The price performance of XRP has not been long, with a notable decline from previous highs. Regulatory uncertainties surrounding Ripple Labs, the company behind XRP, have played a significant role in dampening investor sentiment.
The ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) over the classification of XRP as a security has raised concerns about the long-term sustainability of the asset.
However, despite these challenges, there are reasons to remain cautiously optimistic about the future of XRP.
XRP Shows Potential For A Revival Despite Recent Declines
XRP, currently priced at $0.467053 according to CoinGeckoexperienced a marginal decrease of 0.5% in the last 24 hours and a slight decrease of 0.3% in the last seven days.
However, despite the drop to the $0.46 level, which serves as the lower boundary of a descending price channel, there are signs that a likely upward move may be on the horizon.
Until a breakout to the upper limit, which means a potential change in trend, the lower price channels are always bearish patterns. In line with this downtrend, XRP is trading with constant lower highs and lower lows.
The currency is currently experiencing a significant decrease in its value, and it is approaching the lower limit of a trading channel. This decline has created an environment that holds the potential for a potential recovery to occur.
When a currency approaches the lower border of a trading channel, it suggests that it has reached a support level, a point where there is more demand for the currency, which may lead to a reversal. or in its low fashion.
XRP market cap currently at $24.3 billion. Chart: TradingView.com
According to a XRP price reportwhen a cryptocurrency reaches the lower border of a downward channel, it usually means a critical point where buying pressure can overcome selling pressure, leading to a change in price direction.
While past performance is not indicative of future results, this development suggests that XRP may be poised for an upward move in the near future.
Ripple Labs’ UBRI Grows With Global Expansion
Meanwhile, Ripple has reached important milestones in the University Blockchain Research Initiative (UBRI), an important operational initiative. With a philanthropic commitment of $50 million, the program has successfully onboarded 50 partners from various sectors, Ripple announced on Twitter.
1/ In 2018, Ripple’s UBRI program was launched with a $50M philanthropic commitment to leading universities around the world to support academic research, technical development, and innovation in blockchain and crypto. https://t.co/B1DBYNiSdV
– Ripple (@Ripple) July 7, 2023
The UBRI program, which is focused on academic research related to blockchain technology, has made remarkable progress. It has awarded 590 fellowships and scholarships, providing support to aspiring researchers and students.
In addition, the initiative played an important role in facilitating the publication of more than 1,000 research articles and presentations, which contributed to the development of knowledge in the field.
The success of the UBRI program is further highlighted by its global reach, as it is now active on six continents around the world.
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