model is well poised to benefit from international trade as companies chase faster and cheaper ways of settling cross-border transactions. Therefore, as both the US and China hope to lay more groundwork for trade deal negotiations, optimism will return to the market, especially the crypto market, which was widely affected when Trump threatened China with 70% tariffs. 

XRP technical analysis

Technically, the XRP price traded in a highly volatile sideways channel formation in the past 24 hours, with the price bouncing off session lows of 2.60 to trade at about $2.67, before pulling back to $2.61, as of this writing, according to CoinMarketCap data.

However, the transaction volume spiked more than 25% over the same period, to top $4.5 billion. The strong volume performance supports the rising demand for the XRP token, even though the price had fallen below the opening level of $2.64. 

Conclusion

With the latest US-China trade deal developments, Bitrue XRPO campaign offer, and hope remaining for more XRP ETF approvals, the latest pullback may be a great opportunity to buy XRP. Immediate target profit opportunities can be found at the current 24-hour highs of about $2.67 or higher at $2.80, with a long-term target of $3.00.

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