Last week, XRP prices took a sharp downward turn, with a strong reversal in momentum on the same day. The drop was due to a combination of factors: the likelihood that the SEC would approve the XRP ETF, the tax implications of the decision, and the risk of a market correction.
The Ripple network is expected to experience the next major event on May 18th, when a total of 100 billion XRP will be created. This is expected to send the XRP price rocketing upwards, giving the Ripple network a major boost.
After a strong start, XRP found support at $0.6900 (scaling resistance). However, as the price moved above the psychological $0.7500 resistance, it found a reversal pattern in the RSI (Relative Strength Index). The price has now retraced to the previous resistance level.. Read more about ripple price usd and let us know what you think.
TL;DR Summary
- The price of XRP has slowed after hitting a recent high, according to Ripple pricing research.
- According to Uphold and GlobaliD, a partnership with Uphold implies XRP debit cards will be accessible from all around the globe.
- It also indicates the start of an upswing, although the following rise will need a breach of $0.785.
The XRP price has been trading above two important support levels, and a test of one of these levels may trigger a surge that breaks the range and leads to new highs. Uphold intends to introduce XRP debit cards that reward users with XRP tokens instead of cash.
They collaborated with GlobaliD, a digital identity business, according to Uphold, a digital money platform. The Mastercard XRP debit card is their most recent invention, and it rewards customers 5% of their transactions in XRP tokens. This is a major advance in Ripple price research, which is good news for us foreigners who don’t comprehend or grasp the purpose of Ripple (XRP).
Individuals may exchange currencies and cash out in fiat, or XRP, using the XRP debit card. The announcement that the SEC and Ripple have reached an agreement is good news for XRP, since it will encourage the use of digital currencies. This agreement resulted in the dismissal of the aforementioned lawsuit.
The price of Ripple has risen over $0.7330 in the previous 24 hours.
TradingView’s Ripple price chart
Ripple had a significant rise, but it has since been steadily reversing, according to Ripple price research.
Because the price of XRP does not seem to be retesting 0.689, investors may anticipate a significant recovery following the first indication of a retest on any major support level below 0.689, or on the demand zone below it, which runs between $0.625 and $0.671.
According to Ripple price research, the following bull movement must slice through $0.785 and convert it into a support level to confirm the succeeding climb higher.
If that occurs, the price may rise to $0.90 (about a 30% increase from $0.689). The $1 mark may be re-tagged in a highly optimistic instance of Ripple price research. If the price of XRP stays below $0.623 throughout the retesting period, this indicates decreasing store interest and a probable decline below $0.590.
4-hour chart of XRP/USD: XRP is trading in an upward price channel.
TradingView’s Ripple price chart
The XRP has hit the 200-day moving average and is in an upward price channel, but it seems unable to hold that level.
The crypto realm shows a bullish flag pattern as buyers attempt to defend the lower angle of the flag. Typically, these flags break out towards the upside while momentum from RSI on a daily chart is not bearish; however, if this trend changes, it may be an indication that prices will reverse quickly.
Below $0.7, the $0.658 price level is the first solid support level (50-day MA). According to Ripple price analysis, the RSI is decreasing. This indicates that the bullish trend is waning.
Conclusion of the Ripple price analysis: XRP is set to rise, although slowly.
The price of XRP increased on July 29th. It was greater than $0.733 on this day, as well as the 50-day moving average. It’s on the verge of reaching a very high price, as well as hitting a neckline for an inverted head-and-shoulders pattern that’s been developing for many days.
The XRP has been moving downward over the past several sessions, according to Ripple pricing research. This tendency is also shown in the charts as a price versus time adjustment, indicating that Ripple’s more robust underlying demand is evident.
The price objective for the following wave of movement is extremely bullish, according to the double bottom pattern we examined. This resistance level is expected to be reached before the currency hits $1,000, according to most traders.
XRP must maintain a 200-day moving average of $0.783 or above to breach the $1 barrier and push higher along a resistance line. Following that, the technical analysis forecasts a rise from $1 to about $1.06, representing a 36 percent profit gain for all current Ripple investors.
Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
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