Can XRP Crypto Price Thrust Upward & Gain Big?

Ripple Net leverages XRP to offer liquidity for international transactions, removing the necessity of pre-funding accounts. Esteemed financial organizations like Santander, Bank of America, SBI Remit, and Banco Rendimento make use of this platform.

Ripple (XRP) has a maximum market cap of $55,529,032,687, which is the cryptocurrency’s fully diluted valuation (FDV). This is based on the assumption that all 100 Billion XRP  s are circulating in the market today. However, the actual number of XRP  s in circulation may be lower, depending on how the XRP  s are emitted over time. Therefore, it may take several years before the FDV is achieved.

XRP crypto plummeted by 1.20 % in market value and by 19.19% in trading volume in the last 24 hours, per Coinmarketcap, a crypto data and info website. Its market value is $30,256,923,307 and its trading volume is $941,558,385. There are 54,558,598,490 XRP in circulation.

Ripple (XRP) open interest is $657.51 Million, as per Coinglass, which is a crypto analysis website, it fell by 2.36% in the previous session. The long versus short ratio for 24 hours is 0.9406. The total number of short positions added in the last 24 hours is $350,937.331 against longs of $2,518,842.769.

Can Ripple Price Reach New Heights Soon?

The price structure in Ripple assets displays bullishness as it shows a bullish pattern known as the falling wedge and shows the potential to continue increasing the price above the major trend 20, and 50-Day EMA bands.

Even though the technical indicator in XRP crypto assets is displaying bullish characteristics, MACD shows a bullish crossover. MACD line is at 0.00321, the signal line is at -0.003800, and the histogram is at 0.00701.

Likewise, the RSI is flying smoothly and taking support from the 14-SMA smoothened line, signifying that the Ripple price is gaining momentum and can achieve new heights. RSI is currently at 58 and 14-SMA is at 49.

XRP price structure shows good performance in the last week and month by 6.54% and 1.25%, respectively, signifying the beginning of an upcoming stable breakout in an upward direction.

At press time, the crypto has experienced an incline of 1.42% in the last 24 hours, and the CMP is trading at $0.55755.

Therefore, if the demand for Ripple increases with momentum, the asset price could continue to rise from the current level. The next goal for the price could be to reach supply to retest it at $0.68000, and the in-between hurdle would be $0.59250.

Another possibility is that if the XRP price fails to stay above the $0.51300 level, it could decline further.

Summary

The Ripple price action shows a bullish perspective at the time of publishing, as it recently attempted to surge by breaking the wedge, and technical parameters confirm the bullishness. Therefore, if the demand for Ripple increases with momentum, the asset price could continue to rise from the current level.

Technical Levels

Support Levels: $0.51300

Resistance Levels: $0.59250

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.