- XRP’s price surged more than 0.8% in the last 24 hours, according to CoinMarketCap.
- The altcoin’s price broke out of the support zone between $0.3587 and $0.3655.
- Should XRP close today below $0.3655 then it will continue to fall in the next 24-48 hours.
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.
The CEO of Ripple Labs, Brad Garlinghouse, shared in a tweet on Sunday that the company has some of its funds locked in Silicon Valley Bank. Moreover, Garlinghouse mentioned in his tweet that the company expects no disruption in their day-to-day business, sharing that the company held a majority of its cash in a network of banks.
Setting the record straight on SVB Qs: Ripple had some exposure to SVB – it was a banking partner, and held some of our cash balance. Fortunately, we expect NO disruption to our day-to-day business, and already held a majority of our USD w/ a broader network of bank partners.— Brad Garlinghouse (@bgarlinghouse) March 12, 2023
Garlinghouse reassured XRP holders that Ripple remains in a strong financial position, despite, the vast amount of information related to Silicon Valley Bank which remains unknown.
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto based on its market cap, according to CoinMarketCap. It experienced a 0.85% increase in price in the last 24 hours, taking its price up to $0.3685 at press time. This also puts its total market cap at approximately $18.768 billion at press time.
The 24-hour increase in XRP’s price has chipped away at its negative weekly performance. As a result, the price of XRP remains down by 0.96% over the last 7 days at press time.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
XRP’s price dropped below the 9 and 20 EMA lines on its 4-hour chart on Wednesday morning following a 1.47% decline in XRP’s price. Upon breaking below the two EMA lines, XRP’s price fall continued with a further -2.09% move in XRP’s price on Wednesday afternoon.
Overwhelming sell pressure on Wednesday left the remittance token’s price with no choice but to drop back into the support zone between $0.3587 and $0.3655. XRP’s price dropped to the lower bound of the support zone and briefly dropped out of the support zone on Wednesday evening – reaching a daily low of $0.3560 as a result.
Fortunately, bulls stepped in to rescue XRP’s price and boost it back above the lower level of the aforementioned support zone. Bears attempted to drag the altcoin’s price below the support zone one more time on Thursday morning, but bulls were able to overcome the selling pressure to push XRP’s price up once again.
Since then, XRP’s price has been in a gradual upward move, which has pushed it past the upper bound of the support zone, the 9 EMA on the 4-hour chart, as well as the 20 EMA line on the 4-hour chart.
At press time, XRP’s price is resting above the three levels. However, technical indicators suggest that traders are currently in limbo. One first technical indicator that is expressing this neutral stance for XRP is the RSI indicator on the coin’s 4-hour chart. Currently, the RSI line on the 4-hour chart is sloped negatively towards oversold territory. In addition, the RSI line remains positioned above the RSI SMA line in neutral territory.
Traders may want to keep an eye on the 9 EMA line, which is closing in on the 20 EMA line. Should the two lines cross, then XRP’s price will likely make a move toward $0.3739 in the next 24-48 hours.
On the other hand, if XRP’s price is unable to close above $0.3689 in the next 4-12 hours, then it will likely drop back into the support zone between $0.3587 and $0.3655.
Daily chart for XRP/USDT (Source: TradingView)
A bullish flag has been triggered for XRP on its daily chart in the last 24 hours, as the daily RSI line has crossed above the RSI SMA line on the daily chart. Nonetheless, the price of XRP is being kept at bay by the 9-day EMA line.
One thing to note is that XRP’s price has printed lower highs and lower lows in the past week. This may be a sign that XRP’s price will continue to gradually decline in the next 24-48 hours. This bearish thesis will be confirmed if XRP’s price closes today’s trading session below the $0.3655 mark.
On the other hand, if XRP’s price is able to close today off above $0.3655, then it will either consolidate between the 9-day EMA line and $0.3655 in the next 24-48 hours. A bullish move will be signaled by XRP’s price breaking above the key resistance level at $0.3761.
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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