XRP’s price performance has been underwhelming lately, with a notable drop from its previous highs. Regulatory uncertainty surrounding Ripple Labs, the company behind XRP, has played a key role in cooling investor sentiment.
An ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) over XRP’s classification as a security has raised concerns about the asset’s long-term viability.
But despite these challenges, there are reasons to remain cautiously optimistic about the future of XRP.
XRP Shows Possible Reversal Despite Recent Drops
XRP, current price according to $0.467053 Coin Geckohas seen a slight drop of 0.5% over the last 24 hours and a slight drop of 0.3% over the past 7 days.
However, there are indications that an upshift may be imminent, despite the dip towards the $0.46 level that serves as the lower end of the descending price channel.
Downward price channels are often bearish patterns until they break above the high end that indicates a possible trend reversal. In line with this downward trend, XRP has regularly traded highs and lows.
Currently, the currency value has fallen significantly and is approaching the lower limit of the trading channel. This decline has created an environment in which a potential recovery could occur.
When a currency approaches the lower end of the trading channel, it suggests that the currency has reached a support level with increasing demand, which could lead to a reversal of the downtrend.
XRP market cap currently at $24.3 billion. Chart: TradingView.com
according to XRP price reportwhen a cryptocurrency hits the lower end of a descending channel, it often signifies a critical juncture where buying pressure exceeds selling pressure and can lead to a reversal in price direction.
While past performance is no indication of future results, this development suggests that XRP may be on an upward trend for the foreseeable future.
Ripple Labs’ UBRI grows with global expansion
Meanwhile, Ripple has achieved an important milestone in its main operational initiative, the University Blockchain Research Initiative (UBRI). With a $50 million philanthropy, the program has successfully recruited his 50 partners from a variety of sectors. Ripple announced on Twitter.
1/ In 2018, Ripple’s UBRI program launched with $50 million in charitable giving to top universities around the world to support academic research, technology development and innovation in blockchain and cryptocurrencies. . https://t.co/B1DBYNiSdV
— Ripple (@Ripple) July 7, 2023
The UBRI program focuses on academic research related to blockchain technology and has made remarkable progress. To date, we have awarded 590 fellowships and scholarships to support aspiring researchers and students.
Additionally, this effort has played a key role in facilitating the publication of over 1,000 research papers and presentations, contributing to the advancement of knowledge in the field.
The success of the UBRI program is further underscored by its global reach, now operating on six continents.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is at risk.)
Shutterstock Featured Images