The XRP price has been consolidating for about two weeks as the market recovers. On a macro scale, XRP is in a symmetrical triangle formation that could resolve in either direction depending on current market conditions.
XRP Could Rise for 2 Reasons
Ripple $0.589644 CEO Brad Garlinghouse’s assessment mentions two major catalysts that could increase the XRP price. These factors include strategic elements determined to increase the usability of XRP in Ripple’s products.
Brad Garlinghouse told Ripple Board members that a “dramatic increase” in the XRP price is a necessary “catalyst” to increase the usability of XRP in Ripple products.
XRP community member Anderson shared a document regarding the SEC vs Ripple case, showing that regulators recognize the role of speculation in increasing the usage of XRP. Anderson emphasized the importance of speculation in initiating the XRP flywheel.
“Even the SEC understands the significant role of speculators and speculative volume in initiating the XRP flywheel.”
The Ripple team is working on both DEX and stablecoin with XRPL. If the steps to be taken in this area can be assigned roles that benefit XRP, we can see what the CEO mentioned come true. On the other hand, if the SEC does not appeal on October 7, this will be the second major price catalyst for the price increase.
Future of XRP Price
Ripple price is trading above the 200-day and 50-day exponential moving averages. For the short-term outlook, the price above the moving averages reflects an uptrend. XRP Coin price is trapped inside a three-month symmetrical triangle and we may see a breakout here soon.
Symmetrical triangles can break in either direction; in the current case, XRP seems more likely to break to the upside. The current resistance level is set at $0.59. If it breaks above this level, the price is expected to rise by 37% to $0.83 and reach a one-year high. However, we should not forget that when market conditions change, the price could fall to $0.55 and fall to $0.50 due to selling pressure.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
