XRP price increased by 2.58% over the past 24 hours.
|Performance after Tuesday 07-Feb|
XRP (XRPUSDT) price for the week to-date gained 0.93% or 0.0037 higher to 0.40210. At time of writing into Wednesday’s trading session, XRP has increased by 2.58% over the past 24 hours. For the record, XRPUSDT is -88.17% below all-time high of 3.40000. On Tuesday, XRP dropped -0.15% to 0.39140.
On the daily timeframe, price is below 9-Day EMA and Stochastic oscillator is falling but in oversold zone, our analysis is that there could be selling pressure as the outlook looks bearish.
For the month-to-date, XRP is down by -0.89% or -0.0036 lower.
What can we expect from XRP today?
Looking ahead for the day, we are looking at 0.40370 or 0.39277 (R1) as important resistance levels and daily low of 0.39110 and 0.39057 (S1) as key support levels. XRP need to break on either side to indicate a short-term bias. A close below 0.39110 would indicate selling pressure.
For the week to-date, take note that XRP is rising and up by 0.93% as the pair continued to trade higher in the past few days. Prior performance for the week ending 2023-02-05 was -3.63%.
Key levels to watch out:
Last updated: 01:23 am UTC, 08-Feb 2023
Ripple is the catchall name for the cryptocurrency platform, the transactional protocol for which is actually XRP, in the same fashion as Ethereum is the name for the platform that facilitates trades in Ether. Like other cryptocurrencies, Ripple is built atop the idea of a distributed ledger network which requires various parties to participate in validating transactions, rather than any singular centralized authority. That facilitates transactions all over the world, and transfer fees are far cheaper than the likes of bitcoin. Unlike other cryptocurrencies, XRP transfers are effectively immediate, requiring no typical confirmation time.Ripple was originally founded by a single company, Ripple Labs, and continues to be backed by it, rather than the larger network of developers that continue bitcoin’s development. It also doesn’t have a fluctuating amount of its currency in existence. Where bitcoin has a continually growing pool with an eventual maximum, and Ethereum theoretically has no limit, Ripple was created with all of its 100 billion XRP tokens right out of the gate. That number is maintained with no mining and most of the tokens are owned and held by Ripple Labs itself — around 60 billion at the latest count.Even at the recently reduced value of around half a dollar per XRP, that means Ripple Labs is currently sitting on around $20 billion worth of the cryptocurrency (note: Ripple’s price crashed hard recently, and may be worth far less than $60 billion by time you read this). It holds 55 billion XRP in an escrow account, which allows it to sell up to a billion per month if it so chooses in order to fund new projects and acquisitions. Selling such an amount would likely have a drastic effect on the cryptocurrency’s value, and isn’t something Ripple Labs plans to do anytime soon.In actuality, Ripple Labs is looking to leverage the technology behind XRP to allow for faster banking transactions around the world. While Bitcoin and other cryptocurrencies are built on the idea of separating financial transactions from the financial organizations of traditional currencies, Ripple is almost the opposite in every sense.XRP by Ripple price can be found on this page alongside the market capitalization and additional stats.
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