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Here are 2 main future scenarios
Gamza Khanzadaev
XRP price surged 26% this week, raising questions about its future with two key scenarios on the horizon
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As another eventful week in the cryptocurrency market comes to a close, there are several developments to report. One of the most notable is the substantial price increase observed in Exchange rate riska popular cryptocurrency.
Thus, since the beginning of the week, the price of XRP has increased by more than 26%. In addition to reaching $0.566, the highest level since April 12, the token has shown its most impressive weekly performance in almost a year. It is noteworthy that exactly one year ago, on July 13, 2023, the judge presiding over the SEC case against Ripple ruled that XRP was not a security. On the anniversary of this crucial event, the price of the cryptocurrency has seen a sharp increase.
In light of current market conditions, it is clear that the future XRP price will likely follow one of two trajectories. As illustrated in the chart, the widely held cryptocurrency is currently trading in a narrow range between $0.50 and $0.56 per token.
Source: Trading View
If the token price were to rise and close the weekly candle above the upper limit of this range, the bullish bias would remain in place, with the potential for the XRP price to continue its upward trajectory. Otherwise, if the price drops and falls below the half-dollar price point, the XRP price could be set for days or weeks of declines.
This is a crucial moment and if the price continues to rise, we will probably see the continuation of the rally. It is possible that if the price continues to do well, there will be some important news regarding XRP or Ripple to explain this price performance.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated with a degree in finance and credit with a focus on securities and financial derivatives. He then completed a master’s degree in banking and asset management.
He wants to contribute to the discussion of economic and fintech topics, as well as inform more people about cryptocurrencies and blockchain.