How will this event impact the price of Ripple's cryptocurrency?
XRP has a high probability of continuing to rise in price.
It will be necessary for bitcoin and the market, in general, to accompany this movement.
XRP (XRP) is one of the standout cryptocurrencies at this stage of the bullish cycle of digital assets.
The cryptocurrency issued by Ripple Labs has begun a rapid price surge that started with Donald Trump's victory in the United States presidential elections. Additionally, the launch of Ripple USD (RLUSD), a stablecoin issued by Ripple, has pushed favorably for XRP.
This rise brought XRP to levels in its quotation that had not been seen since 2018. On December 3, 2024, each XRP was trading for $2.90 but then had a downward correction.
With a little imagination, it can be seen that a technical analysis pattern known as an ascending pennant is forming.
The price of XRP has a high probability of continuing its upward movement. It is evident in the chart above that the triangle (pennant) is reaching the breaking point.
It should be clarified that technical analysis allows us to establish probabilities of something happening, but it does not predict the future with infallibility. Therefore, any investor should take appropriate risk management measures before operating accordingly.
Nonetheless, if the bitcoin (BTC) market and cryptocurrencies, in general, continue to rise, it is highly likely that XRP will also continue to increase.