- XRP was able to print a 3.83% gain over the last 24 hours according to CoinMarketCap.
- Its rally over the last 48 hours allowed XRP’s price to flip two major resistance levels into support.
- Technical indicators on XRP’s daily and 4-hour charts suggest there may be a slight correction over the weekend.
Ripple, the cryptocurrency company, has recently unveiled a platform designed for the seamless issuance of Central Bank Digital Currencies (CBDCs), providing central banks, governments, and financial institutions with an effortless way to establish their own digital currencies. This launch has sparked interest in how it may impact XRPL, the core ledger technology underlying Ripple’s operations.
David Schwartz, Ripple’s Chief Technology Officer and one of the architects of XRPL, shared his insights on the matter. He emphasized the significance of the XRP Ledger, stating that the new platform reinforces its importance as it is built using the same fundamental ledger technology. Additionally, Schwartz highlighted the platform’s ability to seamlessly integrate with XRPL and leverage XRP as a bridge currency for cross-currency and cross-border payments.
During the discussion, a community member raised an important question about whether the platform would indeed utilize XRP as a bridge currency. In response, Ripple’s CTO acknowledged the challenge of predicting others’ choices. However, he emphasized their primary goal of removing technical barriers and creating user-friendly products. Schwartz expressed his hesitance to recommend the development of products that mandate the use of XRP unless they are specific to XRPL features.
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto based on its market cap, according to CoinMarketCap. It experienced a 3.83% increase in price over the last 24 hours, taking its price up to $0.4624 at press time. This also put its total market cap at approximately $23.976 billion.
In addition, XRP strengthened against both of the crypto market leaders Bitcoin (BTC) and Ethereum (ETH) over the last 24 hours. At press time, XRP was up 4.86% against BTC and 4.31% against ETH. As a result, 1 XRP was worth 0.00001717 BTC and 0.0002557 ETH.
The 24-hour increase in XRP’s price had pushed its weekly performance further into the green. As a result, the remittance token’s price was up almost 8% over the past 7 days.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
XRP’s latest rally resulted in it comfortably flipping the $0.4315 and $0.4501 resistance levels into support over the last 48 hours. It attempted to do the same with the $0.4694 resistance, and was able to reach a high of $0.4730, but bears stepped in to push XRP’s price back down to close at $0.4653 yesterday morning.
The 9 EMA line on the 4-hour chart was still acting as support for the altcoin’s price at press time. Should bears succeed in their quest to force XRP’s price down even further in the next 24 hours, then it could lose this key support level and drop back down to the recently-flipped $0.4501 mark the next day.
The RSI indicator on the 4-hour chart supported a bearish thesis, as the RSI line was trading below the RSI SMA line and was sloped negatively towards oversold territory. This suggested that the bullish momentum had come to an end and the altcoin’s price would continue to fall in the next 24-48 hours.
Once XRP’s price hits the $0.4501 support, it will either bounce from the level and recover or it will continue to fall to $0.4315. Should it rebound from the support level, it will look to break above the next resistance level at $0.4730. With enough support from buyers, it may even break above $0.4834 as well.
Traders and investors will want to keep an eye on the $0.4501 support for the next 24 hours. A break below this level will invalidate the bullish thesis and XRP’s price will drop to the aforementioned price at $0.4315. Should the crypto’s price maintain a position above the support level, however, then it may spike 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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