News has a major impact on crypto price movements because of its highly speculative notion. XRP has a good product portfolio, a capable network, and existing businesses that can force Mastercard and Visa to run for their money. The only shortcoming is its limited centralization power amongst the holders. Ripple Labs are still responsible for maintaining and upkeep of Ripple network that makes better use of its XRPL ledger system.
With its latest market capitalization based on the market price of $0.4721, XRP is worth $23,567,221,878. This number might feel smaller in front of the giants like BTC and ETH, but XRP only has a 50% circulation. The remaining 50% of XRP tokens are yet to be distributed as transaction fees, putting it with a net value of above $47 billion rankings, two places above its 6th spot.
XRP is under highly speculative markets with huge possible volatility; this movement demands caution from buyers where prices can be forced to pump and dump to trap buyers. Market positioning and risk management would be key for the success of the XRP token.
XRP price action has showcased restraint from falling further below the 100 EMA curve. The buying action initiated before testing the 100 EMA displays a tremendous buying capability of potential traders waiting for a dip to move upwards. XRP has now jumped again from its $0.44 support level with a positive outlook in the short term.
XRP token’s sudden rally in September 2022 was nothing short of astonishing, but the upper limit established on its price action by sellers is a cautionary sign. Such development of resistance zones merely after a breakout showcases the potential of the controlling power of sellers and buyers.
Positive news from the SEC lawsuit can create bullish rallies in XRP, and no one would like XRP to start moving upward before positive news comes out with certainty. These aspects have given birth to the new notion of consolidative price action for XRP, which could last for the next few months before we notice a major upside rally or price correction.
Since buying started happening before XRP could test the support of 100 EMA curves, one should remain positive on the upside possibilities of XRP. The only short-term resistance based on price action could be pulled by the 200 EMA curve, where XRP has been undergoing volatile movements.
The immediate resistance based on historical rejections in the last month would caution buyers to look out for $0.55. While supports are stronger at lower levels, the resistance is getting tougher to crack.
Under such unambiguous movements, XRP has projected a major breakout and moved toward $1. Buying rally could be ignited after the $0.60 mark. The RSI indicator for XRP has reached level 52, with MACD on its way to project a bullish crossover indicating a further uptrending potential with slightly higher volatility.
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