Discover the two main factors that Ripple's CEO, Brad Garlinghouse, considers crucial for #XRP price growth. Let’s also look at the recent price movements and potential future directions.
XRP Price and Current Market Situation
The XRP price has been consolidating for nearly two weeks, as the market tries to recover. On a broader scale, XRP is in a symmetrical triangle, meaning the price could move in either direction depending on market conditions. The ongoing lawsuit between the SEC and Ripple offers some hope for XRP's price rise, although it remains relatively stable. However, a document has surfaced in which Ripple's CEO reveals two main factors that could significantly boost XRP's price.
Main Factors for XRP Price Growth
A member of the XRP community, Anderson, shared a document from the SEC vs Ripple lawsuit, which reveals that the #SEC acknowledged the role of speculation in driving the use of XRP. The document shows that Brad Garlinghouse told Ripple’s board that a “dramatic increase in the price of XRP” is a key factor in generating momentum for this asset.
Anderson also pointed out that the SEC recognizes the importance of speculation in XRP's price growth, raising questions about why this aspect was included in the lawsuit. Anderson believes that a significant price increase, supported by high trading volumes, is necessary for XRP to become a key part of Ripple’s products, such as On-Demand Liquidity (ODL). This growth could be similar to or even greater than in 2017, resulting in higher demand for and utilization of XRP.
Will XRP's Price Increase?
Currently, the XRP price is holding above the 200-day and 50-day exponential moving averages, which is generally seen as a bullish signal. The price is also moving within a three-month symmetrical triangle, which could soon be broken.
Symmetrical triangles can lead to both price increases and decreases, but they usually follow the direction of previous price action. In this case, an upward move could happen. The current resistance for XRP is around $0.59. If this level is broken, the price could rise by up to 37%, reaching $0.83, marking a new yearly high.
The current price action also shows the possibility of an upward trend, increasing the chances of a bullish breakout. However, if market conditions change and XRP fails to break current levels, the price could drop to around $0.55 or even $0.50, invalidating the current bullish outlook.
Conclusion
XRP is trying to break out of a three-month-long consolidation period. Speculation and trading volumes are key factors that can trigger a sharp price increase and encourage traders to create the conditions for significant growth. XRP’s price has the potential to rise by 37% to $0.83, which would be the highest value since July 2023.
Notice:
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