#XRP , a cryptocurrency that teaches its investors what the concept of patience means, showed a modest increase of 0.6% in the last 24 hours. Accordingly, he increased his price to $0.435. This rise coincides with a broader recovery in the price of Bitcoin, which is hovering around $58,100, an increase of 1.8% over the same period. Now the question in mind is whether XRP will continue to rise.

XRP Price Recovers After Downward Breakout

Recently the price of XRP broke down from a falling wedge pattern, a relatively rare event that usually triggers significant price movements. XRP has shown a slight recovery after hitting a low of $0.382. Currently, price action appears to be forming a bearish pennant, a formation that signals a potential decline in the near term.

Technical indicators show that XRP is trading below key moving averages such as the 21-day, 50-day, and 200-day SMAs, which typically act as resistance levels. If the bearish pennant resolves downwards, XRP could potentially decline by 17% to around $0.35, with ranged support expected around $0.371.

On the other hand, the bullish scenario shows XRP regaining ground within the falling wedge, targeting the $0.45, $0.47, and $0.48 resistance levels. If these levels are exceeded, $0.55 can be seen comfortably.

Market sentiment surrounding XRP is influenced not only by technical patterns but also by ongoing regulatory developments. As speculation increases regarding the resolution of Ripple's case with the SEC, market participants are eagerly awaiting a final decision by July 31. The approaching July 26 deadline for filing a notice of expert testimony is increasing anticipation in the cryptocurrency community.

Despite overall positive market sentiment, cryptocurrency XRP continues to face significant challenges, highlighting the disconnect between investor expectations and actual price performance. This difference suggests that factors beyond general market optimism are influencing XRP's price trajectory. However, it is worth noting that this effect has been around for a very long time for XRP. Therefore, it seems difficult to expect serious increases for XRP before the litigation process is over.