As another week full of events in the crypto market draws to a close, there are several developments to report. One of the most notable is the substantial price increase observed in XRP, a popular cryptocurrency.
Thus, since the start of the week, the price of XRP has increased by over 26%. In addition to reaching $0.566, the highest level since April 12, the token has demonstrated its most impressive weekly performance in almost a year. It is notable that precisely one year ago, on July 13, 2023, the judge presiding over the SEC v. Ripple case ruled that XRP was not a security. On the anniversary of this pivotal event, the price of the cryptocurrency has undergone a major increase.
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In light of the current market conditions, it is evident that the future price of XRP 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: TradingView
Should the price of the token rise and close the weekly candle above the upper boundary 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 falls and drops below the half dollar price point, the price of XRP could be poised for days or weeks of declines.
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This is a pivotal moment, and if the price continues to rise, we will likely see the continuation of the rally. It is possible that if the price continues to perform well, there will be some major news regarding XRP or Ripple to explain this price performance.
