• XRP’s price has fallen 2.31% over the last 24 hours.
• The token’s price has successfully breached an ascending wedge pattern’s base.
• The price of XRP may rise in the next 48 hours.

Ripple is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. It was first released in 2012 and was co-founded by Chris Larsen and Jed McCaleb.

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 premined 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.

The GRW Market Analysis Software has signaled that the price of XRP may rise in the next 48 hours in the date range (2023-01-27, 02:00:00 GMT + 2 – 2023-01-29, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of XRP reaches $0.418075. This is also the identified price entry for the trade.

The market analysis software is 66.41% confident that XRP’s price will rise in the next 24-48 hours.

The support levels for XRP/USD identified by the GRW Market Analysis Software are $0.4037 (first support), $0.3982 (second support), and $0.3911. Meanwhile, the resistance levels for XRP/USD identified by the software are $0.4163 (first resistance), $0.4234 (second resistance), and $0.4289 (third resistance).

XRP Current Market Standing

Ripple (XRP) is ranked as the 6th biggest crypto by market cap, according to CoinMarketCap, and experienced a 24-hour drop in price of 2.31% to take its price down to $0.4046. This also puts its total market cap at approximately $20.55 billion at press time.

Despite the negative 24-hour performance of XRP’s price, the remittance token’s price is still up 4.28% over the last 7 days.

XRP Technical Overview

The price of XRP was able to breach the base of the ascending chart pattern established on its daily chart. Once XRP’s price broke above the level at $0.4056, it went on to make a move toward the $0.4257 resistance level where it was rejected.

Following the rejection, the price of XRP dropped down to the base of the former ascending chart pattern, which is now offering the remittance token’s price some support.

XRP’s price has already broken below this support level, however, as today’s trading session kicks off. In addition to dropping below the support, XRP’s price dropped below the 9-day EMA as well, but bulls quickly brought its price back up to above the EMA level.

Bulls are now trying their best to defend the support level at $0.4056 in anticipation of the U.S. Personal Spending MoM and the U.S. Personal Income MoM statistics that will be made later today.

There is some bullishness present on XRP’s chart, which is suggested by the 9-day EMA line being positioned above the 20-day EMA line. This bullish, however, is diminished slightly by the bearish indication seen in the daily RSI indicator.

At press time, the daily RSI line is positioned below the daily RSI SMA line. In addition to this, the daily RSI line is also sloped negatively towards the oversold territory.

Given the bullishness expressed by the 9 and 20-day EMA lines, the signal from the GRW Market Analysis software, as well as the support that XRP’s price is receiving from bulls, it’s fair to say that the price of XRP will rise in the next 48 hours. Once again, the trade entry for the long position will be $0.418075.

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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