- The price of Ripple (XRP) experienced a 24-hour increase of 2.26% to take its price up to $0.3662.
- XRP’s price has pulled back slightly following its multi-day rally.
- The price of XRP may fall over the next 48 hours.
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 | 72.49% | 2022-07-22, 02:00:00 – 2022-07-24, 02:00:00 | 0.37 | 0.3774 | 0.350900 | 0.354100 | 0.341300 | 0.334100 | 0.374100 | 0.381300 | 0.394100 |
The GB Market Analysis Software has signaled that the price of XRP may fall in the next 48 hours in the date range (2022-07-22, 02:00:00 GMT + 2 – 2022-07-24, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of XRP falls to $0.3509. This is also the identified price entry for the trade.
The support levels for XRP/USDT identified by the GB Market Analysis Software are $0.3541 (first support), $0.3413 (second support), and $0.3341. Meanwhile, the resistance levels for XRP/USDT identified by the software are $0.3741 (first resistance), $0.3813 (second resistance), and $0.3941 (third resistance).
XRP Price: Current Market Standing
Ripple (XRP) is ranked number 6 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap, and experienced a 24-hour rise in the price of 2.26% to take its price up to $0.3662. This also puts its total market cap at approximately $17.67 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 7 days. Currently, XRP is up by 7.65% 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 a number of 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 retracted over the last 3 days after it entered into a multi-day rally. The retracement started once XRP’s price reached the resistance level at $0.3816. Currently, XRP’s price is positioned above the 9 and 20 Exponential Moving Average (EMA) lines, which have been resistance levels for XRP for the majority of the latest bear market.
Should XRP’s price fail to remain above the 9 and 20 EMA lines, it could drop to its bottom at $0.3117. At the moment bulls are fighting to keep XRP’s price above the 2 EMAs as indicated by the wicks under the candles’ bodies. If bulls lose the fight, XRP’s price will look to test the 9 EMA at $0.3560. If it breaks the support then the 20 EMA is only a slim margin away.
The Relative Strength Index (RSI) is flagging bearish as it sloped negatively. However, bulls still have time to recover from the retracement as the RSI is still positioned above the RSI SMA line.
Given the signal from the GB Market Analysis Software and several other factors such as XRP’s price failing to break above the current resistance, and the RSI sloping negatively towards the RSI SMA line, the price of XRP may fall over the next 48 hours.
Once again, the confirmation of this signal playing out will be when the price of XRP drops to as low as $0.3813. This is a level between the first and second support levels identified by the GM Market Analysis 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.