The XRP price needs to hold at $0.56 until the road ahead is clear. Ripple CEO Brad Garlinghouse says RLUSD could be launched “in weeks, not months.” Ripple’s #SEC lawsuit could see the deal pushed back beyond the proposed September 6 date.

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#xrp ’s one-week consolidation has been saved from extreme declines, especially since global traditional markets lost over $1 trillion on September 4.

The asset could face further turbulence this Friday when nonfarm payrolls data is released. Bitcoin’s price has reacted to this data in the past and could do the same this time around.

The price of $XRP is currently fluctuating between $0.54 and $0.57. It is near the lower end of the range, which implies a 3.75% swing to the upside and a 0.88% downside risk. Short-term investors should enjoy this opportunity.

In the long term, the XRP price is carrying a potential bear flag that could lead to a prolonged downtrend if the price action breaks below $0.54.

XRP Ledger is a complex crypto project on a technological and regulatory level. However, the team is facing challenges with its adoption and growth by creating avenues such as smart contract capabilities and a stablecoin that allows for more liquidity to flow onto the chain. This could positively impact the XRP price in the future.