XRP Downfall Continues; Can It Reach $0.50?

Brad Garlinghouse, the CEO of Ripple, has announced to leave the United States and find a new base of operations in case the SEC wins the prejudged trials. XRP has emerged as a leading cryptocurrency since 2019 and ranks at the 7th position in terms of market capitalization, i.e., $16,881,777,691, with a net circulating supply of 48%. 

The XRP Ledger presents extensive services to accommodate micropayments, DeFi, and, soon, NFTs. Deployed in 2012, the XRPL helps establishments, Python, Java, and JavaScript builders with effective software and flexibility. On the XRP website, builders can get the right of entry to exclusive tutorials to assist them in using exclusive coding languages, constructing apps, coping with money owed, and more.

XRP failed to overcome its immediate resistance level as a result of which prices are again moving downwards. Witnessing a significant decline in the last few days raises questions about XRP’s potential to reach even the 50 DMA curve. Thus, it is advisable to check and read XRP prediction before making any decision.

XRP price chart

XRP has been hit badly by the negative situation around cryptocurrencies emerging since September of 2021. While the buying sentiment and RSI indicate a bullish momentum based on the price pattern, the actual momentum of XRP tokens has barely moved back to its pre-June decline.

This converts as a continual downtrend since November 2021. So far, the 100 DMA curve has emerged as a strong resistance level and enthusiasts should be wary of the XRP price curve coming close to the 100 DMA that currently trades near the $0.58 level.

The strong resistance levels to be seen in an uptrend situation would be $0.45 and $0.90, both of which lie significantly away from the last traded value of $0.34. The MACD indicator had shown a positive crossover when XRP jumped marginally from its June 2022 lows. However, that cannot convert as a golden crossover in traditional senses as prices haven’t even jumped 50% from recent lows.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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