Ripple News

Ripple will launch an XRP ledger side chain, which is currently running on a testnet. It will be launched for the public in phase two around the first quarter of 2023. This side chain will be compatible with the Ethereum Virtual Machine that helps the developers to take the benefits of EVM-supported side chains, and they can transfer assets between the XRP ledger and other ETH side chains. 

Now users can take the benefits of leading Web3 wallets like MetaMask and XUMM Wallet. This EVM-supported sidechain can process more than 1000 transactions per second, which is far better than many other blockchain technologies. 

Besides that, the long-drawn battle between Security Exchange Council (SEC) and Ripple authority will be resolved soon, and the decision might favor Ripple. Hence, the community sentiment is bullish at this time. 

The lawsuit case will be presented in front of the judges this year, but the judges will announce the decision around the first half of the next year. There is speculation that it might favor the Ripple community, but all these are speculations. 

Besides that, Ripple authority also piloted a project with Central Bank Digital Currency last year so that they will focus on this space. For this, they have partnered with the Royal Monetary Authority of Bhutan to launch digital currencies.  

All this positive news are the ammo for a long bull run in the next few years, so it could be a good time to invest in XRP. Check out our technical analysis before investing.  

On the daily chart, XRP/USD has broken the resistance of $0.4 with a good volume and is now trading around $0.46. We can find short-term support for around $0.45. Though it turns bearish, we think it will not break the support. However, if it breaks, the previous resistance will work as the next support on this chart. Candlesticks are forming around the baseline of the Bollinger Bands, and MACD is bearish. You can trade for the short term with a strict stop loss of $0.44. 

We can find two weekly red candles on this chart that suggests a trend reversal, but most technical indicators are bullish, and candlesticks are forming in the upper Bollinger Bands. We think it is time to book short-term profit, but you should not invest for the long term at this time. You can wait until it comes to the level of $0.4. That could be the ideal time to accumulate the coin in the long term.

The cryptocurrency industry has stabilized after two months, and Ripple is showcasing it perfectly. The cryptocurrency grew by 180% since July end and recently hit 1.22 dollars.

The previous week witnessed Ripple rising by 0.91%, somewhat reversing the 3.57% decrease at the weekend. However, the cryptocurrency concluded the week at 1.22737 dollars, showing a decline of 4.55%.

The currency started the week on a high note, reaching 1.25708 dollars before it hit the reverse. However, XRP fell short of its first major resistance level at 1.2645 dollars. Its mid-afternoon intraday low was recorded at 1.18 dollars.

Despite the dip, Ripple managed to stay at 1.22 dollars at the end of the day. Currently, the cryptocurrency is witnessing 0.93% 24-hour growth. Its market price is 1.24 dollars, while the 24-hour volume is at 5.2 billion dollars approximately. Ripple’s market cap is 124.2 billion dollars, making it one of the biggest cryptocurrencies.

What’s the Verdict for the Short-Term Future?

XRP needs to avoid the 1.2215 dollars pivot to reach the 1.2630 dollars resistance level. Achieving that will ensure the crypto has a positive outlook for the week.

However, Ripple needs support from the border market to breach the 1.25 dollars level. Besides extending the crypto rally, the market needs a minor boost to helpXRP reach the resistance level.

Experts believe that Ripple could touch the 1.30 dollars resistance level before pulling back. Its second resistance level is at 1.2986 dollars, meaning the cryptocurrency will maintain a positive market cap.

However, if the crypto drops from 1.2215 dollars, it will reach the support level at 1.1859 dollars. Other than an extended sell-off, Ripple may avoid any sub 0.15 dollar levels. Its second major support is placed at 1.1444 dollars, allowing traders to have faith in the crypto.

What is Ripple?

Ripple is a technology that can be used in the form of a cryptocurrency and a digital payment network for carrying out financial transactions. It first came into existence in the year 2012. The technology was co-founded by Jed McCaleb and Chris Larsen.

According to the latest report, Ripple has emerged as the third-largest cryptocurrency by market cap as of August 2019. Ripple has gained more popularity for its digital payment protocol rather than its cryptocurrency XRP. It is worth noting that it functions on an open-source and peer to peer decentralized network that permits a smooth transfer of money in any form.

What is XRP, and how does it work?  

XRP is known as the digital asset of Ripple. It possesses the capacity to settle the payment in just 4 seconds. It can effectively take care of a whopping 1500 transactions every second. Ripple is different from other cryptocurrencies in several ways. The one way it bears similarity with other cryptocurrencies is that there is also a limited number of XRP produced. Presently, 100 billion XRP are in existence, and 60 percent of which is owned by Ripple. XRP is used as a mid-transaction for liquidity. XRP is not used as a currency. Since a large number of XRP is owned by Ripple and not used as a currency, some experts feel that it should be treated as a security. Meanwhile, Garlinghouse felt it should not be treated as security because it serves a utilitarian purpose.

All the XRP tokens are pre-mined. A smart contract holds the control of releasing XRP.  The basic use of XRP is to enable the transfer of other assets; however, an increased number of merchants have begun accepting XRP for payments. According to XRP News Today, XRP has emerged to be really effective in bringing down processing times and reduced transaction charges than BTC.

Ripple Currency (XRP) vs. Ripple Protocol

Ripple is a private enterprise software organization and the company happened to be founder and creator of Ripple Protocol. XRP has emerged as the native token of the RCL used for enabling money transfer between varying currencies.

It is worth mentioning that XRP and Ripple cannot be interchanged. XRP is defined as a digital asset; on the other hand, Ripple is a company that established the Ripple Consensus Ledger. XRP and Ripple have got some interdependence on each other. The estimation of Ripple is fundamentally linked to the market price of XRP as Ripple owns various tokens. Earlier, Ripple planned to place 55 billion of XRP tokens into escrow accounts to other network’s participating members so that they do not have to throw all their XRP tokens one day, thus pulling the price down. Apart from that if you want to know more about the current price and future price prediction then you must visit our other pages.

What is Ripple Protocol?

Ripple Protocol can be described as an inter-bank settlement protocol that was established for offering swifter global payments than what conventional systems may offer. It includes different currencies and asset classes, which has made it popular with banks and financial institutions around the world.

Is XRP Centralized?

XRP is not a regular cryptocurrency and has not been supported by a conventional blockchain. It has, therefore, emerged to be heavily centralized and remains in the control of its parent company, namely Ripple Labs. XRP is the currency of the Ripple Network that the app uses. Ripple does not use a blockchain for securing transactions but relies on a method known as HashTree patented by Ripple Labs.

Conclusion

With the surging popularity, experts feel that Ripple is likely to rule the global transaction very soon. There is a big list of banks that are reportedly planning to use Ripple, and most of them are in the testing phase already.

Ripple’s price marked a tremendous improvement on yesterday’s chart. The coin touched $0.192 but couldn’t breach 7-days high at $0.193. Today, the XRP coin started the day with a moderate plunge, but recently, it has started recovery. The prospect of growth is good and looks like the impending hours would take the price to the resistance level at $0.195.

Ripple Price Analysis

Since mid-February, the XRP coin was trading under strong bearish hold, and it touched a low at $0.14 on March 13. From this price point, the currency started trading upwards with a moderate momentum, and today, it managed to trade above $0.188.

Yesterday, Ripple price spotted at $0.180 during the opening hour, and then, in the next 30 minutes, the price dropped to $0.174 by 3.28% fall. However, later, the coin was followed by a heavy improvement spree. By 06:00 UTC, the XRP price was trading at $0.179, and over the next 2 hours, the currency marked steep hike, and the price escalated to $0.192. Later, the coin faced a slight plunge to $0.187 by 1.25%, but immediately it improved to $0.191 by 2.09% hike.

Further, Ripple locked its price around $0.190 till 20:13 UTC, and then, it improved in the later hours by 2.16% and touched $0.193 at 23:02 UTC. After that, the XRP coin trading downwards and touched $0.191 and closed the day. The day-long movement brought a 5.72% progression in the price.

Today, Ripple started with a moderate downtrend, and in almost 5 hours, the price spotted at $0.187. However, from this price point, the currency began the escalation, and at the time of writing this analysis, the XRP coin touched $0.188. The MACD indicator reflects bearish crossover as the signal line has overlapped the MACD line. And Ripple price holds support from its 20 & 50-day MAs.

The current price of Ripple currency is near the immediate support level at $0.181. The same could get breached in the impending hours. However, if bulls enter, then the immediate resistance level is set at $0.195. 

Ripple coin was trading high during the mid of February. The plunge after that brought a tremendous change in the price trend of XRP coin. The price began dropping, and now it is trading at $0.240. The currency was at the same level on February 02. The chances of improvement in Ripple prices in recent days are thin. The interested traders might have to wait for some time.

Ripple Price Analysis

On January 27, at initial hours, the price of Ripple coin was at $0.2309. The currency escalated to $0.255 by 10.61% hike in the next six days. The currency locked itself around the same level until February 04. The price improved to $0.2847 on February 07. The price tightly locked itself around $0.284 and later dropped to $0.270 by 4.83% fall. XRP price escalated to $0.339 by a massive hike of 25.99%. However, in the next three days, the coin price dropped to $0.272 by 19.73% fall. Ripple coin price jumped to $0.304 by 10.82%, but then, it dropped to $0.269 on January 20. The currency was spotted hovering around $0.280 for a while. The coin slightly recovered to $0.282 but again came under pullback pressure and dropped to $0.239.

As per the current price movement, there is no sign of improvement in the currency. The price might drop below and close with a negative digit. Ripple price is currently trading at $240. The coin has breached the immediate support level at $0.247 and the next support level at $0.241. It might dribble down the major support level at $0.229.