Coin Edition -
- XRP’s price rose by 0.91% over the last 24 hours, according to CoinMarketCap.
- The remittance token’s price broke out of a support zone in the last 24 hours.
- Traders and investors are bracing for the US inflation data which will be released later today.
Ripple is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. It was first released in 2012 and was co-founded by Chris Larsen and Jed McCaleb.
Ripple’s main process is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers, which is used by banks and financial middlemen dealing across currencies.
The token used for the cryptocurrency is premined and utilizes the ticker symbol XRP. Ripple is the name of the company and the network, and XRP is the cryptocurrency token. The purpose of XRP is to serve as an intermediate mechanism of exchange between two currencies or networks – as a sort of temporary settlement layer.
The CEO of Ripple Labs, Brad Garlinghouse, shared in a tweet on Sunday that the company has some of its funds locked in Silicon Valley Bank. Moreover, Garlinghouse mentioned in his tweet that the company expects no disruption in their day-to-day business, sharing that the company held a majority of its cash in a network of banks.
Setting the record straight on SVB Qs: Ripple had some exposure to SVB – it was a banking partner, and held some of our cash balance. Fortunately, we expect NO disruption to our day-to-day business, and already held a majority of our USD w/ a broader network of bank partners.— Brad Garlinghouse (@bgarlinghouse) March 12, 2023
Garlinghouse reassured XRP holders that Ripple remains in a strong financial position, despite, the vast amount of information related to Silicon Valley Bank which remains unknown.
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto based on its market cap, according to CoinMarketCap. It experienced a 0.91% increase in price in the last 24 hours taking its price up to $0.3717 at press time. This also puts its total market cap at approximately $18.937 billion at press time. The 24-hour increase in XRP’s price has chipped away at its negative weekly performance. As a result, the price of XRP remains down by 0.22% over the last 7 days at press time.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
The price of XRP was able to break out of the support zone between $0.3584 and $0.3653 in the last 24 hours after consolidating in the support zone for the last 3 days. It was able to break out of the zone as a result of the liquidity that market makers were able to build in the evening hours of this past Sunday when the remittance token’s price broke below the support zone.
Shortly thereafter, XRP’s price was propelled to just above the zone in the final hours of this past Sunday and early hours of Monday. This move above the support zone was short-lived, however, and XRP’s price dropped back into the zone before its final break out of the consolidation channel, where it trades at press time.
XRP’s price was also able to flip the 9 and 20 EMA lines on the 4-hour chart in to support over the last 24 hours. Furthermore, the 9 EMA line was able to cross the longer 20 EMA line in the last 24 hours – suggesting that the altcoin’s price has entered into a short-term bullish cycle.
Investors and traders may want to keep an eye on the 9 and 20 EMA lines on XRP’s 4-hour chart before entering into a long position in the coming 24-48 hours. Should XRP’s price close below the two EMA lines in the next 4-8 hours, then the altcoin’s price is at risk of dropping back into the aforementioned support zone in the next 24-48 hours.
Daily chart for XRP/USDT (Source: TradingView)
The daily chart for XRP looks slightly bearish at press time with the daily RSI line looking to cross below the daily RSI SMA line, as well as the negative slope of the daily RSI line.
Unlike the 4-hour chart, XRP’s price was unable to break above the 9 and 20 EMA lines on the daily chart. At press time, the remittance token’s price is being held down by the 9-day EMA line which is also positioned bearishly below the 20-day EMA line.
Traders and investors may be taking profit following the rise in XRP’s price over the last 3 days in an attempt to recover some of their 2022 losses. Furthermore, the news that Ripple has some of its funds locked in Silicon Valley Bank (SVB) may have spooked some traders and smart money investors – causing them to exit their positions on XRP.
The US inflation data will be released today which may impact the price of XRP in the next 24-48 hours. Analysts believe that the interest rate data will come out better than expected which will have a positive impact on the entire crypto market.
On the other hand, if XRP’s price closes today’s trading session below the minor support level at $0.3691, the crypto’s price will likely make an entrance back into the support zone between $0.3584 and $0.3653 in the next 24-48 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post XRP Price Prediction: What to Expect in the Next 48 Hours appeared first on Coin Edition.