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 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|
|XRP/USDT||STAY IN CASH||50.03%||2022-07-05, 02:00:00 – 2022-07-07, 02:00:00||0.000000||0.000000||0.000000||0.000000||0.000000||0.000000||0.000000||0.000000||0.000000|
GB Market Analysis Software signals that XRP’s price will fall (Source: GreenBot)
The GB Market Analysis Software has signaled that it may be best to not enter into a trade in XRP in the next 48 hours in the date range (2022-07-05, 02:00:00 GMT + 2 – 2022-07-07, 02:00:00 GMT + 2).
XRP Price: Current Market Standing
Ripple (XRP) is ranked number 7 in CoinMarketCap’s list of the biggest cryptocurrency by market cap. It experienced a 24-hour gain of 2.97% to take its price up to $0.3283. This also puts its total market cap at approximately $15.79 billion.
Ripple’s price rise over the last 24 hours has chipped away at the negative weekly performance of XRP as its price is still down over the last 7 days. Currently, XRP is down by 5.55% in the last 7 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
A bullish ascending triangle has formed on the daily chart for XRP/USDT as the price of XRP approaches a key price level that could act as resistance.
Although there is a bullish chart pattern present on XRP’s daily chart, there are some bearish flags that investors should watch out for.
The first bearish flag is the 9 Moving Average (MA) line crossing below the 20 MA. This event suggests that XRP has entered into a short-term bearish cycle which could see XRP’s price dip over the coming days.
Another bearish flag is the Relative Strength Index (RSI) crossing below the RSI SMA line. This momentum oscillator suggests that the bullish move performed by XRP over the last 3 days is beginning to lose steam as it heads towards the next resistance level.
Given the signal from the GB Market Analysis Software and several other factors such as the RSI recently crossing below the RSI SMA line and the ascending triangle chart pattern that formed on the daily chart for XRP/USDT, the price of XRP is at a decisive point as there are both bullish and bearish flags present on the daily chart.
Therefore, it may be best for investors and traders to not enter into a trade for XRP in the next 48 hours as the price can go either way.