- XRP’s price experienced a 24-hour loss of 4.26% to take its price down to $0.3114.
- The continued drop in XRP’s price now means that XRP is approaching the bottom range of the price channel present on the daily chart.
- TA suggests that XRP’s price may continue to fall.
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 |
| XRP/USDT | SELL | 68.07% | 2022-07-12, 02:00:00 – 2022-07-14, 02:00:00 | 0.32 | 0.3264 | 0.305700 | 0.307600 | 0.300000 | 0.289200 | 0.326000 | 0.336800 | 0.344400 |
The GB Market Analysis Software has signaled that the price of XRP may fall in the next 48 hours in the date range (2022-07-12, 02:00:00 GMT + 2 – 2022-07-14, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of XRP falls to $0.3057. This is also the identified price entry for the trade.
The support levels for XRP/USDT identified by the GB Market Analysis Software are $0.3076 (first support), $0.3 (second support), and $0.2892. Meanwhile, the resistance levels for XRP/USDT identified by the software are $0.326 (first resistance), $0.3368 (second resistance), and $0.3444 (third resistance).
XRP Price: Current Market Standing
Ripple (XRP) is ranked number 7 in CoinMarketCap’s list of the biggest cryptocurrency by market cap. XRP experienced a 24-hour loss of 4.26% to take its price down to $0.3114. This also puts its total market cap at approximately $15.03 billion.
Ripple’s price drop over the last 24 hours has turned XRP’s weekly performance negative as its price is now down over the last 7 days. Currently, XRP is down by 4.09% in the last seven 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.
In recent news, the past few weeks saw Ripple press the SEC for the release of certain documents that informed a key speech made by William Hinman – a former chairman of the SEC.
Recent opinions regarding Ripple’s dispute with the SEC suggest that the digital payment network is edging closer to outright victory in the long-running saga.
XRP Price: Technical Overview
Daily chart for XRP/USDT (Source: CoinMarketCap)
XRP’s price is currently being pushed down by the 9 Exponential Moving Average (EMA), which is also positioned below the 20 EMA line – a sign that bears have the upper hand over bulls. This comes after XRP attempted to break above the 9 and 20 EMA lines. This attempt was hit with bearish pressure that ignited the price fall seen over the past 3 days.
The continued drop in XRP’s price now means that XRP is approaching the bottom range of the price channel present on the daily chart. Bears may look to set a new low if bulls don’t step in to help XRP’s price recover.
The Relative Strength Index (RSI) suggests that bears may continue dragging XRP’s price down as the indicator shows that XRP’s price is in oversold territory. Furthermore, the RSI is positioned below the RSI SMA line and is sloped towards the oversold territory.
Given the signal from the GB Market Analysis Software and several other factors such as the RSI sloping more negatively and the 9 EMA positioned below the 20 EMA on the daily chart for XRP/USDT, the price of XRP may fall over the next 48 hours.
Once again, the signal confirmation would be the price of XRP dropping to $0.3057.
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.