Ripple’s XRP is currently priced at $0.483626, experiencing a minor increase of 0.45% in the past 24 hours but a decrease of approximately 7.5% over the course of a week. The trading volume within the day amounted to $635.59 million.

XRP is currently ranked #5 on CoinMarketCap and boasts a market cap of $25.85 billion. The circulating supply for XRP is currently 53.44 billion coins, with a theoretical maximum supply cap of 100 billion coins.

Now, let’s take a closer look at the data and technical indicators to predict the price of XRP.

XRP Price Prediction

Upon analyzing the 4-hour chart, the XRP/USD pivot point is identified at $0.5540. Immediate resistances can be found at $0.5582, $0.5981, and $0.6449, while support levels are situated at $0.4677, $0.4186, and $0.3764.

From a technical perspective, the Relative Strength Index (RSI) currently stands at 37, indicating a prevailing bearish sentiment. The price of XRP remains below the 50-day Exponential Moving Average (EMA) of $0.5202, further reinforcing the bearish outlook.

A symmetrical triangle pattern has emerged, providing support around $0.4735 and encountering resistance at $0.5200. Such triangle patterns are typically ambiguous and can break out in either direction, influenced by fundamental factors and supply-demand equilibrium.

XRP Price Prediction – Source: Tradingview

On the fundamental side, there is speculation within Ripple’s XRP community about a large-scale burn of XRP tokens. This speculation was mainly triggered by a fictitious article on Investing.com, which claimed Ripple is considering burning its escrowed tokens to counteract the bearish market performance of XRP and potentially increase its value.

Despite lacking credibility and sources, this rumor has caused some disturbance within the community.

In conclusion, the overall trend for XRP appears bearish, especially if the price remains below $0.5200. However, due to the unpredictable nature of the current symmetrical triangle pattern and circulating rumors, traders and investors should remain vigilant and monitor any significant movements in the near future.

For those closely following crypto market trends, we recommend checking out our recent article on Bitcoin price prediction. Stay updated on BTC’s potential trajectory.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. You could potentially lose all of your capital.

Fabio

Full Stack Developer

About the Author

I’m passionate about web development and design in all its forms, helping small businesses build and improve their online presence. I spend a lot of time learning new techniques and actively helping other people learn web development through a variety of help groups and writing tutorials for my blog about advancements in web design and development.

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