- XRP’s price is slightly down in the last 24 hours according to CoinMarketCap.
- The altcoin’s weekly price performance remains in the green at +17.59%.
- Technical indicators suggest that XRP’s price may enter into a breakout in the next 24-48 hours.
Recently, the famous pro-XRP lawyer, John Deaton, proposed that the Ripple team approach banks and money transmitters with an offer to significantly reduce their service fees for cross-border payments using the Ripple blockchain.
This suggestion by Deaton was made after a report showed that the Ripple network processed almost $1 billion in 4 seconds with a micro-processing fee of only $0.01. The lawyer asked Ripple to approach money transmitters such as MoneyGram and Western Union (NYSE:WU).
The lawyer noted that while Ripple has been working to revolutionize the outdated payment system by making it more frictionless; the XRP ecosystem, which comprises users, investors, developers, and small businesses, has been instrumental in its success.
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto based on its market cap, according to CoinMarketCap. It experienced a 0.08% drop in price in the last 24 hours, taking its price down to $0.4514 at press time. This also puts its total market cap at approximately $22.999 billion at press time.
The 24-hour decrease in XRP’s price has hardly impacted the remittance token’s positive weekly performance. Currently, XRP’s price is up +17.59% over the last 7 days.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
The price of XRP is currently trading above the 9 and 20 EMA lines on the 4-hour chart after flipping the 9 EMA line into support during the early hours of this morning. The altcoin’s price is attempting to break above the key resistance level on the 4-hour chart at around $0.4571.
XRP’s price has double-tapped this level in the past 24-48 hours. Both of these attempts at breaking the $0.4571 mark were successful but also short-lived, as XRP’s price retracted below the price level in the next 4-hour cycles.
This double-tap move at the $0.4571 level may be a bullish sign that XRP’s price will successfully break above, and sustain a position above the aforementioned resistance level.
Supporting this bullish thesis is an ascending triangle chart pattern which has formed on XRP’s 4-hour chart. This follows after XRP’s price printed higher lows and consistent highs over the last 24-48 hours.
Investors and traders may need to brace for a breakout in XRP’s price, as the altcoin’s price approaches the apex of this chart pattern in the next 24 hours.
Should there be a bullish breakout in XRP’s price in the next 24-48 hours then the upside target for the move is situated at approximately $0.4755. On the other hand, a bearish breakout will result in XRP’s price dropping to the next support level at $0.4313 in the next 24-48 hours.
Daily chart for XRP/USDT (Source: TradingView)
Similar to the 4-hour chart, XRP’s price is also trading above the 9 and 20 EMA lines on its daily chart following the 25+% surge in price last Tuesday. Since this impressive increase in XRP’s price, the altcoin’s price retraced slightly and consolidated below the resistance level at $0.4595.
XRP’s price was able to break through this resistance level over the last 3 days but was brought back down each time to close the respective trading sessions below the crucial price level.
XRP’s price needs to close above $0.4595 in the next 24-48 hours in order to justify a bullish outlook for the remittance token in this coming week. Should it fail to do so, then traders may want to keep an eye on the positive trend line which has formed on XRP’s daily chart. This level is the last major line of defense for XRP’s price. Losing this level will see XRP’s price drop to around $0.4170. Conversely, a close above $0.4594 in the next 24-48 hours will result in XRP’s price climbing to $0.4825.
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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