Crypto News – A rollercoaster week for Ripple’s XRP saw its price jump 3% to $0.5 as a result of positive US Consumer Price Index (CPI) data and the announcement of a new Bitcoin ETF filing by Franklin Templeton Investments.
Ripple Price Rises to $0.5 as Proper Party Comes
As a result of Ripple’s big legal victory over the SEC, XRP surged above $0.94, a level last seen in April 2022, and this astounding increase was the catalyst for the upsurge. XRP’s value quickly reversed, wiping away its gains and leaving investors unsure of the token’s future. Thus, the celebration was short-lived.
Ripple Breaks Out of Falling Wedge Pattern
After breaking out of a falling wedge formation, XRP is currently trading at $0.5, with Fibonacci 50% support possibly pushing it as high as $0.7. On September 29, Ripple is hosting an event called a “Proper Party,” where it is expected to make news about an IPO.
After a recent dramatic decrease, the current XRP price is around $0.5, which is a critical area. It is noteworthy that the trading volume for XRP has stayed stable, indicating that significant investors are biding their time while they wait for catalysts to either push prices higher or start selling.