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The price of XRP has formed a giant Doji candlestick pattern, indicating a potential relief rally after some positive news about Ripple.

Ripple's currency ( XRP ) has retested the important resistance level at $2, rising by about 20% from its lowest point this week. However, it still remains about 43% below its highest level this year.
The first notable news about XRP came from Standard Chartered, which anticipated the price of the currency to rise from two dollars to 12 dollars over the next four years. This move could increase Ripple's market value from the current 113 billion dollars to over 600 billion dollars, assuming supply remains constant.

Analysts have pointed to the growing role of Ripple in the cross-border payments sector, which is currently dominated by the SWIFT system. Ripple has strengthened its position as a solution that is more transparent, faster, and cost-efficient. While the cost of a typical SWIFT transaction ranges from $20 to $50, the cost of Ripple is less than one dollar. Additionally, Ripple transactions are completed instantly, while SWIFT transfers often take longer.

You may also like: Ripple acquired the major brokerage firm Hidden Road for $1.25 billion to expand institutional services.
In a recent interview, Brad Garlinghouse, the CEO of Ripple, indicated that the resolution of the U.S. Securities and Exchange Commission case has led to more partnerships with American companies. Most of these companies had distanced themselves from Ripple during the course of the case, resulting in more partnerships with international firms.
Standard Chartered also highlighted Ripple's progress in the stablecoin sector. Its RLUSD token has reached a value of approximately 300 million US dollars. Just last week, Ripple integrated RLUSD into its payment network.

The other major news for Ripple was its decision to acquire Hidden Road in a deal worth $1.25 billion. This acquisition will expand Ripple's scope.