Ripple (XRP) Analysis

5 min read June 20, 2024
Richard Fetyko

Ripple (XRP) Analysis

In addition to automated chart patterns, altFINS’ analysts conduct technical chart analyses of top 30 cryptocurrencies. We call these Curated Charts and they evaluate 5 core principals of technical analysis: Trend, Momentum, Patterns, Volume, Support and Resistance.

Ripple (XRP) Trends

Ripple (XRP) Performance

Ripple (XRP) & MACD

 

Ripple (XRP) technical analysis:

Trade setup: Price is in a downtrend. Following a bearish breakout from Ascending Triangle and below $0.50 support, it could revisit $0.42 support next. Price needs to break above stiff resistance area: horizontal $0.57 resistance and 200-day moving average (~$0.57) to resume an uptrend, with upside potential to $0.65 thereafter. (set a price alert).

Pattern: Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart. Learn to trade chart patterns in Lesson 8.

Trend: Short-term trend is Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.

Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).

Support and Resistance: Nearest Support Zone is $0.42. Nearest Resistance Zone is $0.57, then $0.65.

XRP_Ripple_Tether_20-06-2024See live Ripple (XRP) chart here.

See more curated charts for top 30 coins.

Recent news and research:

Breaking: SEC Asks Judge Torres for Final Judgment in Ripple XRP Lawsuit

XRP Lawsuit: SEC Files New Demands Against Ripple

Ripple vs SEC Lawsuit: Former SEC Official Argues Potential Success Of Interlocutory Appeal

Ripple News: Top 3 Catalysts That Can Trigger an XRP Price Rally

Ripple eyes US bank partnerships following SEC victory, as XRP volume surpasses Bitcoin

Ripple Labs notches landmark win in SEC case over XRP cryptocurrency

XRP spikes 4% following Ripple’s latest response to SEC

120 Million XRP Shifted by Major Exchanges as Price Drops 9% Over Weekend

One Year After SEC Lawsuit, Ripple CEO Says 2021 Was Their Best Year Yet

Anti-Corruption Watchdog Sues SEC To Comply With Freedom of Information Request, Alleges Conflict of Interest in XRP Lawsuit

127.3 Million XRP Shifted by Exchanges, While XRP Address Activity Goes Way Up

Ripple jumps on the NFT bandwagon, launches $250 million ‘Creator Fund’ 

Ripple On-Demand Liquidity Corridor Opens Between Japan and Philippines

XRP just got an edge in the ongoing Ripple v. SEC lawsuit

Ripple, Binance, Coinbase shift 177.6 million XRP

Why XRP Holders Could Be Key In Lawsuit Against Ripple Labs

XRP Sees Burgeoning Acceptance From Institutional Investors

Ripple CEO on Burning XRP Escrow: “I Don’t Rule Anything Out”

Find more real-time news here.


What is Ripple (XRP)?

Find full description and news on altFINS platform.

Overview

Digital currency Ripple (XRP) and a decentralized payment system were created to make quick and affordable international money transfers possible. Through the use of several fiat currencies and networks, Ripple Labs’ XRP cryptocurrency promises to facilitate quick and straightforward transactions between financial institutions.

At its foundation, the XRP Ledger, a distributed ledger technology used by Ripple, is built on the Ripple Protocol Consensus Algorithm (RPCA), a consensus algorithm. In contrast to conventional banking systems, Ripple uses a network of validating servers to maintain and confirm the ledger’s integrity rather than relying on a single central authority.

Within the Ripple ecosystem, XRP performs a variety of tasks. First off, it serves as a bridge currency, enabling institutions to streamline international trade by first converting fiat money into XRP and then into the desired currency. The expenses and time involved with conventional settlement techniques are decreased by using this process.

Second, within the XRP Ledger, XRP acts as an anti-spam mechanism. The network deters malevolent actors from overwhelming the system with pointless transactions by requiring a tiny quantity of XRP to be destroyed (burned) as a transaction fee.

Additionally, XRP can be used to move money directly between people or held as a speculative investment. Due to its ability to provide quicker transaction settlements compared to conventional banking systems, which may require days to complete foreign transactions, it has grown in popularity.

It’s crucial to remember that Ripple, the firm that created XRP, has encountered regulatory scrutiny and legal issues in several places as a result of XRP being classified as a security by various authorities. In some markets, the perception and uptake of XRP have been impacted by these legal concerns.

Overall, Ripple (XRP) is a digital currency and payment system that uses XRP as a bridge currency and a decentralized network to streamline international transactions, lower costs, and accelerate settlement times.

About altFINS

altFINS is the best crypto analytics platform. The platform will help you find the right crypto trading opportunities. You can search for coin in Uptrend, with Momentum or Breakouts. It’s is great for advanced traders but also for beginners to learn basics of technical analysis in Crypto trading Course or in Curated charts or Chart pattern sections. But also more advanced traders can create their own Screens and Alerts of coins with different trading strategies.