- Ripple (XRP) experienced a 24-hour rise in price by 2.53%, taking its price up to $0.3625.
- XRP’s price is positioned between the 20 and 50 EMA lines.
- The next major resistance that XRP’s price looks to challenge is the 50 EMA level.
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 | 75.26% | 2022-07-18, 02:00:00 – 2022-07-20, 02:00:00 | 0.34 | 0.3468 | 0.334092 | 0.335933 | 0.328567 | 0.315833 | 0.356033 | 0.368767 | 0.376133 |
The GB Market Analysis Software has signaled that the price of XRP may fall in the next 48 hours in the date range (2022-07-18, 02:00:00 GMT + 2 – 2022-07-20, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of XRP falls to $0.33409167. This is also the identified price entry for the trade.
The support levels for XRP/USDT identified by the GB Market Analysis Software are $0.33593333 (first support), $0.32856667 (second support), and $0.31583333. Meanwhile, the resistance levels for XRP/USDT identified by the software are $0.35603333 (first resistance), $0.36876667 (second resistance), and $0.37613333 (third resistance).
XRP Price: Current Market Standing
Ripple (XRP) is ranked number 7 in CoinMarketCap’s list of the biggest cryptocurrencies by market cap. XRP has experienced a 24-hour rise in price by 2.53%, taking its price up to $0.3625. This also puts its total market cap at approximately $17.35 billion.
Ripple’s price rise over the last 24 hours has added to its positive weekly performance as its price is also up over the last seven days. Currently, XRP is up by 12.76% in the last 7 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 has been in a multi-day upwards move over the past week, but posted its first red candle yesterday as it looked to challenge the 50 Exponential Moving Average (EMA) line but failed to do so. At the moment, the 50 EMA line is also at a strong resistance level that has been keeping XRP’s price down over the past several weeks.
The Relative Strength Index (RSI) is in overbought territory. The slope of the RSI line suggests that XRP’s price may rise more given its steep positive slope and position above the RSI SMA line. However, the RSI is a slower momentum oscillator and will likely slope negatively if the 50 EMA line holds as resistance.
Furthermore, the 20 EMA line is positioned below the longer 50 EMA line, which is a bearish flag that investors need to keep in mind when trying to determine if XRP’s price will rise above the 50 EMA line.
Given the signal from the GB Market Analysis Software and several other factors such as XRP’s price approaching the 50 EMA line which is also a major resistance level at the moment, and the relative positions of the 20 and 50 EMA lines, the price of XRP may drop over the next 48 hours.
Once again, the signal confirmation would be the price of XRP dropping to $0.33409167 – 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.