- Ripple (XRP) experienced a 24-hour gain of 1.03% to take its price up to $0.4056.
- Looking at the daily chart for XRP/USD, the price of XRP has consolidated somewhat between the 9 and 20 Moving Average (MA) lines.
- The price of XRP could go either way as TA shows no clear indication of what will happen next.
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 | 75.10 % | 2022-06-10, 02:00:00 – 202206-12, 02:00:00 | 0.40 | 0.4080 | 0.395484 | 0.396433 | 0.392637 | 0.388693 | 0.404173 | 0.408117 | 0.411913 |
According to the GB Market Analysis Software, the price of XRP will fall in the next 48 hours in the date range (2022-06-10, 02:00:00 GMT + 2 – 2022-06-12, 02:00:00 GMT + 2). A confirmation of the signal playing out will be when the price of XRP hits $0.395484. This is also the identified price entry for the trade.
The current support levels for XRP/USD are $0.396433 (first support level), $0.392637 (second support level), and $0.388693 (third support level). Meanwhile, the current resistance levels for XRP/USD are $0.404173 (first resistance level), $0.408117 (second resistance level), and $0.411913 (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. The coin experienced a 24-hour gain of 1.03% to take its price up to $0.4056. This also puts its total market cap at $19,621,564,885.
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 toward 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
Price squeezed by moving averages (Source: CoinMarketCap)
Looking at the daily chart for XRP/USD, the price of XRP has consolidated somewhat between the 9 and 20 Moving Average (MA) lines as the lines have converged on each other. This price squeeze can really be followed by a strong price move either way.
To determine which way the price of XRP could move after escaping this squeeze, other technical indicators will need to be analyzed.
At the moment, the 20 MA line is above the 9 MA line which is a bearish flag. However, there is a very little gap between the two lines, which suggests that the investors have not established a definitive outlook for the coin.
Looking at the RSI’s position relative to the RSI SMA line, the RSI line is still situated above the RSI SMA line, which is a bullish sign. However, the RSI is a slower momentum oscillator compared to the MA, so investors may need to see how the scenario for the MAs plays out before entering into a trade.
The price of XRP is between the first and second resistance levels that were identified by the GB Market Analysis Software. These resistance levels are $0.404173 and $0.408117.
Taking into account the signal given by the GB Market Analysis Software, as well as the fact that the RSI is positioned above the RSI SMA line and is sloped positively, we could see XRP’s price rise over the next 48 hours. Once again, the price entry for the move is $0.395484, which has already been broken.
However, investors must be aware of the fact that XRP’s price is being squeezed by the 9 and 20 MA lines at the moment, and the price of XRP may breakout in either direction.
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.