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Ripple Price Prediction as CEO Brad Garlinghouse Heads to Senate For Crypto Hearing
The cryptocurrency industry is once again under the spotlight as Ripple’s CEO, Brad Garlinghouse, prepares to testify before the U.S. Senate Banking Committee on Wednesday. This comes at a crucial time when lawmakers are reviewing various crypto-related bills, including those focused on stablecoins and digital asset market structure.
As the world waits with bated breath for the outcome of these regulations, it’s essential to analyze XRP’s current price trends and potential future movements.
Ripple’s price has recently found support at around $2.20 and is now eyeing a critical resistance zone between $2.31 and $2.35. However, history suggests that the price has struggled to break above this threshold on multiple occasions.
Should XRP manage to close above $2.36 on its daily chart, it could potentially open up a path towards $2.44 in the short term, with stronger resistance looming between $2.60 and $2.65 – a range last seen in mid-May.
On the flip side, crypto analyst Josh of Crypto World warns that XRP might be forming a rising wedge pattern, which historically tends to break to the downside. If this scenario plays out, we could see XRP drop back towards $2.20 or even $2.16-$2.17.
The broader cryptocurrency market is currently in an accumulation phase, with large investors quietly buying XRP while prices remain stable. As global liquidity continues to rise and crypto legislation moves forward, XRP may find itself well-positioned for a more significant rally.
This development could have far-reaching implications for the future of Ripple’s price movements and overall market trends.
Source: coinpedia.org
