- XRP experienced a 24-hour loss of 1.54% to take its price down to $0.3639.
- XRP is currently ranked as the 6th biggest project by market cap.
- TA suggests that the price of XRP may fall in 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 | 71.72% | 2022-06-27, 02:00:00 – 2022-06-29, 02:00:00 | 0.36 | 0.3672 | 0.351242 | 0.352833 | 0.346467 | 0.335333 | 0.370333 | 0.381467 | 0.387833 |
The GB Market Analysis Software has signaled that the price of XRP may fall in the next 48 hours in the date range (2022-06-27, 02:00:00 GMT + 2 – 2022-06-29, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of XRP falls to $0.35124167. This is also the identified price entry for the trade.
The support levels for XRP/USDT identified by the GB Market Analysis Software are $0.35283333 (first support), $0.34646667 (second support), and $0.33533333. Meanwhile, the resistance levels for XRP/USDT identified by the software are $0.37033333 (first resistance), $0.38146667 (second resistance), and $0.38783333 (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 loss of 1.54% to take its price down to $0.3639. This also puts its total market cap at approximately $17.57 billion.
Ripple’s price drop over the last 24 hours has not had such a big effect on the weekly price performance of XRP, as its price is up 15.50% 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 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
4-hour chart for XRP/USDT (Source: CoinMarketCap)
The 4-hour chart for XRP/USDT shows the price of XRP currently being held up by the 20 EMA line. This is a line that has acted as a support level ever since the 9 EMA crossed above the 20 EMA line on the 4-hour chart. One thing that makes this occurrence different from previous occurrences is that the gap between the 9 and 20 EMA is narrowing.
The 9 EMA line is positioned above the 20 EMA line, which indicates that XRP’s price is in a short- to medium-term bullish cycle. However, the 20 EMA line is closing the gap that exists between itself and the 9 EMA line, which could turn into a bearish flag if the two lines cross.
In addition, the Relative Strength Index (RSI) is positioned below the RSI SMA line and is sloped negatively.
Lastly, a bearish divergence signal has made its way to the chart as the RSI line posted lower lows and the 4-hour chart shows that XRP’s price posted higher lows. This could see the price of XRP falling further than it has over the last 24 hours.
Given the signal from the GB Market Analysis Software and several other factors such as the price of XRP being held up by the 20 EMA line on the 4-hour chart, as well as the bearish divergence that has shown up on the 4-hour chart, 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 $0.35124167.
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.