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In a significant price movement, Ripple (XRP) faces the possibility of a correction as the price oscillates within its critical support level of $0.47.
This level holds the key to determining the future trajectory of XRP’s price, as a breach could potentially trigger a notable downturn.
Traders and investors are monitoring the Ripple (XRP) market movement closely XRP as they navigate the potential outcomes of this critical price level.
Ripple (XRP) Price Movement 2023
According to price trend data from CoinGecko, XRP started the year at $0.33 on January 1, 2023. Notably, the price surged by 21.21% ($0.40) on January 21, 2023. However, it dropped to $0.39 by the end of the month.
The price of XRP fluctuated between $0.38 and $0.40, with occasional highs of $0.41 and lows of $0.370, throughout February. Throughout March, the coin displayed persistent volatility but later built-up bullish momentum, resulting in the asset surging to $0.54 by month-end.
In April, XRP maintained a relatively tight trading range between $0.50 and $0.53, experiencing a minor decline to $0.46. As of May 5, 2023, XRP’s value experienced a marginal decrease of -0.02%, indicating a slightly bearish sentiment prevailing in the market.
June was not good for XRP’s price as it recorded several price declines. XRP dropped to $0.477 on June 17 and remained below this range till the end of the month.
XRP has begun July with a bearish sentiment, and today, July 5, 2023, it’s trading at $0.0479, a 1.06% price drop. Although it has not recorded high prices, investors still foresee a promising price outlook for the asset.
Furthermore, there has been a notable increase of 19.67% in the 24-hour trading volume, while the market capitalization currently sits at $25 billion. However, it is important to note that the market cap has experienced a decline of 1.06%.
XRP Technical Price Analysis – Key Price Levels, Indicators & Chart Patterns
Critical Price Levels
The bears have tried severally to break through the XRP significant support level at 0.452 but failed due to the persistent pressure from the bulls.
The bull is pushing XRP towards the primary resistance level around the $0.5742 mark. This indicates a potential bullish breakout if the bulls build stronger momentum and a potential buy signal.
A break above the $0.5742 resistance level could indicate a short-term bullish trend, and traders may seek short positions. Conversely, if XRP breaks below the primary support level of $0.4524, it could indicate a bearish trend.
The next resistance level will be $0.6647, while the long-term resistance point will be 0.7920. A breakout above this level will signal a long-term bullish sentiment. Notably, the next significant support levels are $0.3414 and $0.1763, which present potential sell opportunities for investors and traders.
The chart provided illustrates the price movement of XRP since April 2022, revealing the presence of a major trendline that acted as a robust resistance zone, preventing XRP from experiencing significant surges in price.
However, on September 22, 2022, a breakthrough occurred as the price of XRP surpassed the significant resistance trendline, forming a new technical chart pattern known as trendline Support.
This recent development implies that the asset is currently exhibiting bullish sentiment, indicating the potential for a price increase in the future. This new trendline support suggests a shift in market dynamics and offers optimism for XRP’s performance.
Experts’ Insight On The Short-term and Long-term Prediction
Due to the volatile nature of the cryptocurrency market, providing accurate long- or short-term predictions for a specific asset, including XRP, has not been easy, even for experts and traders.
During 2022 and the early months of 2023, XRP’s price trajectory exhibited a rather uneventful pattern. Much like Ethereum and Bitcoin, XRP demonstrated a notable stability during what was commonly known as the “crypto winter” phase prevailing in the broader cryptocurrency market.
Despite encountering noteworthy challenges, XRP maintains its appeal among both retail and institutional investors. It continues to attract substantial interest and analysis from industry experts. Hence, disregarding predictions made by these experts would be imprudent for market traders.
According to an XRP analysis conducted by Changelly, the maximum price of XRP in 2023 is $0.502, and the average trading price will be at $0.458, with its minimum level around $0.414.
In the long term, by 2026, the site added that the XRP price would climb to a maximum price of $2.17, and the average value is estimated at $1.87, with the minimum price of trading not less than $1.81.
A significant boost is expected by 2030 in the XRP market. The maximum price is estimated at $10.11 per token. Its minimum rate might drop around $8.81, and an average trading price of $9.10.
Techopedia suggests that the current price chart of XRP serves as the key metric to evaluate its likelihood of experiencing a substantial surge shortly.
Numerous factors, both positive and negative, exert influence on XRP’s performance.
Nevertheless, conducting a thorough analysis of its price chart yields valuable insights into the potential for significant growth in the upcoming period.
In the short term, XRP is estimated to average a price of $0.38 per token in 2023. A possible $0.56 is expected on a high, with a minimum fall of $0.20.
The prediction is based on the outcome of the SEC lawsuit. XRP’s average price by 2030 is $6. The maximum may climb to $9, with the lowest selling price at $3.
Factor Affecting the Price of XRP
The prices of all crypto assets are influenced by certain factors, such as notable events within the ecosystem and previous chart patterns.
Here is the most common factor that affects the price change of Ripple XRP:
Ripple Lawsuit: Impact on XRP Price
The lawsuit between the SEC and Ripple has emerged as a significant influence on the price of XRP.
As XRP operates under the Ripple Transfer Protocol developed by Ripple Labs, the coin experienced a substantial decline in value when Ripple faced legal action from the SEC. The lawsuit specifically targeted allegations of marketing unregistered securities, posing a significant risk to XRP.
Consequently, it instilled fear, uncertainty, and doubt (FUD) within the XRP community and resulted in significant market price declines for the coin.
XRP Token Distribution Mechanism
The distribution system of the XRP token plays a significant role in driving its price fluctuations.
Currently, the circulating supply of XRP accounts for 52.25% of its maximum supply of 100 billion, while the remaining tokens are locked in smart contracts. Approximately one billion tokens are released each month, potentially introducing a large supply into the market over 48 months.
To avoid disrupting XRP’s price, Ripple opts to sell these tokens through over-the-counter (OTC) trading. However, concerns persist regarding the potential selling pressure from investors in the future.
XRP Shows Promising Signs Amidst Downtrend: CoinsKid Analysis Points to Impending Golden Cross Formation
Despite the prevailing downward trajectory, XRP shows promising signs for its future performance.
According to the analysis conducted by CoinsKid, a renowned crypto chartist and YouTuber from the UK, XRP is approaching the long-awaited formation of a golden cross.
This bullish pattern, expected to occur after a three-year interval, indicates a potential upswing in XRP’s value. Based on historical trends, the analyst predicts a possible 720% rally, generating enthusiasm among investors and supporters.
The revelation of this significant price surge potential has instilled optimism within the XRP community. While the specific target is yet to be determined, the analyst proposes a conservative minimum objective of $9 if XRP surpasses its previous all-time high (ATH).
However, in the short term, XRP has struggled to break above the significant resistance level of $0.50.
Despite its ambitions to reclaim its previous price levels, XRP experienced a setback as it recently registered its first intraday loss for July.
Importantly, a bullish pattern known as a golden cross occurs when a shorter-term moving average, such as the 10-day exponential moving average (EMA), surpasses a longer-term moving average, such as the 20-day EMA.
Traders and analysts interpret this occurrence as a positive signal, indicating the potential for a significant upward price movement. Presently, XRP is trading at $0.4790, reflecting a slight decline of 1.06% in the past 24 hours.
However, it is worth noting that trading volume has notably increased, reaching a high of $963 million.
Recent Development in the Ecosystem
Xumm Wallet Integrates SimpleSwap Crypto Exchange, Streamlining Transition to XRP Ledger
In a significant development, the Xumm wallet has announced on its Twitter page the integration of SimpleSwap, a decentralized crypto exchange, into its platform.
Integrating SimpleSwap into the Xumm wallet will make transitioning to the XRP Ledger more convenient and user-friendly for all users.
SimpleSwap currently supports over 1000 cryptocurrencies and multiple fiat currencies, positioning itself as a reliable and user-friendly platform for crypto-related transactions such as buying, selling, and swapping.
Integrating SimpleSwap by XRPL Labs enhances the Xumm platform, improving its capabilities and overall user experience.
Also, this enhanced functionality may contribute to increased adoption and demand, which could positively impact the price of XRP.
Ripple Alternative DeeLance ($DLANCE)
DeeLance, an emerging cryptocurrency platform, aims to revolutionize the freelance industry by harnessing the potential of blockchain technology and secure smart contracts.
DeeLance strives to empower freelancers and clients alike by providing a decentralised platform, ensuring transparency, trust, and efficiency in their transactions.
The ongoing presale of the native token, DLANCE, has made impressive progress, surpassing $1.3 million in funds raised. The next presale stage will offer the token at $0.048, representing approximately an 11.62% increase from its current price of $0.043.
Following the completion of the presale, DLANCE is expected to be listed on multiple trading exchanges with an initial price of $0.057 per token.
Investors and traders who seize the opportunity at the current price of $0.043 anticipate a substantial 32.55% return on their investment.
Notably, it is expected that the price of DLANCE will witness exponential growth after each presale stage. The DeeLance presale event time remains less than 10 days before its closes.
To join the ongoing presale of DeeLance, follow the procedures below.
- Open your trust wallet, click the browser tab, then paste the deelance.com link in the search bar.
- Click the Buy button to connect the wallet and choose Dapp Wallet (Trust Wallet, Metmask) to Connect.
- Click on Buy with ETH or USDT to purchase, then click on Approve to confirm your transaction.
If you have followed all steps, then it will show Transaction Successful.
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