XRP price has consolidated for nearly two weeks during the market’s recovery phase. On a macro level, XRP is positioned within a symmetrical triangle formation that could resolve in either direction based on current market conditions.
Contents
XRP Could Rise for Two Reasons
The Future of XRP Price
XRP Could Rise for Two Reasons
Ripple
$
0.585271
CEO Brad Garlinghouse discusses two key catalysts that could drive up the XRP price. These factors include strategic elements aimed at increasing the usability of XRP within Ripple’s products.
Garlinghouse stated that a “dramatic increase” in XRP’s price is a necessary “catalyst” for enhancing the usability of XRP in Ripple’s offerings.
XRP community member Anderson shared a document related to the
SEC
vs. Ripple case, indicating that regulators recognize the role of speculation in increasing XRP’s usability. Anderson emphasized the importance of speculation in initiating the XRP flywheel.
The Future of XRP Price
Ripple’s price currently stays above both the 200-day and 50-day exponential moving averages. This price action reflects a bullish trend above the moving averages for the short term. XRP Coin is trapped within a three-month symmetrical triangle and may soon experience a breakout.
Symmetrical triangles can break in either direction; however, the likelihood of an upward breakout for XRP appears higher at this moment. The current resistance level is set at $0.59. If broken above this level, the price could rise by 37% to reach $0.83, marking a yearly high. However, it is essential to keep in mind that if market conditions change, the price may decline to $0.55, with potential drops to $0.50 under selling pressure.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
