XRP Price Prediction: What to Expect in the Next 48 Hours By CoinEdition

• XRP’s price has dropped 2.89% over the last 24 hours according to CoinMarketCap.
• Traders will want to take note of the extreme bearishness indicated by the RSI on XRP’s 4-hour chart.
• The recent Silvergate troubles may force XRP’s down in the next 24-48 hours.

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.

Ripple is still involved in its multi-year-long lawsuit with the Securities and Exchange Commission (SEC).

Recently, however, Ripple’s chief legal officer Stuart Alderoty published a post, in which he dropped a hint that Ripple may move the SEC case to the U.S. Supreme Court should the current judge take the side of the SEC. Alderoty tweeted that the regulator has already lost four of its last five cases in the Supreme Court.

XRP Current Market Standing

XRP (XRP) is ranked as the sixth biggest crypto based on its market cap, according to CoinMarketCap. It experienced a 2.89% drop in price in the last 24 hours taking its price down to $0.0.3624 at press time. This also puts its total market cap at approximately $18.471 billion at press time.

The 24-hour drop in XRP’s price has added to its negative weekly performance. As a result, the price of XRP is down by 3.03% over the last 7 days at press time.

XRP Technical Overview

4-hour chart for XRP/USDT (Source: TradingView)

XRP’s price dropped below the support level at around $0.3645 over the last 8-12 hours and looked to do the same with the next support level at around $0.3581. Fortunately, XRP’s price received some support shortly after tapping the support level. This boosted its price to its current price between the two aforementioned price levels.

The technical indicators on XRP’s 4-hour chart are very bearish at press time, with the 9 EMA line positioned below the 20 EMA line. In addition to this, the 9 EMA line is breaking away below the longer EMA line, suggesting that the selling pressure and price decline will continue.

Meanwhile, the RSI line on the 4-hour chart is positioned well below the RSI SMA line on the 4-hour chart. The RSI line is also sloped negatively towards the oversold territory.

With the RSI line on XRP’s 4-hour chart being steeply sloped towards the oversold territory, traders and investors may identify XRP’s current price as an opportunity to stack up on the remittance token at a premium.

On the other hand, if the RSI line on XRP’s 4-hour chart remains negatively sloped and the altcoin’s price continues to drop then this may be an early sign of a severe decline on the cards for XRP.

Daily chart for XRP/USDT (Source: TradingView)

Technical indicators on XRP’s daily chart suggest that the altcoin’s price will continue to drop in the coming 24-48 hours.

Similar to the 4-hour chart, the 9 EMA line is positioned below the 20 EMA line. In addition, the 9-day EMA line is breaking below the 20-day EMA line. This suggests that XRP’s price is in a medium-term bearish cycle and that its price will continue to drop.

The daily RSI indicator is flagging bearish at press time as well. Currently, the daily RSI line is positioned below the RSI SMA line. The RSI line is also sloped negatively towards the oversold territory. Given that the daily RSI line is not yet in oversold territory, traders may need to brace for the strong selloff suggested by the RSI indicator on XRP’s 4-hour chart.

Given the strong bearish flags present on both XRP’s 4-hour and daily charts, it is fair to say that XRP is currently in the early to mid stages of a medium-term bearish cycle which will see its price drop in the next 24-48 hours.

The recent drop in Silvergate’s shares is also an event that is weighing heavy on the crypto market this week. The selling pressure from the Silvergate drama will likely play a major role in pushing XRP’s price down in the next 24-48 hours.

This bearish thesis will be invalidated if XRP’s price is able to close today’s trading session above the support level at around $0.3645.

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.

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