XRP Just Broke 1 of The Unwritten Crypto Rules – Where is Your Money Safer?

Updated: 06 June 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Ripple’s token, XRP, has experienced over a 10% price increase quickly, breaking out with a new record in its historical data.

Although the tension of the Ripple vs. SEC trial, expected to end in June, is making crypto enthusiasts and investors worried about the safekeeping of their funds, XRP is still striving for more uptrends in the long run.

While it’s showing an increase in its price today, several indicators hint at a high price growth potential for the asset shortly.

XRP Price Performance

Since Ripple’s token, XRP joined the crypto market, recording notable prices. Its initial all-time of $3.8419 was recorded on January 4, 2014, after which the token has remained $0.01 level.

Since then, XRP has been on the move to recover its loss prices. By 2017, XRP climbed to the level of $0.3, which it has also retained till this year, 2023.

At the beginning of 2023, XRP was trading at $0.3399 (January 1), and later, it climbed to $0.4134 in the space of 21 days (January 21, 2023). However, at the end of the month, it declined to $0.3946 (January 31).

In February, XRP had a descending price record, starting at $0.4064 on February 1 and slowly reducing to $0.3791 at the end of the month (February 28).

The trend reversed in March, causing XRP to record $0.3771 on March and $0.5343 on March 31. It started with a bullish pattern in April, recording $0.5385 on April 1 and $0.4784 on April 30 amid persistent fluctuations.

By May, it ran from $0.4722 on May 1 to $0.5219 at the end of the month. XRP has maintained its $0.5 level since June 1 and will likely rally more soon. If that happens, the token could be sitting at $1 in no time.

Notwithstanding, XRP is trading at $0.5046 today, June 5, 2023, indicating a price increase of 5.35% at the time of writing.

XRP Price Prediction Based On Technical Indicators

The sentiment for XRP, as indicated by the Relative Strength Index (RSI) at 56.38, suggests a neutral sentiment. The RSI value between the 30 and 70 readings typically indicates that the token is neither oversold nor overbought.

Additionally, seeing that XRP is trading above the 50-day and 200-day Simple Moving Averages (SMA) implies a positive sign for the token’s price movement. This suggests that the average price over these periods supports the current price of XRP.

Moreover, the Moving Average Convergence Divergence (MACD) line moving above the signal line could be interpreted as a bullish signal, indicating a potential uptrend in the price of XRP.

However, it’s important to note that XRP recently encountered a major resistance level at $0.5527 and subsequently dropped from that position.

This could be seen as a bearish sign for the token’s price movement. It suggests that there may be selling pressure or a lack of buying interest at that resistance level, potentially leading to a decline in price.

Given the mixed signals from the technical indicators, it is challenging to make a definitive prediction about the price movement of XRP.

Chances are that the token may further break out of the resistance level to continue a bullish move considering the information from the indicators.

Traders and investors should beware of the resistance level, carefully monitor the market and consider other factors, such as market trends and news, to make informed decisions about XRP’s future price direction.

Factors Affecting XRP’s Price

Cryptocurrencies are subject to factors like macroeconomic activities, the laws of supply and demand, and ecosystem-related trends and developments.

As such, the recent increase in network activity on the XRP platform could be one of the driving forces pushing the token’s price.

According to a leading crypto market analytics platform, Santiment, XRP experienced an increased address activity, signifying a growing engagement of users and suggesting an expanding base for XRP users.

Other Tokens To Consider

Wall Street Memes

While there are several alternatives to the XRP token in the cryptocurrency market, one notable example is Wall Street Memes (WSM) token.

In less than a month following its introduction, WSM has generated substantial attention and raised over $4.2 million.

Wall Street Memes has caught the attention of renowned financial analysts in the cryptocurrency sphere, including Jacob Bury, a popular YouTuber.

These experts consider WSM one of the most promising meme coins currently available. They believe that the coin possesses significant potential for substantial returns, with the possibility of its value growing tenfold.

Currently, Wall Street Memes is in the 9th stage of its presale. During this phase, each WSM token is priced at $0.0274. The presale consists of a total of 30 stages, and the price for the final round is set at $0.0337.

This structured approach ensures fair access and participation for investors throughout the presale process.

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