XRP Is Down by 6%! Will It Recover?

XRP is a cryptocurrency that transforms global payment facilities. It offers a more transparent, secure, and decentralized global economic platform. XRP has a wide range of use cases and works with different corporate houses.

XRP aims to build a global economic crypto solution, and people treat it as a money transfer protocol rather than an asset like Bitcoin.

Ripple has announced a partnership with FINCI, an online money transfer provider. FINCI is a fintech company that offers a wide range of financial services to business customers. It has customers in 29 countries with a Master card-powered debit card and other Android facilities.

This partnership aims to provide instant cost-effective retail B2B payments. It will enable seamless payments between Europe and Mexico for FINCI’s customers without pre-fund accounts.

This way, they try to make the process easier for consumers and businesses to make real-time international payment possible through RippleNet, a Ripple financial technology. FINCI customers get an alternative payment system to make cross-border transactions faster and more reliable at lower costs. Due to the US Fed rate hike, XRP is down with no signs of recovery. Read more about the XRP future projections here!

XRP Price Prediction

After breaking the support level of $0.48, XRP trades around $0.40. Although it is trying to recover from last week’s loss, it would be better if you do not buy until it crosses the level of $0.50 in the short term and $0.66 in the long term.

On the daily chart, the MACD indicator is bearish; Bollinger Bands reflects bearishness. RSI is also in the oversold zone, at 30. Overall, it is not the ideal time for a short-term investment.

XRP Price Chart

XRP has been forming a triangle pattern with lower highs on the weekly chart. The price may come back to the $0.60 level in the short term, but later it will consolidate in a range. We do not think it is a good time for investment, especially during this volatile market.

If you have a long-term plan, you may start accumulating XRP coins. It has a wide range of use cases, so it will grow in the future and provide a good return. In this volatile market, you should invest what you can afford to lose. Due to inflation, and supply chain issues, cryptocurrencies are the worst victim. Thus, the current investment decision is even more risker than before!

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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