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XRP Price Analysis: What to Expect in the Next 48 Hours

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© Reuters. XRP Price Analysis: What to Expect in the Next 48 Hours

  • Ripple (XRP) experienced a 24-hour drop of 11.30%.
  • Looking at the daily chart for XRP/USDT, XRP’s price has broken below a previously established channel.
  • The price of Ripple could rise over the next 48 hours as the RSI indicates that XRP is extremely oversold.

Ripple is a technology that has both a cryptocurrency (XRP) and a digital payment network for financial transactions. Co-founders Chris Larsen and Jed McCaleb first released it in 2012. Ripple’s main process is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers, which is used by banks and financial middlemen dealing across currencies.

The token used for the cryptocurrency is pre-mined and utilizes the ticker symbol XRP. Ripple is the name of the company and the network, and XRP is the cryptocurrency token. The purpose of XRP is to serve as an intermediate mechanism of exchange between two currencies or networks – as a sort of temporary settlement layer.

InstrumentSignalProbabilityDate RangeOpen Price2% Stop LossEntrySupt 1Supt 2Supt 3RESIS 1RESIS 2RESIS 3
XRPUSDTBUY62.27%2022-06-30, 02:00:00 – 202206-15, 02:00:000.340.33320.3633420.3333330.3233670.3073330.3593330.3753670.385333

GB Market Analysis Software signals that XRP’s price will rise (Source: GreenBot)

According to the GB Market Analysis Software, the price of XRP will rise in the next 48 hours in the date range (2022-06-13, 02:00:00 GMT + 2 – 2022-06-15, 02:00:00 GMT + 2). A confirmation of the signal playing out will be when the price of XRP hits $0.363342. This is also the identified price entry for the trade.

The current support levels for XRP/USDT are $0.333333 (first support level), $0.323367 (second support level), and $0.307333 (third support level). Meanwhile, the current resistance levels for XRP/USDT are $0.359333 (first resistance level), $0.375367 (second resistance level), and $0.385333 (third resistance level).

XRP Price: Current Market Standing

Ripple (XRP) is ranked number 7 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap, and experienced a 24-hour drop of 11.30% to take its price down to $0.3101. This also puts its total market cap at approximately $14.99 billion.

Ripple’s recent fall in price can be attributed to investor fears that China will start a war with Taiwan. However, things are still looking up for the project despite the flood of bear pressure over the last few days.

Ripple has been in an ongoing lawsuit with the Securities and Exchange Commission (SEC) that seems to have turned in favor of Ripple. The final verdict for the lawsuit is expected to be delivered towards the end of this year.

In addition, the CEO of Ripple – Brad Garlinghouse, has hinted at future expansions for the project. It is believed that the expansion drive will include several strategic acquisitions and mergers.

XRP Price: Technical Overview

XRP price drops below channel floor (Source: CoinMarketCap)

On the daily chart for XRP/USDT, the price of XRP has posted 3 red candles and looks to close lower than the market open today as well. The small down move has seen the price of XRP break below the floor of the channel that had been somewhat consolidating the price temporarily within the range of $0.3872 and $0.4355.

The 9 EMA is also positioned below the 20 EMA which is a short- to medium-term bearish flag. Another bearish flag is the RSI line positioned below the RSI SMA line and the line’s current negative slope.

However, the RSI is also below 30, which indicates that XRP is in extreme oversold territory. This may be a sign that XRP’s price will rise soon if bulls step in to seize the potential buy opportunity at the current level. Should bulls step in, we could see XRP’s price, at the very least, rise to the lower bound of the channel that it broke out of. This could be a 7% move upwards.

The price of XRP is currently positioned between the 2nd and 3rd resistance levels identified by the GB Market Analysis Software.

Taking into account the signal given by the GB Market Analysis Software, as well as the fact that the RSI indicates that XRP is in extreme oversold territory, we could see XRP’s price rise over the next 48 hours. Once again, the price entry for the move is $0.363342.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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ETH inflation after Merge started rising again for the first time since November

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current ETH inflation rate

The annual ETH inflation after Merge has once again turned positive for the first time since early November.

According to ultrasound.money, the annual ETH inflation rate rose 0.08% to 622,000 ETH as of December 6. At the same time, the annual ETH burn rate is 527,000 ETH. This news will also have a negative impact on the current price of Ethereum.

Meanwhile, back in early November, the volume of ETH being burned was overtaking issuance, making the cryptocurrency deflationary.

The cryptocurrency exchange site Uniswap V3 had the most commissions burned (~4192.1 ETH burned in the last thirty days). In second place were commissions burned for ETH transactions on the Ethereum network (3195 ETH). The three most active projects were closed by the USDT Stablecoin smart contract, through which ~2593 ETH was burned.

Almost in a month the Ethereum network burned over 50 000 ETH, and every minute about 1.2 ETH are burned in commissions.

Method for calculating current ETH inflation rate

Recall that before Ethereum switched to Proof-of-Stake algorithm, the amount of ETH issued per day was calculated by the formula: reward per block for miners and pay for PoS-stackers – ETH burned. However, after the transition to PoS, rewards for mined blocks are no longer generated at the execution level or on the main Ethereum network.

Given that the issue at the execution level after the transition to PoS is zero, the number of new ETH is now calculated as follows: the reward for PoS-stackers is burned tokens. At the time of writing, the ETH rate in the ETH/USD trading pair is $1,261, according to Nomics. The market capitalization at the same time is fixed at $154.5 billion.

Previously, we reported on What’s wrong with proving cryptocurrency reserves and why the cryptocurrency community doesn’t believe in it.

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British Ministry of Finance wants to restrict the crypto business in the country – media

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crypto restrictions

The British Treasury is finalizing a package of rules to restrict the crypto business. It was reported by the Financial Times, referring to the Financial Conduct Authority (FCA) of Great Britain.

The list of new rules includes restrictions on foreign cryptocurrency businesses in the UK; provisions on how businesses should act in case of bankruptcy, as well as requirements for advertising cryptocurrencies. This news will also have a negative impact on the current price of Ethereum and the cryptocurrency market.

Sources close to the British Ministry of Finance said in a media commentary that the ministry also intends to expand the FCA’s crypto restrictions and supervision over the cryptocurrency market. Details, however, remain unclear. Officially, the timetable for considering a new set of rules for the crypto market remains unknown. but media reports indicate that the British authorities may start consultations as early as early 2023.

In early November 2022, the Committee on Digital, Culture, Media and Sport (DCMS) in the U.K. The House of Commons announced the launch of a study into non-interchangeable tokens (NFT) and blockchain technology.

DCMS committee chair Julian Knight MP said that NFTs burst into the digital world so quickly that there was no time to stop and think. Now that the market is changing dramatically and there are fears that the bubble may burst, it is necessary to understand the risks, the benefits of this disruptive technology, and to formulate regulatory requirements for it, he stressed.

Amid the collapse of the FTX crypto exchange, UK authorities are discussing many initiatives to regulate the crypto market. Rishi Sunak, who took over as prime minister after the short reign of Liz Truss, played no small role here. Sunak is considered a key supporter of cryptocurrency in the government circles of the country.

Previously, we reported that Tether claims its USDT loans are “over-secured.”.

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For the first time, a Chinese court recognized that NFT is virtual ownership

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virtual ownership

Collections of NFTs have been recognized as virtual property under current Chinese law. The court in Hangzhou ruled.

The ruling states that NFTs have property rights characteristics such as value, rarity, manageability, and saleability. The court described virtuality and the technology that provides it as unique attributes of the assets. Whether this will have a positive effect on the current price of Bitcoin, we will see soon enough.

The case was heard in the sale of NFT virtual property by the defendant company. The plaintiff gave the firm personal information and transferred 999 yuan (about $144) before the purchase. However, the company did not deliver the goods, and returned his money a few days later, citing incorrect identification information. As a result, his claim was assessed at 99,999 yuan (about $14,380). The court sided with the seller, confirming the misrepresentation.

“As a virtual work of art, the NFT virtual property digital collection itself combines the original expression of the creator of the art and has the value of the corresponding intellectual property rights. At the same time – they are unique digital assets formed on the blockchain based on the mechanism of trust and consensus between the nodes. Therefore, NFT collections fall under the category of virtual property,” the ruling said.

On that basis, the court ruled that the rules governing online trading apply to asset transactions.

China believes that NFTs can be used for fundraising, including illegally. Therefore, the government has concerns that “underground banks” or loan sharks and shadow banking may soon appear in the country. Therefore, the government has banned not only crypto-assets such as bitcoin, but even ICOs and mining.

However, despite the restrictions, as of the end of May, there were 83 billion yuan (about $12.33 billion) worth of digital yuan transactions in the country. China continues to actively pursue the adoption of digital currency.

Earlier, we reported that Apple forced Coinbase to remove NFT transfers.

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