Cross-border payments on the Ripple Network are powered by XRP, a cryptocurrency that is fast, scalable, and secure. XRP can be used as a way to exchange different currencies or to store value. XRP is the original token of the XRP Ledger, a distributed ledger that uses a consensus algorithm to validate transactions.
XRP’s open interest is $559.51 Million, as per Coinglass, which is a crypto analysis website, it fell by 0.81% in the previous session. The long versus short ratio for 24 hours is 0.9677. The total number of short positions added in the last 24 hours is $196,705.171 against longs of $552,453.302.
XRP has a maximum market cap of $52,069,786,699, which is the fully diluted valuation (FDV) of the cryptocurrency. This is based on the assumption that all 100 Billion XRP tokens are circulating in the market today. However, the actual number of XRP tokens in circulation may be lower, depending on how the XRP tokens are emitted over time. Therefore, it may take several years before the FDV is achieved.
XRP crypto plummeted by 0.66% in market value and by 23.29% in trading volume in the last 24 hours, as per Coinmarketcap which is a crypto data website. Its market value is $27,730,963,050 and its trading volume is $772,069,125. There are 53,312,364,216 XRP in circulation.
Moreover, the XRP coin has shown good performance this month, as it is up by 2.86% and by 2.80% in the past six months. Also, the year-to-date return of XRP price is positive with a rise of 53.48%.
XRP Coin Price Technical Analysis in the 1-Day Timeframe
XRP price showed a consolidating trend for the past three months. At the time of publishing, the XRP price is trading at $0.52187, and the price is trying to surge slowly, if more selling volume is added, then the breakdown might drag the price towards new lows.
Therefore, the XRP price could continue to move downwards and reach the nearest support at $0.4 and $0.3 if it fails to maintain the current level.However, if the XRP price sustains the current level and rises, then it might hit the nearest resistance levels of $0.6 and $0.7.
At the time of publishing, Ripple (XRP) is trading below the 50-day EMAs (exponential moving averages) and trading above the 20-day EMA, which is rejecting the XRP price trend.
The MACD line at 0.00303 and the signal line at 0.00006 are above the zero line; both lines cross each other showing that a bullish crossover is observed in the MACD oscillator, where the histogram width is lean indicating price consolidation.
The current value of the RSI is 52.22 points and the 14-day SMA is slightly above the median line at 51.00 points which indicates neutral sentiments as the RSI took support on the 14 SMA line but the direction is not decided yet in the market for the XRP and highlighting consolidation to continue.
XRP price highlights the neutral sentiments and perspectives of investors and traders regarding the token in the daily time frame. XRP price action highlights a bearish to consolidation view at the time of publishing as XRP broke the resisting trendline and tried to sustain. Moreover, the technical parameters of the XRP price suggest the continuation of the consolidation over the daily time frame chart.
- Support levels: $0.4 and $0.3
- Resistance levels: $0.6 and $0.7
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.