XRP Successfully Breaks Through, Next Stop Could Be $0.6

XRP has successfully broken out of the symmetrical triangle pattern we previously discussed. This bullish development signals the potential continuation of the upward trend, with the next target being the psychological resistance level at $0.6, slightly above the previous local high.

Timeline of Xrp

Ripple, which is often shrouded in media coverage for its ongoing SEC lawsuit, recently announced its plans to develop a central bank digital currency (CBDC) for the Central Bank of Montenegro. The national bank will collaborate to further devise a plan to boost the CBDC's circulation in the country.

XRP, the fourth largest cryptocurrency by market capitalization excluding stablecoins, could experience a significant surge in price if it manages to close above a critical level, according to top crypto analyst Ali Martinez.

While the exact technical form of the joint product is yet to be announced, a partnership with the U.S. based digital payments heavyweight will unlock new opportunities for Montenegro's financial system.

Recent XRP trading has been unpredictable, but the token has been noticeably struggling to gain traction in the highly competitive cryptocurrency market, with its price dropping from its 2023 high of $0.58 after TV personality Jim Cramer said the Securities and Exchange Commission (SEC) “may not even win” its lawsuit against Ripple.

As Ripple's legal battle with the SEC heats up, the XRP token continues to climb. But, it's not just the lawsuit that's driving the increase. A new proposal called Hooks, which will add smart contract functionality to the XRP Ledger (XRPL), has caught the attention of crypto whales.

Eccentric techno magnate and centibillionaire, Twitter owner Elon Musk, has puzzled his army of followers, giving them "food for thought." It was then that popular XRP advocate @MackAttackXRP took the opportunity to bring XRP to the attention of Elon Musk.

In a legal battle that could have far-reaching implications for the cryptocurrency industry, Ripple is currently fighting the United States Securities and Exchange Commission (SEC) over whether its XRP token constitutes a security. The case has brought attention to the 70-year-old Howey Test, which is used to determine whether an asset is an investment contract.

Ripple said that the CBDC project will involve several stages such as identifying the practical application of the CBDC, simulating its circulation, as well as its use under controlled conditions.

The Central Bank of Montenegro (CBCG) is collaborating with Ripple to develop a strategy and pilot program for the country's first Central Bank Digital Currency (CBDC), or national stablecoin. The collaboration was announced in an April 11 press release.

XRP News: Ripple's native token, XRP is riding on an upward trend backed by an anticipated win in the U.S. Securities and Exchange Commission (SEC) lawsuit. However, the latest development taking place on XRP Ledger (XRPL) is also motivating crypto whales to accumulate more XRP tokens.