XRP price analysis: what to expect in the next 48 hours
- XRP saw a 2.99% gain over 24 hours to take its price to $0.4037.
- has been in an ongoing lawsuit with the SEC that appears to have turned in favor of Ripple.
- XRP price could decline as it looks to retest the 9 EMA line.
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 published it in 2012. Ripple’s core process is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international transfers money and security, which is used by banks and financial intermediaries who trade across currencies. .
The token used for the cryptocurrency is pre-mined and uses the stock symbol XRP. Ripple is the company and network name, and XRP is the cryptocurrency token. The purpose of XRP is to serve as an intermediate exchange mechanism between two currencies or networks – as a sort of temporary settlement layer.
|Instrument||Signal||Probability||Date range||Open price||2% stop loss||Hall||Supt 1||Supt 2||Supt 3||RESIST 1||RESIST 2||RESIST 3|
|XRPUSDT||SALE||58.04||06-06-2022, 02:00:00 – 08-06-2022, 02:00:00||0.40||0.4080||0.388787||0.390133||0.384747||0.380053||0.400213||0.404907||0.410293|
Market analysis software GB flags XRP as a sell (Source: GreenBot)
According to the UK market analysis software, the price of XRP will fall over the next 48 hours within the date range (2022-06-06, 02:00:00 GMT+2 – 2022-06-08, 02: 00:00 GMT+2). A confirmation of the signal will occur when the price of XRP reaches $0.388787. This is also the price entry identified for the trade.
The current support levels for XRP/USDT are $0.390133 (first level of support), $0.384747 (second level of support), and $0.380053 (third level of support). Meanwhile, the current resistance levels for XRP/USDT are $0.400213 (first resistance level), $0.404907 (second resistance level), and $0.410293 (third resistance level).
XRP Price: Current Market Position
XRP is ranked number 7 in terms of largest cryptocurrency by market cap, according to CoinMarketCap, and saw a 2.99% 24-hour gain to take its price to $0.4037. This also puts its total market capitalization at $19,520,458,277.
Ripple is the subject of an ongoing lawsuit with the Securities and Exchange Commission (SEC) which appears to have turned in its favor. The final verdict of the trial is expected towards the end of this year.
Additionally, Ripple CEO Brad Garlinghouse hinted at future expansions of the project. It is believed that the expansion campaign will include several strategic acquisitions and mergers.
XRP Price: Technical Overview
RSI on a positive slope for XRP (Source: CoinMarketCap)
Looking at the daily chart for XRP/USDT, XRP price is currently attempting to retest the 9 EMA line, which is one of the levels that acted as resistance for XRP. The other level is the 20 EMA line.
The previous break above the 9 EMA line only lasted 2-3 days for XRP as its price pulled back below the level around the start of this month.
Another key indicator to look at is the Relative Strength Index (RSI) and its position against the RSI SMA line. The RSI line has risen above the RSI SMA line and is holding that position, which is a bullish sign. However, there is no clear break with the RSI SMA line yet. The RSI line is positively sloping, but so is the RSI SMA line.
XRP price broke through the first and second resistance levels identified by UK market analysis software and may be heading towards the mid-range of $0.404907-$0.410293. However, a test of 20 EMA could see the price of XRP drop.
Considering the signal given by the GB market analysis software, as well as several other factors such as the price of XRP seeking to challenge the 20 EMA line and the lack of a clear break between the RSI and the RSI SMA line, we could see the price of XRP go down.
Once again, the confirmation of the signal will be the price of XRP reaching $0.388787 – a level between the first and second levels of support identified by the software.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of CoinQuora. Nothing in this article should be construed as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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