XRP Bottom Support Holds Strong: A Healthy Sign For The Crypto’s Price?
September 08 2023 - 4:40AM
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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. Related
Reading: Ethereum Price Maze: Will It Soar To $2,000 Or Stay At
$1,500 In September? 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. Related Reading: BNB Road To
Recovery: Can It Thrive Amid Declining Network Engagement? 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
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