© Reuters. XRP Price Analysis: What to Expect in the Next 48 Hours
- XRP’s price experienced a 24-hour drop of 2.15% to take its price down to $0.3207.
- The price of XRP is positioned between the 9 and 20 MA lines.
- XRP’s price could drop over the next 48 hours if the 20 MA support is unable to hold on to the 4-hour chart.
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||62.49%||2022-06-22, 02:00:00 – 2022-06-24, 02:00:00||0.33||0.3366||0.317150||0.319600||0.309800||0.300900||0.338300||0.347200||0.357000|
GB Market Analysis Software signals that XRP’s price will fall (Source: GreenBot)
According to the GB Market Analysis Software, the price of XRP may fall in the next 48 hours in the date range (2022-06-22, 02:00:00 GMT + 2 – 2022-06-24, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of XRP falls to $0.31715. This is also the identified price entry for the trade.
The support levels for XRP/USDT identified by the GB Market Analysis Software are $0.3196 (first support), $0.3098 (second support), and $0.3009. Meanwhile, the resistance levels for XRP/USDT identified by the software are $0.3383 (first resistance), $0.3472 (second resistance), and $0.357 (third resistance).
XRP Price: Current Market Standing
XRP (XRP) is ranked number 8 in CoinMarketCap’s list of the biggest cryptocurrency by market cap and experienced a 24-hour drop of 2.15% to take its price down to $0.3207. This also puts its total market cap at approximately $15.53 billion.
Ripple’s price drop over the last 24 hours impacted the positive weekly performance of XRP slightly as its price is still up 5.20% over the last seven 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
XRP price between 20 and 9 MA (Source: CoinMarketCap)
On the 4-hour chart for XRP/USDT, the price of XRP is positioned between the 20 Moving Average (MA) and 9 Moving Average (MA) lines. The 20 MA line is acting as a support for XRP’s price.
The 9 Moving Average (MA) line is positioned above the 20 Moving Average (MA) line which indicates a brief bullish period given that it is on the 4-hour chart. However, the 20 MA line is closing the gap that exists between itself and the 9 MA line, which could turn into a bearish flag if the two lines cross.
Furthermore, the Relative Strength Index (RSI) is positioned below the RSI SMA line and is between oversold and overbought, but is closer to oversold.
Lastly, XRP is also in a price channel at the moment with the lower bound lying at $0.3150 and its upper bound at $0.3359. If the 20 MA 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 1.7% move from current levels.
Given the signal from the GB Market Analysis Software and several other factors such as the price of XRP positioned between the 9 and 20 MA lines and the current position of the RSI line relative to the RSI SMA line, as well as the 20 MA line approaching the 9 MA 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 $0.31715.
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.