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.
According to the GB Market Analysis Software, the price of XRP will drop in the next 48 hours in the date range (2022-06-06, 02:00:00 GMT + 2 – 2022-06-08, 02:00:00 GMT + 2). A confirmation of the signal playing out will be when the price of XRP hits $0.388787. This is also the identified price entry for the trade.
The current support levels for XRP/USDT are $0.390133 (first support level), $0.384747 (second support level), and $0.380053 (third support level). Meanwhile, the current resistance levels for XRP/USDT are $0.400213 (first resistance level), $0.404907 (second resistance level), and $0.410293 (third resistance level).
XRP Price: Current Market Standing
XRP is ranked number 7 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap, and experienced a 24-hour gain of 2.99% to take its price up to $0.4037. This also puts its total market cap at $19,520,458,277.
Ripple has been in an ongoing lawsuit with the Securities and Exchange Commission (SEC) that seems to have turned in its favor. The final verdict for the lawsuit is expected to be delivered towards the end of this year.
In addition, Ripple’s CEO, 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
RSI sloped positively for XRP (Source: CoinMarketCap)
Looking at the daily chart for XRP/USDT, the price of XRP is currently attempting to retest the 9 EMA line, which is one of the levels that have acted as a resistance for XRP. The other level is the 20 EMA line.
The previous break above the 9 EMA line only lasted 2-3 days for XRP as its price was brought back down below the level towards the start of this month.
Another key indicator to look at is the Relative Strength Index (RSI) and its position relative to the RSI SMA line. The RSI line has risen above the RSI SMA line and maintains this position, which is a bullish sign. However, there is yet to be a clear break away from the RSI SMA line. The RSI line is positively sloped, but so is the RSI SMA line.
XRP’s price has risen above the first and second resistance levels identified by the GB Market Analysis Software and may make its way to the midpoint of the range from $0.404907 to $0.410293. However, a 20 EMA test may see the price of XRP fall.
Considering the signal given by the GB Market Analysis Software, as well as several other factors such as XRP’s price looking to challenge the 20 EMA line and no clear break away by the RSI from the RSI SMA line, we could see the price of XRP drop.
Once again, the signal confirmation will be the price of XRP reaching $0.388787 – a level between the first and second support levels identified by the software.
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.
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Source: Cryptocurrency - investing.com
