- XRP experienced a 24-hour drop of 1.62% to take its price down to $0.3295.
- XRP’s price fall over the last 24 hours tells the story of the rest of the crypto market.
- The price of XRP may fall over the next 48 hours.
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||64.25%||2022-06-17, 02:00:00 – 202206-19, 02:00:00||0.31||0.3162||0.293992||0.297833||0.282467||0.257633||0.338033||0.362867||0.378233|
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 (2022-06-17, 02:00:00 GMT + 2 – 2022-06-19, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of XRP falls to $0.29399167. This is also the identified price entry for the trade.
The support levels for XRP/USDT identified by the GB Market Analysis Software are $0.29783333 (first support), $0.28246667 (second support), and $0.25763333. Meanwhile, the resistance levels for XRP/USDT identified by the software are $0.33803333 (first resistance), $0.36286667 (second resistance), and $0.37823333 (third resistance).
XRP Price: Current Market Standing
Ripple (XRP) is ranked number 8 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap, and experienced a 24-hour drop of 1.62% to take its price down to $0.3295. This also puts its total market cap at approximately $15,953,573,080.
Ripple’s price fall over the last 24 hours tells the story of the rest of the crypto market as a majority of the coins in the market have posted losses over the last day.
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.
XRP Price: Technical Overview
On the daily chart for XRP/USDT, the price of XRP dropped back down to its recently established low after attempting to test the key level of $0.3394, which is also the current level of the 9 EMA line. This comes after a 2-candle bull move after establishing a new low on the daily chart.
The 9 Exponential Moving Average (MA) line is positioned below the 20 Exponential Moving Average (MA) line which indicates that we are in a short- to medium-term bearish cycle.
Furthermore, the Relative Strength Index (RSI) is positioned below the RSI SMA line. However, the RSI line is sloped positively towards the RSI SMA line and is very close to crossing above the RSI SMA line.
The price of XRP is currently approaching the 9 EMA after the EMA line dropped recently. This is a line that has acted as a strong resistance level on XRP’s daily chart ever since the crypto bear market started this year. This is something to be aware of as a retest of the level may see the level succeeding once again holding its own and pushing the price of XRP down.
Given the signal from the GB Market Analysis Software and several other factors such as the end of the week approaching, the 9 EMA positioned below the 20 EMA line, and 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 $0.29399167.
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.