Opinion: XRP is expected to rebound, whale acceptance is the key trend

U.Today published an opinion article stating that although XRP faces some unique headwinds, it may have bottomed out. Overall, XRP is on track for a sharp rebound as some key catalysts within its ecosystem are aligning. According to CoinMarketCap, as of writing, XRP is priced at $0.5149, down 2.12% in the past 24 hours. The price fell from a 24-hour high of $0.5294 to a low of $0.5104 before rebounding to its current level. It is worth noting that the obvious acceptance of XRP whales is a key trend that can recertify the coin as favored by top investors. Whale transactions, especially if pointed to buying, help rekindle market confidence. In addition, Ripple Labs' custody impact on XRP and the acceptance of the coin by top institutional investors also need to be closely watched. Ripple Labs plans to launch its stablecoin, which will compete with dominant options in the industry such as Tether (USDT) and USD Coin (USDC). If XRP is used for minting and redemption, then this will introduce a unique utility to the business, which will increase the demand for the coin in the long run. Many analysts are optimistic about XRP and have different predictions for its price targets. In the short term, the immediate target for XRP is at the $0.6 price market.