Ripple (XRP) Shows Strong Support for CBDC’s Adoption

Ripple (XRP) has been gaining significant attention in recent times. Despite facing a challenging legal battle with the U.S. Securities and Exchange Commission (SEC), Ripple has impressively surged by 45% this year.

The positive momentum behind XRP can be attributed, in part, to Ripple’s ambitious plans for global expansion. Over the past 90 days, XRP has demonstrated robust growth of over 10%, even outperforming major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

Currently, XRP’s average trading price hovers around $0.495. Given the increasing global interest in Central Bank Digital Currencies (CBDCs) that XRP is endorsing, the future continues to appear promising for this cryptocurrency.

Key XRP Levels To Watch – July 2

The recent price action on the daily chart of the asset under consideration has led to a significant test of a key supporting trendline. This trendline, which connects major swing lows, has proven to be crucial in defining the bullish trajectory of the asset.

Importantly, this trendline coincides with the 0.450 demand level, creating a confluence zone that reinforces its significance. Observations indicate that bullish reactions have already been witnessed within this confluence region.

This suggests that market participants recognize the importance of the trendline and demand level combination, leading to increased buying activity. As a result, the asset’s price is expected to resume its upward movement, targeting the previous highs of 0.540.

ICYMI: $XRP fate decided by #Ripple lawsuit more significant than ever, crypto lawyer says https://t.co/JAeXsC3Btd #XRP #SEC #XRPcommunity #XRPArmy

— U.Today (@Utoday_en) July 2, 2023

The confluence of the trendline and demand level provides a strong foundation for the asset’s bullish sentiment. Traders and investors are likely to view this region as a favorable entry point, anticipating a continuation of the upward momentum.

As such, market dynamics support the notion of a price ascent toward the previous highs, where further resistance may be encountered.

Ripple Key Levels

Demand Levels: 0.450, 0.410, 0.350
Supply Levels: 0.540, 0.630,0.680

Total Market Capitalization: $1.2T
XRP Market Capitalization: $25,1B
XRP Volume: $717.7M
Market Rank: #6

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