XRP Reclaims $1 Mark: Is It Going To Explode?
XRP has been consistently making new highs with each swing, but we expect the price valuation to far exceed the $2 hype that has been created in the market. XRP has been developed to ease the transaction process by converting one currency into another with the least possible transaction fees and ultra-fast speeds. Unlike other cryptocurrencies, XRP doesn’t intend to replace the fiat currency but rather make it more viable for transaction conversions.
Its nearest competitor SWIFT is still far off from the Ripple blockchain network. Ripple has a business network of more than 300 financial institutions including, Bank of America, SBI Remit, JP Morgan, and other leading financial institutions.
Apart from the leading institutions, Ripple is also being used by the International Monetary Fund, World Economic Forum, Central Banks, World Bank, and many others. Ripple’s worldwide acceptance of XRP ledger technology has also become a stepping stone for its blockchain expansion. Coming down to the technical price analysis of XRP in recent days.
XRP Price Analysis
XRP has finally conquered to $1 valuation and is expected to move towards $2 given the positive sentiment and demand. This upwards trend has the possibility of trading higher towards and breaching the previously held all-time high record.
100 Day Moving Average: $0.862
200 Day Moving Average: $0.81236
Immediate Supports: $0.6974
Strong Support: $0.518
Immediate Resistance: $1.04
Strong Resistance: $1.50
As visible, there has been some turbulence in XRP and all major cryptocurrencies around the globe. But unlike traditional assets, consistently decreasing cryptocurrency prices is considered an opportunity to trade higher with the idea that decentralized networks will be the primary benefactors in the coming decades.
But long story short, the current market momentum on XRP will entirely depend on its acceptance as a payments network around the globe. And unlike Bitcoin and other leading blockchain cryptocurrencies, XRP doesn’t need to be mined, and it is generated by the crypto-ledger similar to the blockchain technology.
Hence the broader acceptance of XRP by investors is the only possible aspect of fueling the price action. On daily charts, XRP consolidated around a $0.70 valuation for more than a week before giving an upside breakout. Hence, as per our Ripple XRP price prediction, we expect XRP to trade higher and reach the $1.50 psychological level before making a run for the $2 valuations.
The MACD indicator on daily charts indicates a continuation of the current upside movement; however, decreasing volume is a sign of worry. As lower transactions can further push XRP towards below $1. The strong single-day breakout with a 19% of upside move is a strong indication of buyer sentiment about XRP.
XRP has moved for a breakout on hourly charts after consolidating and retesting its short-term support levels multiple times. For the hourly trading sentiment, we can expect XRP to consolidate around $1.00 for some time before moving away from the current resistance. Bollinger bands have been used to show the strength and price sentiment. Trading near the higher upper band indicates a huge buying strength; while it is re-attempting to break the resistance line active around $1.00, there are signs for a strong breakout in the near term.