For several days, the rising trend in XRP price action has been paused as the cryptocurrency has been unable to maintain its upward march. Although the bulls are fighting to keep the market moving upward, it is clear that they are losing control of the market momentum.
At the moment, Ripple’s XRP Price is trading below the pivot point at $1.20, and more buying interest is needed to affirm a positive mood. It is important for the Ripple price to return to the $1.20 resistance level.
Any further gains over the $1.20 level could lead to the $1.30 resistance level. Higher resistance levels can be found at $1.35, $1.45, and $1.55 if the bulls can put in more effort.
Also Read: Will August 31st be a catalyst for XRP Price?
If the price of XRP continues to fall below $1.20 and $1.15, it will be considered a bear market. Near $1.05, the next significant support, below which the price may test the primary $1.00 level. Further supports are situated at $0.95, $0.85, and $0.75 beneath this.
Fourteen out of 26 technical indicators are flashing buy signals. Also, 13 moving averages are showing bullish signs. The Relative Strength Index is currently near the 40.00 Level.
XRP Proposes Smart Contracts Capability.
There is some hope for XRP if Ripple follows through on its plan for Federated Sidechains on the XRP Ledger, which is gaining traction among investors. The addition of side chains to the XRPL opens up a slew of additional possibilities.
On the XRPL, smart contracts are expected to be enabled. Federated Side Chains’ major goal is to enable developers to create more wonderful features like smart contracts. Furthermore, XRP developers will have the opportunity to run tests on a sidechain while accessing the full capabilities of the XRPL.
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