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At the time of writing this article, Ripple XRP is trading at $ 0.4765, an important retracement from previous highs of $ 0.5150 levels. The XRP price had a significant sell-off and went back to the critical support area from $ 0.42 to $ 0.45 where it found some buyers.
Until XRP holds a support level of $ 0.45, it will be tradable in a restricted area between $ 0.4550 and $ 0.4750. In the event of a breakout of more than $ 0.4750 with large volumes, we can easily see the levels of $ 0.4950- $ 0.50.
Ripple XRP News
Ripple is currently involved in a class action lawsuit regarding their native cryptocurrency digital resource asset token [XRP]. They are trying to move their collective legal action concerning "XRP as Securities" into a federal court.
In addition, various global financial institutions use their global payment services network, RippleNet and xRapid. Recently, the renowned Mitsubishi UFG Bank, based in Japan, worked with Banco Bradesco, based in Brazil, to exchange payments between Japan and Brazil.
Ripple XRP / USD Price analysis
Based on the daily XRP / USD chart, the price is just above the important level of the 55th day EMA and less than 200 DMA. After a significant drop from the highest levels, MACD is still above the Signal Line and RSI is now at 47. This indicates a neutral to slightly positive bias, daily volumes exceeding $ 600m, which is slightly encouraging.
TradingView price chart
Prediction (Short to medium term): –
As long as the Price of Ripple XRP holds $ 0.4550 and breakages above $ 0.4750, we can expect a quick rally to $ 0.49 to $ 0.52 Area … on the contrary, we can see the fall in prices towards the 39; critical support area of $ 0.4350
Credits: – Srinivas Podila
