- XRP’s price posted an impressive 10+% gain in the last 24 hours.
- The previously-established bullish triangle pattern on XRP’s charts played out over the last 24-48 hours.
- Macroeconomic and technical indicators suggest that XRP’s price will retrace in the coming days.
Ripple, in collaboration with a working group of the Digital Euro Association (DEA), recently presented a whitepaper to the public which describes aspects of a central bank digital currency (CBDC), privacy, and its interaction.
Ripple’s head of digital currency products and solutions, Anthony Ralph, shared his views and expertise for the research report. Ralph had commented on the whitepaper that CBDC and blockchain, as the technology on which “state cryptocurrencies” are built, can and do offer enhanced security and access control to ensure privacy in various usage scenarios.
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto based on its market cap, according to CoinMarketCap. It experienced a 10.57% increase in price in the last 24 hours, taking its price up to $0.5362 at press time. This also puts its total market cap at approximately $27.708 billion at press time.
The 24-hour rise in XRP’s price has boosted the remittance token’s positive weekly performance. As a result, the price of XRP is up 14.89% over the last 7 days.
XRP Technical Overview
The bullish ascending triangle pattern on XRP’s 4-hour chart played out over the last 24-48 hours. This resulted in XRP’s price climbing from a low of $0.4418 on Sunday to a high of $0.5417 today.
XRP’s price was able to break the key resistance level at around $0.4598 on Monday after it failed to do so in the previous two attempts in the last week. Since then XRP’s price has continued to print higher lows, which has established a positive trend line on the altcoin’s 4-hour chart.
Investors and traders may want to take note of the bearish wedge that has now formed on XRP’s chart following the spike in price. XRP’s price is attempting to break out of the pattern today but has a lot of work to do before investors and traders can confidently enter into a long position at this stage.
Traders will likely take profit after the 10+% rise in XRP’s price in the last 24 hours. Should this happen, XRP’s price will likely target the next support level at around $0.4751 before another pump-up. A confirmation of this will be XRP’s price losing the support of the 9 EMA line on its 4-hour chart.
The RSI indicator on XRP’s 4-hour chart suggests that the altcoin’s price has reached a peak for this move as the RSI line’s slope is starting to level out. Furthermore, XRP’s price is in the overbought territory between 70 and 80.
XRP’s near-parabolic move in the last week can be seen more clearly on the daily chart. The bullish ascending triangle chart pattern played out on the daily timeframe as well. XRP’s price was then able to overcome the supply zone between $0.4598 and $0.4745 to ultimately skyrocket to its current level.
A drop in XRP’s price in the next 24-48 hours will result in the altcoin’s price dropping back down to the aforementioned zone before another leg up. Economic data from the U.S. coming out later this week could also cause XRP’s price to retrace slightly.
Confirmation of this bearish thesis will be if XRP’s price closes today’s trading session below the minor support level at $0.5153. On the other hand, if XRP’s price is able to close today’s trading session above $0.5440, then it would have broken out of the bearish ascending wedge chart pattern which has been established on XRP’s daily chart.
Given the current macroeconomic landscape, a bearish thesis for XRP for the next 24-48 hours is justified. However, the recent move in XRP’s price may be the work of internal market makers given the flat trading activity in the crypto market currently. If this move was fueled by market makers then XRP’s price will either consolidate or continue to rise in the next 24-48 hours.
However, the introduction of organic trading volume for XRP in the next 24-48 hours will result in XRP’s price retracing as traders and investors will look to recover some of their 2021 losses.
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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