- The price of Ripple (XRP) experienced a 24-hour drop of 4.65% to take its price down to $0.3458.
- XRP’s price is at a major support level at the moment.
- The daily chart for XRP is still bullish which suggests that XRP’s price will rise 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 | BUY | 74.59% | 2022-07-25, 02:00:00 – 2022-07-27, 02:00:00 | 0.36 | 0.3528 | 0.366517 | 0.354033 | 0.349467 | 0.343133 | 0.364933 | 0.371267 | 0.375833 |
The GB Market Analysis Software has signaled that the price of XRP may rise in the next 48 hours in the date range (2022-07-25, 02:00:00 GMT + 2 – 2022-07-27, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of XRP reaches $0.36651667. This is also the identified price entry for the trade.
The support levels for XRP/USDT identified by the GB Market Analysis Software are $0.35403333 (first support), $0.34946667 (second support), and $0.34313333. Meanwhile, the resistance levels for XRP/USDT identified by the software are $0.36493333 (first resistance), $0.37126667 (second resistance), and $0.37583333 (third resistance).
XRP Price: Current Market Standing
Ripple (XRP) is ranked number 8 in CoinMarketCap’s list of the biggest cryptocurrencies by market cap. XRP experienced a 24-hour drop in price by 4.65% to take its price down to $0.3458. This also puts its total market cap at approximately $16.735 billion.
Ripple’s price drop over the last 24 hours has contributed to its negative weekly performance, as XRP’s price is also down over the past seven days by around 5.43%.
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 descent since reaching its latest peak at around $0.38. The downward move has seen its price fall below the 9 and 20 daily EMAs. Despite XRP’s price dropping below the 9 and 20 EMA lines, the two lines signal a bullish flag as the 9 EMA is positioned above the 20 EMA line.
The price of XRP is at a major level which is acting as support for the time being. Given the bullish arrangement of the 9 and 20 EMA lines, the support level may hold and XRP’s price may recover before consolidating.
Another bullish flag present is the MACD line which is still positioned above the MACD signal line. However, the gradient of the MACD histogram is sloped negatively.
Given the signal from the GB Market Analysis Software and several other factors such as XRP’s price sitting at a major support level and the MACD line positioned above the MACD signal line, as well as the relative positions of the 9 and 20 EMA lines, the price of XRP may rise over the next 48 hours.
Once again, the confirmation of this signal playing out will be when the price of XRP reaches above $0.36651667. This is a level between the first and second resistance levels identified by the GB 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.