- The price of Ripple (XRP) posted a 4.11% gain over the last 24 hours.
- XRP’s price is currently attempting to challenge a key resistance level to break out of a consolidation channel.
- Important economic data will be coming out of the US this week which may impact XRP’s price.
David Schwartz, the Chief Technology Officer of Ripple, has used Twitter to address a common query that he has been receiving lately. The question is whether a product or service should be exclusively designed to function only with XRP. To the surprise of many, Schwartz’s answer is “No.”
According to Schwartz, developers should not limit their dApps or other offerings to only work with XRP, unless it is a feature of the XRPL. Instead, he suggests that developers should make their products as versatile as possible by supporting a wide range of assets. Schwartz explained that creating products that work solely with XRP could potentially result in losing users’ interest in the long run. He further added that Ripple’s goal is to make XRP accessible to as many individuals as possible.
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto based on its market cap, according to CoinMarketCap. It experienced a 4.11% increase in price in the last 24 hours, taking its price up to $0.5247 at press time. This also puts its total market cap at approximately $27.115 billion at press time.
The 24-hour rise in XRP’s price has given the remittance token’s positive weekly price performance a boost. As a result, the weekly price performance for XRP stands at +5.14% at press time.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
The altcoin’s price is in the process of challenging the key resistance level at $0.5268 at press time. XRP’s price has been able to break above the 9 and 20 EMA lines on its 4-hour chart in the last 24 hours. Now, the remittance token’s price is trying to flip the $0.5268 level for the first time since dropping below the level on 1 April.
Technical indicators suggest that XRP’s price will be able to flip the resistance level into support in the next 24 hours. Currently, the 9 EMA line on XRP’s 4-hour chart is trading above the longer 20 EMA line. This suggests that XRP’s price has entered into a short-term bullish cycle which will see XRP’s price rise in the next 24-48 hours.
Furthermore, the RSI indicator on XRP’s 4-hour chart is also flagging bullish, with the RSI line steeply sloped towards the overbought territory. The RSI line is also trading above the RSI SMA line and is in overbought territory.
Should the bullishness expressed by these indicators be validated, then XRP’s price will make a move toward the next resistance level at $0.5539 in the next 24-48 hours.
On the other hand, if XRP’s price fails to close above the previously-mentioned $0.5268 level in the next 24 hours, then XRP’s price could retrace back below the 9 and 20 EMA lines on its 4-hour chart to around $0.5135.
Daily chart for XRP/USDT (Source: TradingView)
The daily chart for XRP/USDT shows that a consolidation channel is beginning to form. Over the last week, the altcoin’s price has traded within this channel between $0.4964 and $0.5245. Currently, XRP’s price is attempting to break out of this channel.
Should it fail to close above the upper bound of the price channel, then the altcoin’s price will likely retrace back down to the 9-day EMA level, which is acting as a support level for XRP at around $0.5105 at press time.
Closing below the 9-day EMA line in the next 24-48 hours will result in XRP’s price dropping down to $0.4964 in the next few days.
Important economic data will be coming out of the U.S. this week which will have an impact on XRP’s price. The first piece of data that every trader and investor should take note of is the FOMC meeting minutes which will be released tomorrow evening.
It is expected that the Fed will ease their monetary policy with many in the financial markets stating that inflation rate hikes may be coming to an end. A favorable outcome for the Fed meeting minutes tomorrow will be if the interest rate is hiked by 25 basis points or lower, or is not hiked at all. This will ignite a relief rally in the crypto markets.
Other important economic data coming out this week include inflation data, PPI data, and Retail sales data.
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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