- XRP token price surged 4.86% during the weekly trading session.
- Moving averages show strong bearish signals, while the oscillators are neutral.
- The trading volume has increased 15.51% in the last 24 hours.
Launched in 2021, the XRP Ledger (XRP) offers a wide variety of applications and payment systems in the decentralized technology. It presents micropayments, Decentralized Finance (DeFi), and Non-fungible tokens (NFTs) and also supports enterprises and Python, Java, and JavaScript. With features like low-cost transactions, speed, scalability, carbon neutrality, and energy efficiency, it also has custom tokenization capabilities built into the protocol.
XRP Supply, Market Cap, Valuation, and 2024 Performance
The total diluted valuation of the XRP Ledger is estimated at around $52.01 Billion. The cryptocurrency has a locked maximum token supply of 100 billion. It has released 55.13% of tokens from the maximum supply, which hardly stands at 55.12 tokens. The current market capitalization is $28.67 Billion, ranking 7th in market cap domination across the crypto world.
XRP is reflecting stable liquidity in tokens trading with a volume-to-market capitalization ratio (VMR) ratio of 5.44%. The current trading has reached over $1.55 Billion, which is ranking 8th out of 9,828 active cryptocurrencies. Additionally, the crypto price is performing 86.54% below the all-time high price level of $3.84.
Starting in January 2024, the XRP token price experienced mass profit bookings from investors. The crypto recorded over 18% negative profitability during the Jan 2024 session. The scenario happened because of the sideways market trend that started in August 2023. XRP price has stuck between the $0.749 and $0.424 levels.
The breakout/breakdown of any of these levels holds the possibility of leading the trend, either bullish or bearish. The crypto delivered 16.75% positive returns in Feb, 7.19% in Mar, and -17.20% negative profitability in the running month. XRP is having a hard time dealing with the $0.749 supply level.
Price to Volume and Social Dominance Analysis
A reasonable hike in social tweets has been observed in the Ripple crypto across social media platforms after Jan 31. The crypto social buzzes covered over 7% of the dominance among all cryptocurrencies. That had a positive impact on price, as shown in the chart. The price has been slowly rising, influenced by social dominance. Any upsurges or rises in buzzing in social platforms can influence this crypto price.
XRP Technical Analysis
The current price slipped below the key exponential moving averages, reflecting bearish sentiments in terms of market technicals. The 50-day and 200-day EMAs have acted as dynamic resistance in the current sessions.
XRP price faced strong resistance from the $0.719 level. Afterward, the price made a bearish move to the $0.424 key demand level. Strong buying has been observed at the key demand level. If the price closes above the $0.642 supply level, the price will likely reach the $0.749 resistance level. Further downfall can be expected to be below the $0.424 support.
The relative strength index (RSI) is showing bullish momentum in the current trading phase. The golden crossover between the RSI and signal lines indicates a potential reversal in strength. The RSI is moving at 41.24.
Summary
Ripple crypto price has been showing a sideways market trend since Aug 2023. Cryptocurrency also experiences negative profitability in multiple timeframes. According to the market technicals, the XRP price is predicted to reach the 0.749 mark by the end of Jun 2024. For the bearish look, the XRP price prediction is expected to reach the $0.364 level at the end of May 2024.
Technical Levels
- Resistance Levels: $0.580 and $0.749
- Support Levels: $0.424 and $0.364
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.