XRP Bottom Support Holds Strong: A Healthy Sign For The Crypto’s Price?

Christian Encila

1 year ago

3 mins read

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XRP has once again found itself in a state of relative stability. Despite minimal gains, the crypto is holding firm at $0.5, showcasing a remarkable resilience over the past 24 hours. However, the intriguing aspect of this scenario lies in the technical analysis and upcoming developments that may hold the key to XRP’s future trajectory.

Recent price analysis reveals that XRP is currently being held in check by the 50-day Exponential Moving Average (EMA), capping its price at $0.5027. Furthermore, another significant seller congestion point looms at $0.505.

This data paints a clear picture of the cryptocurrency’s sideways trading pattern, indicating that XRP is likely to remain within this range until it encounters a market-shifting event. The forthcoming update on the XRP Ledger has the potential to be precisely that.

XRP: Current Status

As of now, the Ripple native currency is priced at $0.505186 via CoinGecko, marking a modest 0.3% gain in the past 24 hours. However, its performance over the past seven days reflects a minor loss of 0.8%. According to expert analysis, traders should anticipate a consolidation phase in the range of $0.4950 to $0.5050 for the foreseeable future.

XRP market cap currently at $26 billion. Chart: TradingView.com

A glance at the weekly chart reveals a market in equilibrium, with neither the bulls nor the bears asserting dominance. This sentiment aligns with the declining trading volume, hinting at a potential breakout once XRP can secure a position above the interim zone of $0.55. A pivotal resistance level of $0.5848 awaits, promising a substantial rally if breached.

Ledger Update

The crypto community’s hopes are pinned on XRP’s upcoming update, version 1.12.0, which incorporates two transformative features. This update merges the XLS-30 Automated Market Maker (AMM) and the XLS-39 Clawback specification into the XRP Ledger’s protocol.

1/ We’re excited to announce that the XLS-30 AMM spec and XLS-39 Clawback spec have merged to the latest version of rippled 1.12.0.https://t.co/zbg8G4PHsC

— RippleX (@RippleXDev) September 6, 2023

The brainchild of Ripple’s CTO, David Schwartz, and Aanchal Malhotra, RippleX’s Head of Research, the proposal behind XLS-30 aims to enhance returns for liquidity providers in the AMM while mitigating the risks posed by market volatility.

Anticipated Recovery

The technical indicators also hint at an impending recovery for XRP. With the cryptocurrency testing the lower boundary of the Bollinger Bands, historical data suggests a tendency to revert to the indicator’s middle, indicating that the bulls might soon take charge.

XRP’s current sideways trading may be a precursor to significant movement, with the upcoming XRP Ledger update holding the potential to act as a catalyst for change. Crypto enthusiasts and traders will be watching closely as XRP navigates this pivotal juncture in its journey through the cryptocurrency market.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Times Tabloid

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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