Analytics

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

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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.

Instrument Prediction Confidence (%) Date Range
XRPUSD SELL 53.61 2023-01-24, 02:00:00 – 2023-01-26, 02:00:00

GRW Market Analysis Software signals XRP as a sell(Source: GRWCoin)

The GRW Market Analysis Software has signaled that the price of XRP may fall in the next 48 hours in the date range (2023-01-24, 02:00:00 GMT + 2 – 2023-01-26, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of XRP falls to $0.3995. This is also the identified price entry for the trade.

The market analysis software is 53.61% confident that XRP’s price will fall in the next 24-48 hours.

The support levels for XRP/USD identified by the GRW Market Analysis Software are $0.4043 (first support), $0.3851 (second support), and $0.3706 (third support). Meanwhile, the resistance levels for XRP/USD identified by the software are $0.438 (first resistance), $0.4525 (second resistance), and $0.4717 (third resistance).

XRP Current Market Standing

Ripple (XRP) is ranked as the 6th biggest crypto by market cap, according to CoinMarketCap, and experienced a 24-hour drop in price of 1.06% to take its price down to $0.4244. This also puts its total market cap at approximately $21.558 billion at press time.

XRP’s price has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 2.42% and 0.97% respectively. At press time, one XRP is worth around 0.00001841 BTC and 0.0002595 ETH.

Despite the negative 24-hour performance of XRP’s price, the remittance token’s price is still up 8.94% over the last 7 days.

XRP Technical Overview

Daily chart for XRP/USDT (Source:CoinMarketCap)

A bullish ascending wedge pattern has formed on XRP’s daily chart after the altcoin’s price gradually printed higher highs and higher lows over the last 2 weeks. The base of the wedge is at the $0.4160 resistance level.

XRP’s price has broken above the base of the wedge in the last 24 hours and is still trading above the level at press time. There is, however, no confirmation as to whether or not this is a fakeout or a breakout.

Nevertheless, XRP’s price is making a move towards the next major resistance level at $0.4427. Once it approaches this level, bears may step in to drag XRP’s price back down to below the $0.4160 mark.

Technical indicators for XRP currently point towards a bullish outlook for XRP on its daily chart. The daily RSI indicator is one technical indicator that still flags bullish, with the daily RSI line positioned above the daily RSI SMA line. In addition to this, the daily RSI line is sloped positively towards overbought territory.

The other daily technical indicator that suggests a bullish outlook for XRP is the 9-day EMA line being positioned above the 20-day EMA line. Furthermore, the shorter EMA line is also offering XRP’s price some support.

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

The 4-hour chart for XRP also remains bullish as the 9 EMA line is positioned above the 20 EMA line on the 4-hour timeframe. The RSI line on the 4-hour chart is, however, sloped neutrally. This suggests that the market is in limbo as it awaits a trade opportunity.

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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