What to Expect in the Next 48 Hours -Breaking
- Ripple (XRP), which saw a gain of 1.03% in 24 hours, pushed its price to $0.4056.
- The daily chart of the price for XRP shows that it has stabilized between the 20 and 9 Moving Averages (MA) lines.
- As TA does not give any clear clues as to what the future holds, XRP’s price could change.
Ripple, a tech that uses both cryptocurrency (XRP), and digital payments networks for financial transactions, is called Ripple. In 2012, it was released 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.
Pre-mined tokens are used to create cryptocurrency. The ticker symbol is XRP. Ripple refers to the company or network. XRP, on the other hand, is the crypto 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||Send Signal||Probability||Date Range||Offered Price||2% Stop Loss||Enter||Minimum 1||Supt 2.||3||RESIS 1||RESIS 2||RESIS 3|
|XRPUSDT||SELL||75.10 %||2022-06-10, 02:00:00 – 202206-12, 02:00:00||0.40||0.4080||0.395484||0.396433||0.392637||0.388693||0.404173||0.408117||0.411913|
According to the GB Market Analysis Software, the price of XRP will fall in the next 48 hours in the date range (2022-06-10, 02:00:00 GMT + 2 – 2022-06-12, 02:00:00 GMT + 2). If the price for XRP reaches $0.395484 it will confirm that this signal is working. The trade’s entry price is also identified at this point.
The support levels currently for XRP/USD at $0.396433 are the first support level, $0.392637 second support level and $0.388693 third support level. However, the current resistance levels to XRP/USD at $0.404173 are $0.408117 (first resistance level), $0.392637 (second resistance level) and $0.411913 (3rd resistance level).
XRP Prices: Current Market Standing
According to CoinMarketCap, XRP ranks number 7 as the largest cryptocurrency market capital. Its price climbed to $0.4056 after a 24 hour gain of 1.03%. The coin’s market cap now totals $19,621,564,885.
Ripple was involved in an ongoing suit with the Securities and Exchange Commission. It seems that Ripple’s side has prevailed. The verdict in the case is due to arrive at the end of the year.
Brad Garlinghouse is Ripple’s CEO and has suggested that future expansions could be possible. According to some reports, the expansion will involve several strategic mergers or acquisitions.
Technical Overview: XRP price
Moving averages reduce price (Source: CoinMarketCap).
The daily chart of XRP/USD shows that the price has stabilized between the 20 and 9 Moving Averages (MA) lines. These lines are convergent on one another. A strong price movement can be followed by this price squeeze.
You will also need to analyze other indicators in order to see how XRP prices could change after escaping the squeeze.
Right now, the 20 MA is over the 9 MA which is a bearish line. There is however a small gap between them, suggesting investors still haven’t established an objective for the coin.
Looking at the RSI’s position relative to the RSI SMA line, the RSI line is still situated above the RSI SMA line, which is a bullish sign. The RSI oscillates at a slower pace than the MA so it is important to check out the MA’s scenario before you enter into a trade.
The price of XRP lies between the first resistance level and the second resistance level that was identified by the GB Market Analysis Software. These resistance levels include $0.404173 or $0.408117.
Taking into account the signal given by the GB Market Analysis Software, as well as the fact that the RSI is positioned above the RSI SMA line and is sloped positively, we could see XRP’s price rise over the next 48 hours. The price entry point for this move, $0.395484 has been broken.
However, investors must be aware of the fact that XRP’s price is being squeezed by the 9 and 20 MA lines at the moment, and the price of XRP may breakout in either direction.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. This article is not intended to be used as investment advice. CoinQuora advises its users to research cryptocurrency before making any investment.