- The XRP coin price surged over 7% from the $0.581 bullish point of interest.
- Technical indicators summary is bullish in the current trading phase.
- The trading volume has declined 41.27% in the last 24 hours.
XRP ledger (XRP) provides low-cost transactions, speed, scalability, carbon neutrality, and energy efficiency benefits. It is an open-source, permissionless, decentralized technology. XRP ledger features the first decentralized exchange (DEX) built into the protocol. The technology has been operating reliably since 2012 and has closed almost 70 million ledgers. It uses a unique Federated consensus mechanism for transaction validation.
XRP Returned Only 21.99% in the Last Six months
Ripple positive returns have declined to only 21.99% in the current trading session. Recently, the price faced a sharp selling from the $0.785 immediate resistance level. That’s because of the previous target completion of the $0.748 resistance.
The XRP has started a potential bullish reversal from the $486 demand zone in October 2023. The price recorded over 50% growth in just seventeen days of trading. It reached the $0.748 resistance and formed a long-lasting descending channel.
Subsequently, the price spent almost three months in that channel until February 2024, reporting a 30% decline. On February 1, 2024, the XRP coin price started gaining bullish responses from crypto investors, which resulted in a hike of 61% to $0.785.
Supply and Valuation of the XRP Coin
The maximum XRP supply is capped at 100 billion, and this technology’s fully diluted market valuation is assumed to be $62.58 billion. It is making cryptocurrency more transparent to people and communities around the world, reflecting its deflationary nature.
Ripple has released 54.94% of the tokens from the maximum supply, which hardly stands at 54.94 billion XRPs. It currently holds a market capitalization of $34.40 billion. Additionally, the 24-hour trading volume is at $959 million.
Technical Analysis of the Ripple (XRP) Coin Price
The bullish outlook lies above the key exponential moving averages. The 50-day and the 200-day EMAs had a golden crossover at $0.580, which reflected increasing bullish sentiments in the price. Both the EMAs are playing as dynamic support for the XRP.
Ripple has given a breakout at $0.552 from a descending channel pattern on February 27, 2024. Afterward, the price recorded a 42% impulsive bullish rally to the $0.785 resistance. However, crypto traders started booking profits from that level, which resulted in a decline of over 25% on the $0.581 bullish point of interest (POI). XRP coin price can claim the $0.785 resistance unless it slips below the $0.552 breakout level.
Furthermore, the relative strength index (RSI) has reflected a bearish divergence in the price momentum. It indicates the increasing selling pressure in the current trading phase. The RSI is moving at 51.05 above the signal line.
Summary
The Ripple price has been performing with bullish sentiments since October 2023. The price is also moving in higher-high swings, reflecting an uptrend. Recently, the price faced some profit booking from the $0.785 resistance, which resulted in a decline of nearly 25%. The price is getting bullish responses from the $0.581 POI at press time. The XRP price prediction would be bullish to the $0.785 resistance unless it dropped below the $0.552 breakout level.
Technical Levels
- Resistance Levels: $0.719 and $0.785
- Support Levels: $0.581 and $0.552
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.