Chainlink (LINK) Price Could Rally to $200 Amid Major Partnership With Ripple

Chainlink (LINK) could see a surge in value as per a price prediction lately and a key partnership announcement.

Chainlink (LINK) price is poised for a significant rally, reaching a key target of $200, according to a recent price prediction and a major partnership announcement.

Analyst Captain Faibik projects LINK could reach $200 during this market cycle, based on a technical chart analysis. In related news, Ripple has partnered with Chainlink to integrate its price feed technology into the RLUSD stablecoin ecosystem.

Chainlink (LINK) price analysis suggests bullish momentum

Captain Faibik’s analysis of Chainlink’s monthly chart suggests a breakout from a long-term consolidation phase. The chart depicts a descending triangle pattern, with the breakout confirmed by a retest of the $15-$20 level. This zone is now identified as a critical support area for LINK.

I believe $LINK #Chainlink has the Potential to Reach $200 in this bull run..

The analysis highlights resistance zones at $35 and $75 as potential mid-term targets, with $200 as the ultimate price projection. The target is calculated based on the height of the triangle pattern. LINK’s previous rally from 2019 to 2021 and its current bullish momentum further support the prediction.

Ripple and Chainlink collaboration focuses on RLUSD stablecoin

Ripple announced the adoption of Chainlink Price Feeds to provide secure, real-time pricing data for the Ripple USD (RLUSD) stablecoin on Ethereum.

The USD-denominated stablecoin RLUSD is designed for enterprise-level use, prioritizing utility and compliance. Developers can leverage precise pricing data for DeFi applications, including trading and lending, thanks to Chainlink’s infrastructure connectivity.

.@Ripple x @Chainlink: $RLUSD has adopted the Chainlink standard for verifiable data to fuel DeFi adoption with real-time, secure pricing data. The future of stablecoins is here: https://t.co/mq3cThLGQJ pic.twitter.com/993Ac0o282

Chainlink’s proven infrastructure, which has facilitated over $18 trillion in transactions, is expected to bolster the ecosystem around RLUSD. Ripple’s partnership with Chainlink also demonstrates a shared commitment to driving DeFi adoption through the provision of reliable and verifiable on-chain data.

LINK’s market activity reflects growing optimism

At the time of writing, Chainlink (LINK) is trading at $23.20, with a daily trading volume of $1.05 billion. Despite a minor 1.63% decrease in the last day, LINK has gained 11.05% over the past week, indicating growing market optimism.

The partnership with Ripple and the bullish market outlook highlighted by analysts like Captain Faibik are contributing to increased confidence in LINK’s potential. The integration of Chainlink’s data feeds into Ripple’s RLUSD ecosystem is seen as a pivotal development that could drive both adoption and price action.

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