Cryptocurrency experts have been analyzing the declines in the cryptocurrency market for a long time. However, despite the market drop, Ripple (XRP) may see a near-term rise! Experts point to XRP for next week! Here are the details…
Leading cryptocurrency analysts gave the good news for Ripple (XRP)!
cryptocoin.com As the crypto market prepares for a potential rally, experts state that XRP is one of the cryptocurrencies to be watched. Based on technical analysis and current market conditions, XRP’s price action, currently below the 200-day exponential moving average (EMA), indicates a possible breakout in the near future.
The EMA is an important technical indicator used by investors to identify market trends over a given period. In the case of XRP, the 200-day EMA data acts as a very important and very important resistance level. If the price of XRP can break above this level, it could trigger a significant uptrend. Moreover, the recent low volatility in XRP’s price action could signal a breakout, according to experts. Periods of low volatility often precede significant price fluctuations, as they represent a consolidation phase where the market decides its next direction. In this regard, XRP’s sustained low volatility suggests that a decisive market move may be imminent.
As reported by TradingView, this potential is also supported by neutral oscillators and moving averages. Neutral indicators suggest that there is a balance between buying and selling pressure, and there may be a calm before the storm during a period of low volatility. In addition, the crypto market is showing signs of increasing demand for digital assets. According to data from Glassnode, the overall stablecoin supply has seen diminishing outflows, indicating a return of capital inflows into the digital asset space. XRP is a digital asset worth watching closely next week due to its current position under the 200-day EMA, continued low volatility and favorable market conditions. Ripple (XRP) is momentarily traded at $0.426545.
Ripple’s move could be critical for XRP price
Ripple Labs and the XRP community point to more significant events that could follow the court ruling regarding the legal battle between the payment company and the US Securities and Exchange Commission (SEC). Some discussions on Twitter focused on what would happen to the XRPs held in escrow by Ripple Labs. With the company holding these assets as escrow to be used to stabilize the market, they control a substantial supply of tokens, which largely gives the firm a large stake in the token, thereby solidifying the market regulator’s argument for the joint venture.
Matt Hamilton, a former Ripple executive, weighed in, with many ideas on what Judge Torres’ decision might entail. According to Hamilton, the XRP held in escrow is set to be sent to a specific address, and the company can disable the master key of that designated wallet. If this is done, even if the funds are left in the escrow account, no one will be able to access the funds and the funds will be burned. Here are Hamilton’s words:
Ripple is currently in the public domain and could possibly make all future escrow funds inaccessible even to themselves. For all intents and purposes it can “burn them.”
What’s next for Ripple and the XRP community?
The legal battle between Ripple and the SEC has caused too much imbalance in potential business compliance for the company that uses XRP as the primary currency in its On-Demand Liquidity (ODL) service. Should the decision impact its ability to control some of the XRP as speculated, the company will need to procure the coin on the open market, a move that could cost a little more overall.
Alternatives would be to adopt another digital currency entirely for cross-border payment offerings; This is a move that would remove the underlying premise that the RippleNet platform was built on the basis of cheaper and faster transactions of XRP. Once again, the importance of the case has been highlighted by the controversy, and expectations remain high for how this will end, even with broad estimates that Ripple has a better chance of winning.
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