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XRP Price Analysis: What to Expect in the Next 48 Hours

Cryptocurrency Jun 24, 2022 08:00AM ET
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© Reuters. XRP Price Analysis: What to Expect in the Next 48 Hours

  • XRP experienced a 24-hour gain of 12.63% to take its price up to $0.3676.
  • XRP’s price is now up 9.60% over the last 7 days we well.
  • Given that the price of XRP is at a key level, we could see the price of XRP be pushed down by bears 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
XRPUSDT SELL 65.96% 2022-06-24, 02:00:00 – 2022-06-26, 02:00:00 0.34 0.3468 0.323175 0.325700 0.315600 0.309900 0.341500 0.347200 0.357300
GB Market Analysis Software signals that XRP’s price will fall (Source: GreenBot)

The GB Market Analysis Software has signaled that the price of XRP may fall in the next 48 hours in the date range (2022-06-24, 02:00:00 GMT + 2 – 2022-06-26, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of XRP falls to $0.323175. This is also the identified price entry for the trade.

The support levels for XRP/USDT identified by the GB Market Analysis Software are $0.3257 (first support), $0.3156 (second support), and $0.3099. Meanwhile, the resistance levels for XRP/USDT identified by the software are $0.3415 (first resistance), $0.3472 (second resistance), and $0.3573 (third resistance).

XRP Price: Current Market Standing

XRP (XRP) is ranked number 6 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap, and experienced a 24-hour gain of 12.63% to take its price up to $0.3676. This also puts its total market cap at approximately $17.71 billion.

Ripple’s price rise over the last 24 hours flipped the negative weekly performance of XRP as its price is now up 9.60% over the last 7 days we well.

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 the latest 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.

However, the tables have now turned slightly since June 15 as the SEC is attempting to prevent Ripple from withdrawing certain potentially sensitive documents that are collectively referred to as “Exhibit O” in the case.

XRP Price: Technical Overview

Daily chart for XRP/USDT (Source: CoinMarketCap)

The daily chart for XRP/USDT shows that the price of XRP is at a key level. This is not only because XRP’s price is touching a key price level on the daily chart, but also because its price is above the 9 and 20 Exponential Moving Average (EMA) lines. These two lines have served as important levels of price continuation or reversal since the bear market started.

The 9 EMA line is positioned below the 20 EMA line, which indicates that XRP’s price is in a short- to medium-term bearish cycle. However, the 9 EMA line is closing the gap that exists between itself and the 20 EMA line, which could turn into a bullish flag if the two lines cross.

In addition, the Relative Strength Index (RSI) is positioned above the RSI SMA line and is closer to overbought territory than it is too oversold territory.

Lastly, XRP is also in a price channel at the moment with the lower bound lying at $0.3011 and its upper bound at $0.3785. If the 20 EMA line is unable to hold its support for XRP’s price, then the price of XRP could drop to the lower bound of the channel. If this happens, it will be a 20.4% move from current levels.

Given the signal from the GB Market Analysis Software and several other factors such as the price of XRP positioned at a key level as well as its price attempting to establish a position above the 9 and 20 EMA line, we may see the price of XRP drop in the next 48 hours.

Once again, confirmation of the signal playing out is the price of XRP reaching $0.323175.

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.

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XRP Price Analysis: What to Expect in the Next 48 Hours
 

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