- Ripple (XRP) experienced a 24-hour drop of 6.30%.
- Looking at the daily chart for XRP/USDT, XRP’s price seems to have established a new low.
- The price of Ripple could rise over the next 48 hours as the RSI indicates that XRP is extremely oversold, but a price pullback will most likely take place before a bullish move.
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 | 56.19% | 2022-06-15, 02:00:00 – 202206-17, 02:00:00 | 0.32 | 0.3136 | 0.337400 | 0.301100 | 0.280800 | 0.268000 | 0.334200 | 0.347000 | 0.367300 |
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 rise in the next 48 hours in the date range (2022-06-15, 02:00:00 GMT + 2 – 2022-06-17, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of XRP reaches $0.3374. This is also the identified price entry for the trade.
The support levels for XRP/USDT identified by the GB Market Analysis Software are $0.3011 (first support), $0.2808 (second support), and $0.268. Meanwhile, the resistance levels for XRP/USDT identified by the software are $0.3342 (first resistance), $0.347 (second resistance), and $0.3673 (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 drop of 6.3% to take its price down to $0.3031. This also puts its total market cap at approximately $14,824,788,911.
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
XRP price establishes a new low (Source: CoinMarketCap)
On the daily chart for XRP/USDT, the price of XRP seems to have established a new low after breaking out of its former price channel. When the price of XRP first reached this level 2 days ago, it was met with a small positive move upwards, before dropping to around the same level again over the last 24 hours.
The 9 Moving Average (MA) line is positioned below the 20 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 and is sloped negatively – another 2 bearish flags.
There might still be a small move downwards to take the price even lower before recovering back to its current level given all of the bearish flags present on the XRP daily chart.
One thing to note is that the RSI indicates that XRP is in extreme oversold territory as the value currently sits around 25.91. Bulls may enter for a quick scalp move over the next 48 hours and buy in at the current low. This could elevate the price of XRP slightly. However, a price pullback will most likely take place before any bullish move will take place.
The signal for the GB Market Analysis Software may play out as XRP is in extreme oversold territory and has established a new low on the daily chart. However, there will probably be a price dip before a bull signal plays out over the next 48 hours. Once again, the price entry for the move is $0.3374.
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.