XRP Next Step: Here’s Why An Upward Move Could Be Likely

Christian Encila

2 years ago

3 mins read

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XRP’s price performance has been underwhelming recently, with a notable decline from its previous highs. Regulatory uncertainties surrounding Ripple Labs, the company behind XRP, have played a significant role in dampening investor sentiment.

The ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) regarding the classification of XRP as a security has raised concerns about the asset’s long-term viability.

However, despite these challenges, there are reasons to remain cautiously optimistic about XRP’s future.

XRP Shows Potential For A Reversal Despite Recent Declines

XRP, currently priced at $0.467053 according to CoinGecko, has experienced a marginal decline of 0.5% over the past 24 hours and a slight drop of 0.3% over the past seven days.

However, despite dropping toward the $0.46 level, which serves as the lower border of a descending price channel, there are indications that a likely upward shift may be on the horizon.

Up until a breakout to the upper border, which denotes a potential trend reversal, descending price channels are often bearish patterns. In line with this downward trend, XRP has been trading at regularly lower highs and lows.

The currency is currently experiencing a significant decline in its value, and it is approaching the lower limit of a trading channel. This decline has created an environment that holds the potential for a potential recovery to take place.

When a currency approaches the bottom border of a trading channel, it suggests that it has reached a support level, a point at which there is increased demand for the currency, which could lead to a reversal in its downward trend.

XRP market cap currently at $24.3 billion. Chart: TradingView.com

According to an XRP price report, when a cryptocurrency reaches the lower border of a descending channel, it often signifies a critical juncture where buying pressure may overcome selling pressure, leading to a reversal in the price direction.

While past performance is not indicative of future results, this development suggests that XRP may be poised for an upward movement in the foreseeable future.

Ripple Labs’ UBRI Thrives With Global Expansion

Meanwhile, Ripple has achieved significant milestones in its University Blockchain Research Initiative (UBRI), a key operational initiative. With a philanthropic commitment of $50 million, the program has successfully onboarded 50 partners from various sectors, Ripple announced on Twitter.

1/ In 2018, Ripple’s UBRI program launched with a $50M philanthropic commitment to leading universities around the world to support academic research, technical development, and innovation in blockchain and crypto. https://t.co/B1DBYNiSdV

— Ripple (@Ripple) July 7, 2023

The UBRI program, focused on academic research related to blockchain technology, has made remarkable progress. It has awarded 590 fellowships and scholarships, providing support to aspiring researchers and students.

Additionally, the initiative has played a vital role in facilitating the publication of over 1,000 research articles and presentations, contributing to the advancement of knowledge in the field.

The success of the UBRI program is further highlighted by its global reach, as it is now active on six continents across the world.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.