XRP Price Prediction: What to Expect in the Next 48 Hours By CoinEdition
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XRP Price Prediction: What to Expect in the Next 48 Hours- The price of (XRP) has added to its weekly gain over the last 24 hours.
- A medium-term ascending price channel has formed on XRP’s charts.
- Traders will want to keep an eye on the key price level at $0.4028 in the next 24-48 hours.
Ripple is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. It was first released in 2012 and was co-founded 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.
The token used for the cryptocurrency is premined 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.
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto by market cap, according to CoinMarketCap. It experienced a 2.26% increase in price in the last 24 hours taking it up to $0.4002. This also puts its total market cap at approximately $20.328 billion at press time.
The 24-hour increase in XRP’s price has added to its positive weekly performance. As a result, ADA’s price is up 8.45% over the last 7 days.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
The price of XRP has been rejected by the resistance level at around $0.4028 over the last 24 hours after trading above the level in February 20, 2023.
This rejection has also resulted in XRP’s price dropping below the 9 EMA line on the 4-hour chart and attempting to do the same with the 20 EMA line. Fortunately for bulls, the 20 EMA line on XRP’s 4-hour chart was able to hold.
The remittance token’s price has printed higher highs and higher lows over the last two weeks – forming a positive ascending price channel. However, the resistance level at $0.4028 has proven to be a major obstacle in the altcoin’s latest upward move – rejecting XRP’s price twice over the last week.
XRP’s price may bounce off of the 20 EMA line on the 4-hour chart to make another attempt at breaking the $0.4028 resistance in the coming 24-48 hours.
The RSI indicator on XRP’s 4-hour chart supports this bullish thesis as the RSI line on the 4-hour chart has crossed bullishly above the RSI SMA line on the 4-hour chart. In addition to this, the RSI line is sloped positively towards overbought territory.
Daily chart for XRP/USDT (Source: TradingView)
XRP’s daily chart is bullish at press time given that the daily RSI line is sloped positively towards overbought territory and is positioned above the daily RSI SMA line.
In addition to this, the 9-day EMA line is on the verge of crossing bullishly above the 20-day EMA line. Should this happen, then XRP’s price will look to break above the daily resistance level at $0.4036.
Should XRP’s price successfully break above this resistance level, then it will likely consolidate above the level for a few days before another leg up.
However, if XRP’s price is able to break out above the ascending price channel after breaking above the aforementioned resistance level then XRP’s price will target the $0.3997 level instead of consolidating in the next 24-48 hours.
On the other hand, if XRP’s price is rejected by the resistance level at $0.4036 in the next 24 hours then it will drop below the 9-day and 20-day EMA lines to target the support level at $0.3721.
Traders will also want to take note of the outcome of the FOMC Meeting that will take place tomorrow. Should there be another interest rate hike announced in tomorrow’s meeting, then XRP’s price will fall in the next 24-48 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post XRP Price Prediction: What to Expect in the Next 48 Hours appeared first on Coin Edition.
See original on CoinEdition
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XRP Price Prediction: What to Expect in the Next 48 Hours- The price of (XRP) has added to its weekly gain over the last 24 hours.
- A medium-term ascending price channel has formed on XRP’s charts.
- Traders will want to keep an eye on the key price level at $0.4028 in the next 24-48 hours.
Ripple is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. It was first released in 2012 and was co-founded 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.
The token used for the cryptocurrency is premined 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.
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto by market cap, according to CoinMarketCap. It experienced a 2.26% increase in price in the last 24 hours taking it up to $0.4002. This also puts its total market cap at approximately $20.328 billion at press time.
The 24-hour increase in XRP’s price has added to its positive weekly performance. As a result, ADA’s price is up 8.45% over the last 7 days.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
The price of XRP has been rejected by the resistance level at around $0.4028 over the last 24 hours after trading above the level in February 20, 2023.
This rejection has also resulted in XRP’s price dropping below the 9 EMA line on the 4-hour chart and attempting to do the same with the 20 EMA line. Fortunately for bulls, the 20 EMA line on XRP’s 4-hour chart was able to hold.
The remittance token’s price has printed higher highs and higher lows over the last two weeks – forming a positive ascending price channel. However, the resistance level at $0.4028 has proven to be a major obstacle in the altcoin’s latest upward move – rejecting XRP’s price twice over the last week.
XRP’s price may bounce off of the 20 EMA line on the 4-hour chart to make another attempt at breaking the $0.4028 resistance in the coming 24-48 hours.
The RSI indicator on XRP’s 4-hour chart supports this bullish thesis as the RSI line on the 4-hour chart has crossed bullishly above the RSI SMA line on the 4-hour chart. In addition to this, the RSI line is sloped positively towards overbought territory.
Daily chart for XRP/USDT (Source: TradingView)
XRP’s daily chart is bullish at press time given that the daily RSI line is sloped positively towards overbought territory and is positioned above the daily RSI SMA line.
In addition to this, the 9-day EMA line is on the verge of crossing bullishly above the 20-day EMA line. Should this happen, then XRP’s price will look to break above the daily resistance level at $0.4036.
Should XRP’s price successfully break above this resistance level, then it will likely consolidate above the level for a few days before another leg up.
However, if XRP’s price is able to break out above the ascending price channel after breaking above the aforementioned resistance level then XRP’s price will target the $0.3997 level instead of consolidating in the next 24-48 hours.
On the other hand, if XRP’s price is rejected by the resistance level at $0.4036 in the next 24 hours then it will drop below the 9-day and 20-day EMA lines to target the support level at $0.3721.
Traders will also want to take note of the outcome of the FOMC Meeting that will take place tomorrow. Should there be another interest rate hike announced in tomorrow’s meeting, then XRP’s price will fall in the next 24-48 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post XRP Price Prediction: What to Expect in the Next 48 Hours appeared first on Coin Edition.
See original on CoinEdition
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