- The price of Ripple (XRP) has dropped 2.18% in the last 24 hours to trade at $0.4989.
- XRP’s price is trading below a key ascending price channel at press time.
- Traders are most likely waiting for the release of JOLTs Job Openings data before buying or selling XRP today.
Matt Hamilton, a previous director of developer relations at Ripple, has taken issue with popular YouTuber Mark Moss regarding the topic of XRP and Bitcoin (BTC). Moss initially expressed skepticism towards the optimistic outlook of the XRP community, stating that their belief was tied to the idea that the cryptocurrency would be in demand due to its ability to facilitate faster money transfers for banks. Moss appeared frustrated that banks were choosing XRP over Bitcoin, which he referred to as “freedom money”.
However, Hamilton disagrees with Moss’s perspective and believes that he doesn’t fully understand XRP. Hamilton directly asked Moss about his understanding of XRP and proceeded to explain that the crypto is actually necessary for the precise movement of value without relying on banks. Hamilton asserted that this is the fundamental purpose of cryptocurrencies.
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto based on its market cap, according to CoinMarketCap. It experienced a 2.18% drop in price in the last 24 hours, taking its price down to $0.4989 at press time. This also puts its total market cap at approximately $25.766 billion at press time.
The 24-hour drop in XRP’s price has chipped away at the remittance token’s positive weekly performance. Nevertheless, XRP’s weekly price performance remains in the green at +2.82% at press time.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
XRP’s price has dropped out of the ascending price channel present on its chart in the last 24 hours – reaching a low of $0.4855 during this time period. However, bulls seem to be trying to rescue XRP’s price during the latest 4-hour cycle.
A confirmation of XRP’s price recovering from its recent retracement will be if XRP’s price is able to close above the 9 and 20 EMA lines on its 4-hour chart in the next 24 hours. If XRP’s price fails to do this, then it will likely make a move toward the next support level at around $0.4742 in the next 24-48 hours.
A break below this support level will see XRP’s price drop into the support zone between $0.4596 and $0.4742. The altcoin’s price won’t remain in this zone for too long should it drop to this point, as the demand in the zone will propel XRP’s price relatively quickly.
Although the 9 EMA on XRP’s 4-hour chart is bearishly positioned below the 20 EMA line on the 4-hour chart, the RSI indicator on XRP’s 4-hour chart points towards a more bullish thesis. At press time, the RSI line is sloped positively towards the overbought territory.
This bullishness foreshadowed in XRP’s 4-hour RSI indicator will be validated when the RSI line crosses above the RSI SMA line.
Daily chart for XRP/USDT (Source: TradingView)
The price of XRP has lost the support of the 9 EMA line on its daily chart in the last 48 hours after it printed a 4.27% loss yesterday. Today, bulls are attempting to prevent XRPs from dropping to the upper bound of the demand zone at $0.4747. This is also the current price level of the 20-day EMA line.
Technical indicators on XRP’s daily chart remain bullish with the 9-day EMA trading above the 20-day EMA at press time. Furthermore, the daily RSI line is sloped positively towards the overbought territory. Similar to the 4-hour chart RSI indicator, the daily RSI line is currently trading below the RSI SMA line.
Therefore, traders may want to wait for the daily RSI line to cross above the daily RSI SMA line before entering into a long position for the altcoin.
If XRP’s price breaks below the previously-mentioned support zone without receiving support from bulls, then it is at risk of dropping to the next major support level at $0.4452. XRP traders and investors are most likely waiting for the outcome of the JOLTs Job Openings data coming out later today before buying or selling XRP in today’s trading session.
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.
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