XRP Price Analysis: What to Expect in the Next 48 Hours By CoinQuora

• XRP experienced a 24-hour gain of 2.27% to take its price up to $0.3993.
• has been in an ongoing lawsuit with the SEC that seems to have turned in favor of Ripple.
• The price of XRP is at a decisive point as it attempts to establish a position between the 9 and 20 EMA lines.

Ripple is a technology that has both a cryptocurrency (XRP) and a digital payment network for financial transactions. Co-founders Chris Larsen and Jed McCaleb first released it in 2012. 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 pre-mined 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.

GB Market Analysis Software signals XRP as a sell (Source: GreenBot)

According to the GB Market Analysis Software, it will be best not to place an XRP trade in the next 48 hours in the date range (2022-06-08, 02:00:00 GMT + 2 – 2022-06-10, 02:00:00 GMT + 2).

XRP Price: Current Market Standing

Ripple (XRP) is ranked number 7 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap, and experienced a 24-hour gain of 2.27% to take its price up to $0.3993. This also puts its total market cap at $19,303,381,556.

Ripple has been in an ongoing lawsuit with the Securities and Exchange Commission (SEC) that seems to have turned in favor of Ripple. The final verdict for the lawsuit is expected to be delivered towards the end of this year.

In addition, the CEO of Ripple – Brad Garlinghouse, has hinted at future expansions for the project. It is believed that the expansion drive will include a number of strategic acquisitions and mergers.

XRP Price: Technical Overview

RSI sloped negatively for XRP (Source:CoinMarketCap)

Looking at the daily chart for XRP/USDT, the price of XRP attempted to retest the 9 EMA line, which is one of the levels that have acted as a resistance for XRP. The other level is the 20 EMA line.

The previous break above the 9 EMA line only lasted two to three days for XRP as its price was brought back down below the level towards the start of this month. With the current break above the 9 EMA line, the price of XRP is slightly over and between the 9 EMA and 20 EMA.

The only reason that the price of XRP is so close to breaching the 20 EMA is that there is an EMA squeeze with the 9 and 20 EMA lines.

Another indicator to take note of is the Relative Strength Index (RSI) and its position relative to the RSI SMA line. The RSI line has risen above the RSI SMA line but now seems to be sloping downwards towards the RSI SMA line. This may be a bearish flag.

However, the RSI line is still positioned above the RSI SMA line. This means that there is still a chance for a bullish flag to show up with the RSI indicator.

Taking into account the signal given by the GB Market Analysis Software, as well as the fact that the price of XRP has not confidently established whether or not it may stay above the 9 EMA line, and the RSI being negatively sloped, it may be best to not enter into an XRP trade in the next 48 hours.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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