Ripple Price Prediction: With Global Partnerships in View, is XRP Poised for a $0.6 Target or is the Real Gold in an Upcoming Presale?

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Ripple (XRP) price broke below the support provided by an uptrend line on October 9, extending the slump to test a demand zone. After finding support, however, the remittance token could be due for a recovery, steered with global partnerships in view.

Ripple Price Could Scale Recovery Rally With Global Partnerships In The Works

Despite ongoing battles with the US Securities and Exchange Commission (SEC), the Ripple ecosystem has been busy pushing toward network growth. In a recent announcement, the Ripple developers revealed that they had finalized the Automated Market Maker (AMM) testing, hinting at an automated trading coming soon to the XRP Ledger (XRPL).

1/ Extensive performance testing of the XLS-30 #AMM has now been completed.

XLS-30 is a proposed amendment as part of the rippled 1.12.0 upgrade. If adopted, it will bring automated swap, trading, and liquidity provisioning capabilities to the #XRPLedger.https://t.co/Cz1w76uc8c

— RippleX (@RippleXDev) October 6, 2023

The development is a game-changer, introducing part of the rippled 1.12.0 upgrade while delivering automated swaps, trading, and liquidity to the XRPLedger.

Otherwise, the Ripple network has doubled down on partnerships with banks and financial institutions to leverage the XRP token for cross-border payments. Thus far, the registry records more than 300 clients across the globe.

LET'S GOOOOOOOOOO🎆🎆🎆🎆

An overview of #Ripple's partnerships with banks and financial institutions to use #XRP for cross-bord

Ripple has signed over 300 clients globally‼️‼️‼️https://t.co/a0zN20yoGV

— Lord XRP (@Bitforcoinz) October 11, 2023

Further, Ripple is exploring a potential partnership with the Australian Freight and Trade Alliance, with the latter’s director, Paul Zalai, telling TLG that such a collaboration “Could bring transformative changes to the realm of international supply chain payments.”

Ripple Explores Potential Partnership with Australian Freight & Trade Alliance https://t.co/no414Nc0nK via @@thecurrencyA

— DJ Peter Vas (34k) (@PeterVas6) October 11, 2023

Another boost for XRP comes on the back of Mexico’s Central Bank exploring a partnership with Ripple.

Ripple Price Prognosis With Partnerships In Sight

At the time of writing, Ripple’s price is $0.4856, testing a crucial support level, the midline of the demand zone. A demand zone is an order block where bulls abound, meaning a lot of aggressive buying is expected around this zone. As long as the Ripple price holds above it, the upside potential remains plausible, and XRP could restore above the ascending trendline.

In the meantime, however, technical indicators heavily favor the downside as the Relative Strength Index (RSI) is dropping while positioned below the 50 level. This indicates bears are leading the market. Notably, it comes after activating a sell signal with the RSI crossed below the signal line (yellow band).

At the time of writing, Ripple’s price is $0.4880, enjoying the boost of strong buyer presence. However, a break and close below the midline of this order block at $0.4836 would clear the clog, sending Ripple’s price to the $0.4483 support level. The order block would cease to be a support level at this point. It would qualify as a bearish breaker, potentially sending XRP to collect buy-side liquidity resting below the aforementioned level or, in the dire case, extend to the support floor at $0.4169.

Ripple price — TradingView: XRP/USDT 1-day chart

Converse case

On the other hand, if the demand zone holds as support, the ensuing buying pressure could send Ripple’s price north. A restoration above the ascending trendline could provide a conduit for XRP to tag the $0.5604 resistance level or higher to the $0.6000 psychological level.

However, the Ripple price must extend into the supply zone between $0.6243 and $0.6358 for a confirmed uptrend and flip it into a bullish breaker.

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Ripple Alternative

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