- XRP (XRP) experienced a 24-hour gain of 3.52% to take its price up to $0.3159.
- XRP’s price rose over the last 24 hours tells the story of the rest of the top 10 cryptos by market cap that all experienced a gain over the last 24 hours as well.
- The price of XRP may fall over the next 48 hours given several factors.
Ripple is a technology that has both a cryptocurrency (XRP) and a digital payment network for financial transactions. Co-founders Chris Larsen and Jed McCaleb first released it in 2012. Ripple’s main process is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers, which is used by banks and financial middlemen dealing across currencies.
The token used for the cryptocurrency is pre-mined and utilizes the ticker symbol XRP. Ripple is the name of the company and the network, and XRP is the cryptocurrency token. The purpose of XRP is to serve as an intermediate mechanism of exchange between two currencies or networks – as a sort of temporary settlement layer.
|Instrument||Signal||Probability||Date Range||Open Price||2% Stop Loss||Entry||Supt 1||Supt 2||Supt 3||RESIS 1||RESIS 2||RESIS 3|
|XRPUSDT||SELL||63.02%||2022-06-20, 02:00:00 – 2022-06-22, 02:00:00||0.33||0.3366||0.300067||0.305333||0.284267||0.270433||0.340233||0.354067||0.375133|
GB Market Analysis Software signals that XRP’s price will rise (Source: GreenBot)
According to the GB Market Analysis Software, the price of XRP may fall in the next 48 hours in the date range (2022-06-20, 02:00:00 GMT + 2 – 2022-06-22, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of XRP falls to $0.30006667. This is also the identified price entry for the trade.
The support levels for XRP/USDT identified by the GB Market Analysis Software are $0.30533333 (first support), $0.28426667 (second support), and $0.27043333. Meanwhile, the resistance levels for XRP/USDT identified by the software are $0.34023333 (first resistance), $0.35406667 (second resistance), and $0.37513333 (third resistance).
XRP Price: Current Market Standing
XRP (XRP) is ranked number 8 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap, and experienced a 24-hour gain of 3.52% to take its price up to $0.3159. This also puts its total market cap at approximately $15,308,372,403.
Ripple’s price rose over the last 24 hours tells the story of the rest of the top 10 cryptos by market cap that all experienced a gain over the last 24 hours as well.
Ripple has been in an ongoing lawsuit with the Securities and Exchange Commission (SEC) that seems to have turned in favor of Ripple. The final verdict for the lawsuit is expected to be delivered towards the end of this year.
In addition, the CEO of Ripple – Brad Garlinghouse, has hinted at future expansions for the project. It is believed that the expansion drive will include several strategic acquisitions and mergers.
In the latest news, Ripple, in cooperation with FLUF World, has announced the launch of a decentralized blockchain network called the Root Network. This network is being used to bring to life “The Open Metaverse,” which will aggregate multiple NFT collections with over 195,000 different items and over 340,000 transactions.
XRP Price: Technical Overview
On the daily chart for XRP/USDT, the price of XRP is approaching the 9 EMA line – a level that has been a resistance level for XRP throughout the bear market.
The 9 Exponential Moving Average (MA) line is positioned below the 20 Exponential Moving Average (MA) line which indicates that we are still in a bearish cycle.
Furthermore, the Relative Strength Index (RSI), although positioned above the RSI SMA line, has sloped negatively and has closed the previous gap that existed between the two lines.
Lastly, XRP is also in a price channel at the moment with the lower bound lying at $0.3027 and its upper bound at $0.3468. Should the price of XRP successfully rise above the 9 EMA level, the next target will be the upper bound of the channel.
If this happens, it will be an 8.9% move from current levels. On the other hand, a drop from the 9 EMA level to the lower bound of the price channel will be around an 8.1% drop in price from the 9 EMA level.
Given the signal from the GB Market Analysis Software and several other factors such as the price of XRP approaching the 9 EMA and the 9 EMA positioned below the 20 EMA line, as well as the 9 EMA line serving as a strong resistance level, we may see the price of XRP drop in the next 48 hours.
Once again, confirmation of the signal playing out is the price of XRP reaching $0.30006667.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.