- The XRP crypto price has given a breakout from the descending channel.
- Technical summary suggested a positive signal in the current phase.
- The trading volume has increased by 85.48% in the last 24 hours.
XRP Ledger (XRP) is an open-source, decentralized technology launched in 2021. The Ledger offers low-cost transactions, speed, scalability, and green attributes (carbon-neutral and energy-efficient). It has custom tokenization capabilities built into the protocol and also features the first decentralized exchange (DEX). Crypto investors can buy XRP tokens in popular CeFi exchanges like Binance, Huobi, Bitstamp, etc.
XRP Returns has Come to 22.28% in the Last Six Months
The XRP crypto experienced a decline of 18.28% in January 2024. However, the price surged 28% from the $0.48 support level in February, reflecting a strong comeback. The price is trading near $0.61, which is the opening price of January 2024.
XRP has set its maximum supply of tokens at 100 Billion, and the total supply is at 99 Billion. It reflects itself as a deflationary currency in the crypto world, gaining investors’ attention. Conversely, there are 54.8 Billion XRP tokens in current circulation.
The fully diluted market capitalization of the tokens is $61.3 Billion, nearly two times greater than the current market capitalization of 33.6 Billion. XRP Ledger architects gifted 80 Billion XRP to Ripple to build a global payment network, Ripplenet, etc.
Price to Volume and Social Dominance
The price has been showing positive increments since early February. During that time, social dominance declined below 1.389%, but the trading volume sustained itself above $800 Million. Afterward, the price and volume have performed well compared to the social dominance, which is slowly declining.
24-hour trading volume of XRP is at $4.55 Billion, which ranked 9th out of all the 9,081 active cryptocurrencies. Also, the current market capitalization ranked 6th as per the CoinMarketCap.
Technical Analysis of the XRP Token Price
The price is moving above the 50-day and the 200-day EMAs, reflecting bearish sentiments in the current trading phase. Both the EMAs had a golden crossover at $0.58, which can become a bullish point of interest (POI).
XRP price has given a breakout from a descending channel at $0.55 in February 2024. It surged over 40% to the $0.78 level and facing resistance. Current price is trading above the $0.58 POI and can surge to $0.80 if it manages to sustain above the POI.
Furthermore, the relative strength index (RSI) reflected a bearish divergence in the price momentum. This indicates that the price is facing more selling pressure in the current trading sessions. RSI is sloping at 51.04 toward the 50 middle band.
Summary
XRP Ledger (XRP) offers low-cost transactions, speed, and scalability and works on green attributes like carbon neutrality and energy efficiency. Current XRP price is $0.62 above the decisional POI. It can surge above the $0.78 level; if the price sustains above that level, it will soon attain $1.00.
Technical Levels
- Resistance Levels: $0.78 and $0.94
- Support Levels: $0.58 and $0.52
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.