- The price of Ripple (XRP) may be gearing up for another attempt at cracking the $0.4012 resistance.
- XRP’s price has risen 1.79% over the last 24 hours according to CoinMarketCap.
- A market-wide relief rally may be on the cards as the Fed announced a 25 BP (NYSE:BP) interest rate hike.
Ripple is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. It was first released in 2012 and was co-founded by Chris Larsen and Jed McCaleb.
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 premined 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.
Ripple is still involved in its multi-year-long lawsuit with the Securities and Exchange Commission (SEC).
Recently, however, Ripple’s chief legal officer Stuart Alderoty published a post, in which he dropped a hint that Ripple may move the SEC case to the U.S. Supreme Court should the current judge take the side of the SEC. Alderoty tweeted that the regulator has already lost four of its last five cases in the Supreme Court.
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto by market cap, according to CoinMarketCap. It experienced a 1.79% increase in price in the last 24 hours taking its price up to $0.3945 at press time. This also puts its total market cap at approximately $20.111 billion at press time.
The 24-hour increase in XRP’s price has boosted the remittance token’s negative weekly price performance slightly. However, XRP’s price is still down 1.17% over the last 7 days.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
XRP’s price has consolidated somewhat on its 4-hour chart between $0.3825 and $0.4037 over the last week. At press time, the altcoin’s price is trading around the middle level of this consolidation channel. Furthermore, XRP’s price is currently also trading above the 9 and 20 EMA lines on XRP’s 4-hour chart.
The last 24 hours has seen the remittance token’s price print higher highs and higher lows – resulting in a steep ascending price channel forming.
XRP’s price is currently facing some strong sell pressure, as can be seen by the wick present above the current 4-hour candle. This sell pressure is also evident with the amount of sell volume that has entered XRP’s charts in the last 4-8 hours.
Despite the strong sell pressure, a notable bullish flag has been triggered on XRP’s 4-hour chart, with the 9 EMA line recently crossing bullishly above the 20 EMA line. This is not the only bullish flag present on XRP’s 4-hour chart, however, as the RSI line on XRP’s 4-hour chart has recently crossed above the RSI SMA line on XRP’s 4-hour chart as well.
Daily chart for XRP/USDT (Source: TradingView)
Looking at the daily chart for XRP/USDT, the price of XRP has also managed to break above the 9 and 20-day EMA lines after receiving a significant 5+% boost on 15 February 2023 which elevated the altcoin’s price from a low of $0.3765 to a high of $0.4024, before closing the day’s trading session off at $0.4011.
Since then, the price of XRP has been able to close above the two EMA lines, even though it was dragged down below the price levels multiple times between daily trading session closes.
XRP’s price has printed higher lows and near-consistent highs since 13 February 2023 and was unable to break above the key resistance level at $0.4012. It attempted to break above the resistance level on 15 February 2023 and 16 February 2023.
The price of XRP was able to break above the level with both of these attempts. However, the break above the resistance was short-lived as the price closed the respective trading sessions back below the resistance level.
The overall trend on XRP’s daily chart has recently transitioned from bearish to bullish as indicated by the 9-day EMA line crossing above the 20-day EMA line over the last 24-48 hours. In addition to this, the daily RSI line has crossed above the daily RSI SMA line.
Given the steep ascending price channel that exists on XRP’s 4-hour chart, and the recent reversal of the bearish trend on XRP’s daily chart, it’s fair to say that XRP’s price will look to make another move toward the resistance level at $0.4012 in the next 24-hours.
Should XRP’s price break this level, then its next target will be the resistance at around $0.4108. This bullish thesis is supported by the latest FOMC Meeting minutes which showed that the Fed has decided to hike interest rates by another 25 basis points.
Although the hike in interest rates is generally seen as negative, the hike is lower than previous hikes of 50 and 75 basis points. As a result, the crypto market may enter into a mini-relief rally in the next 24-48 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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