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Sonakshi Saxena
Jul 8, 2023
by Sonakshi Saxena

How XRP Will Move Next: Here's What To Expect

xrp movement

Table of contents

  1. Bitcoin's bullish narrative unchanged in short-term view
  2. Ripple's University Blockchain Research Initiative gains significant traction as XRP prices sink
The price performance of XRP has been subpar recently, with a significant fall from its previous highs. Administrative vulnerabilities encompassing Wave Labs, the organization behind XRP, play had a huge impact in dampening investor sentiment. Concerns about the asset's long-term viability have been raised by Ripple's ongoing legal dispute with the US Securities and Exchange Commission (SEC) regarding the classification of XRP as a security. Nevertheless, despite these difficulties, there are grounds for cautious optimism regarding XRP's future.

Bitcoin's bullish narrative unchanged in short-term view

XRP, at present estimated at $0.467053, has encountered a peripheral decay of 0.5% throughout the course of recent hours and a slight drop of 0.3% throughout the course of recent days. However, there are indications that a likely upward shift may be on the horizon, despite falling toward the $0.46 level, which serves as the lower border of a price channel that descends. Decreasing price channels are frequently bearish patterns up until a breakout to the upper border, which indicates a potential trend reversal. XRP has been consistently trading at lower highs and lows in line with this downward trend.

The currency is nearing the lower bound of a trading channel as its value is falling significantly at the moment. The conditions for a possible recovery have been created as a result of this decline. A currency may indicate that it has reached a support level when it approaches the bottom border of a trading channel. At this point, there is increased demand for the currency, which could cause the downward trend to reverse.

Ripple's University Blockchain Research Initiative gains significant traction as XRP prices sink

An XRP price report states that when a cryptocurrency reaches the lower border of a descending channel, it frequently indicates a crucial juncture at which buying pressure may prevail over selling pressure, resulting in a reversal in the direction of the price. Although past performance is not necessarily indicative of future outcomes, this development suggests that XRP may be on the verge of rising in the not-too-distant future. In the meantime, Ripple's University Blockchain Research Initiative (UBRI), a crucial operational initiative, has made significant progress. With a humanitarian responsibility of $50 million, the program has effectively onboarded 50 accomplices from different areas, Wave reported on Twitter. Remarkable progress has been made by the UBRI program, which focuses on academic research on blockchain technology. It has granted 590 partnerships and grants, offering help to hopeful specialists and understudies. In addition, the initiative has been instrumental in facilitating the publication of more than 1,000 research papers and presentations, which has contributed to the advancement of knowledge in the field.

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xrp movement
How XRP Will Move Next: Here's What To Expect
Sonakshi Saxena
Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

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