XRP's recent rise to $3.50 was a significant event, but its establishment at these levels raises questions about the cryptocurrency's further dynamics.
Impact of Economic Events on XRP
XRP reached $3.50 thanks to optimism generated by Jerome Powell's hints at a potential interest rate cut. However, despite this rise, the cryptocurrency could not maintain high positions, retreating to about $3 at the week's start.
Legal Issues and Their Consequences
With the resolution of legal issues with the SEC, Ripple may expect positive effects for long-term investments, despite current price fluctuations. However, XRP still faces strong resistance in the market, indicating instability even after resolving legal problems.
XRP's Market Prospects
Currently, XRP trades around $2.98, and to maintain positive prospects, it is crucial to surpass the $3.10 level. If institutional interest rises, XRP could return to the $3.50 level; however, existing market conditions create pressure on the cryptocurrency. Otherwise, a retest of the $2.88 support levels may occur.
Ripple cautiously looks to the future, considering the changing market dynamics and its strategic plans.
