PrimeXBT will now be offering a technical and fundamental analysis overview of Ripple (XRP).
Fundamental Analysis and News:
Ripple's potential status as security has been a subject of debate for years.
XRP token has a strong connection to the fintech company Ripple, who has long been arguing that the XRP token is merely an open-source technology and that they have no control or influence over its price. They have also gone on record stating that they have not manipulated the price of the token in any way.
It is important to note that the American Exchange Commission appears to regard XRP as a security.
So, is XRP security? The answer still remains unclear, and will likely remain this way for many more months.
Technical Analysis:
XRPUSD broke through the major resistance level of the falling wedge we previously pointed out, with an upside target around $0.278 per token.
In the near term, the Relative Strength Index on the XRPUSD chart is flashing some bearish signs, and some decline is expected from the resistance line of the ascending channel with the possible aim of $0.225. Once the price reaches this level, a strong bounce could cause a surge to the next target of $0.2668.
XRPBTC is facing hurdles near the resistance line of the falling wedge. If bulls can put forth more effort and push the digital asset towards its next major resistance level, then the price may hit its target zone.
Please, let us know what you think about Ripple in the comment section below.
The best way to get consistent quality analysis is to follow us.
Fundamental Analysis and News:
Ripple's potential status as security has been a subject of debate for years.
XRP token has a strong connection to the fintech company Ripple, who has long been arguing that the XRP token is merely an open-source technology and that they have no control or influence over its price. They have also gone on record stating that they have not manipulated the price of the token in any way.
It is important to note that the American Exchange Commission appears to regard XRP as a security.
So, is XRP security? The answer still remains unclear, and will likely remain this way for many more months.
Technical Analysis:
XRPUSD broke through the major resistance level of the falling wedge we previously pointed out, with an upside target around $0.278 per token.
In the near term, the Relative Strength Index on the XRPUSD chart is flashing some bearish signs, and some decline is expected from the resistance line of the ascending channel with the possible aim of $0.225. Once the price reaches this level, a strong bounce could cause a surge to the next target of $0.2668.
XRPBTC is facing hurdles near the resistance line of the falling wedge. If bulls can put forth more effort and push the digital asset towards its next major resistance level, then the price may hit its target zone.
- Local Support Level: $0.23.2
- Major Support Level: $0.22
- Resistance Level (BTC): 0.00002965
- Target Zone: $0.26 - 0.295
- Target Zone (BTC): 0.00003380 - 3770
- Market Cap: $10 269 175 412 USD
- Volume (24h): $2 798 572 169 USD
- Circulating Supply: 43 653 776 034 XRP
Please, let us know what you think about Ripple in the comment section below.
The best way to get consistent quality analysis is to follow us.
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