- Ripple (XRP) experienced a 24-hour drop of 11.30%.
- Looking at the daily chart for XRP/USDT, XRP’s price has broken below a previously established channel.
- The price of Ripple could rise over the next 48 hours as the RSI indicates that XRP is extremely oversold.
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||BUY||62.27%||2022-06-13, 02:00:00 – 202206-15, 02:00:00||0.34||0.3332||0.363342||0.333333||0.323367||0.307333||0.359333||0.375367||0.385333|
GB Market Analysis Software signals that XRP’s price will rise (Source: GreenBot)
According to the GB Market Analysis Software, the price of XRP will rise in the next 48 hours in the date range (2022-06-13, 02:00:00 GMT + 2 – 2022-06-15, 02:00:00 GMT + 2). A confirmation of the signal playing out will be when the price of XRP hits $0.363342. This is also the identified price entry for the trade.
The current support levels for XRP/USDT are $0.333333 (first support level), $0.323367 (second support level), and $0.307333 (third support level). Meanwhile, the current resistance levels for XRP/USDT are $0.359333 (first resistance level), $0.375367 (second resistance level), and $0.385333 (third resistance level).
XRP Price: Current Market Standing
Ripple (XRP) is ranked number 7 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap, and experienced a 24-hour drop of 11.30% to take its price down to $0.3101. This also puts its total market cap at approximately $14.99 billion.
Ripple’s recent fall in price can be attributed to investor fears that China will start a war with Taiwan. However, things are still looking up for the project despite the flood of bear pressure over the last few days.
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 has posted 3 red candles and looks to close lower than the market open today as well. The small down move has seen the price of XRP break below the floor of the channel that had been somewhat consolidating the price temporarily within the range of $0.3872 and $0.4355.
The 9 EMA is also positioned below the 20 EMA which is a short- to medium-term bearish flag. Another bearish flag is the RSI line positioned below the RSI SMA line and the line’s current negative slope.
However, the RSI is also below 30, which indicates that XRP is in extreme oversold territory. This may be a sign that XRP’s price will rise soon if bulls step in to seize the potential buy opportunity at the current level. Should bulls step in, we could see XRP’s price, at the very least, rise to the lower bound of the channel that it broke out of. This could be a 7% move upwards.
The price of XRP is currently positioned between the 2nd and 3rd resistance levels identified by the GB Market Analysis Software.
Taking into account the signal given by the GB Market Analysis Software, as well as the fact that the RSI indicates that XRP is in extreme oversold territory, we could see XRP’s price rise over the next 48 hours. Once again, the price entry for the move is $0.363342.
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.