This week, the XRP price has been fluctuating between $0.30 and $0.34 since the start of this week, which is a new development. Traders say that the 60-day moving average has been a very strong indicator for the price movement in the past few months. Although the 20-day EMA is also a good indicator for the price movement, if the price moves a lot in a short period of time, it is difficult to sustain the 20-day EMA.
The ethereum blockchain has been having some issues in the past few weeks. First, it was the ethereum classic fud. Some media outlets and members of the crypto community were speculating about the ethereum blockchain going down. Ethereum is not solely a cryptocurrency, it is a network of programs that allows developers to build decentralized applications (DApps). When a decentralized application (DApp) goes offline, it affects the entire Ethereum network.
Last week, the Ripple Interledger Protocol (Ripple ILP) successfully launched to the XRP Ledger, marking the beginning of the next phase in the evolution of the XRP Ledger. As a result, the Ripple Trust Company (RTC) will soon be able to issue a new asset—Ripple ILP—on the XRP Ledger. Ripple ILP is a new type of asset that will be created on the XRP Ledger and will be used to settle financial transactions on the Ripple Network. Ripple ILP is expected to become the preferred method for currency exchange on the Ripple Network, and will be used by many existing and future financial institutions.. Read more about xrp price prediction february 2021 and let us know what you think.Summary of the situation
- XRP bulls have been trying to break above the June high of $1.07.
- To overcome any weakness, they need to keep XRP above the 20-day EMA.
- The price of XRP has formed a cup with a handle on the 4-hour chart, with a profit target of 40%.
XRP price forecast: Price Overview
Early in the new month, XRP bulls attempted to break out above the June high at $1.07, but were decisively rejected at the 20-day exponential moving average. It began a downward trendline that corrected below initial resistance at $1.05 and slightly above the 40-day moving average. The current setup has formed a handle on the 4 hour chart, with a price target of 40% if price corrects from the current price level of $1.03 and reaches $1.5. Given the steady development of volume on the right side of the cup and the decline of volume towards the handle, buyers are hoping that the base will disappear in the coming days. The bears are creating selling pressure to break through the 38.2% Fibonacci retracement of the downtrend to a 13-week low. The move was likely measured between the April and May declines and a breakout below the first support level at $0.99. Such a move would be catastrophic for the bulls and would eventually take Xrp below the 50-day 4-hour simple moving average at $0.957. Selling pressure will increase, indicating another downside test between the $0.800 – $0.850 price levels. The range, which narrowed after the strong selling pressure that began on the 19th. May came down. For the bulls to overcome any weakness, they must hold XRP above the 20-day EMA. If they manage to get support from the broader market, the uptrend could end above the 50-day simple moving average. However, the likelihood of such a move is low, given what the analytical data for the channel shows. The second one. In June, the number of daily active addresses (DAA) of XRP fell 83% from a high of 49,657 on June 12, April to 8,098. These numbers are the lowest in Ripple’s history since December 2020. The remaining ACD indicates a lag in the number of daily interactions with the cryptocurrency, which is a bearish signal. The Xrp price trend shows that price recovery in the past was always supported by high active address.
Ripple Price Forecast: XRP price movement in the 24 hour chart
Meanwhile, Ripple started the week well after copper strength catalyzed a 15% rise. However, the bears do not seem ready to let go of the resistance at $1.07. This will require broader market support for XRP to reach $1.1 and the next target at $1.34. Source: Tradeview
Ripple Price Forecast: 4-hour XRP price chart
XRP has formed a rising triangle on the 4-hour chart as the price tries to break through the roof resistance at $1.05. However, the red closing candles indicate the possibility of a downtrend. The possibility of reaching the 20-day moving average of $1.10 depends on whether the bulls can break through roof resistance. Source: Tradeview
Ripple and the U.S. Securities and Exchange Commission are continuing their legal action against Ripple Labs. New information about the lawsuit suggests that Ripple appears to be on the verge of victory, after the law appears to have favored the company by withholding important information. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.The XRP price has been jolted by rumors that the XRP Ledger will soon be adopting a new scaling protocol called “Raft” (as opposed to the more commonly known “SegWit”). This is potentially a bad thing for XRP, since it will prevent it from ever reaching the promised “one second block time”. However, it is a great thing for XRP investors, as they will finally be able to see some of the value of their XRP holdings.. Read more about xrp news and let us know what you think.
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