XRP, Ripple, and RippleNet are often confused. XRP is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.
XRP was created by Ripple to be a speedy, less costly, and more scalable alternative to both other digital assets and existing monetary payment platforms like SWIFT. Let us look at the technical analysis for the same.
On Jun 24, 2021, XRP opened at $0.499. On Jun 29, 2021, the price closed at $0.653. Thus, in the past week, the price has increased by roughly 45%. In the last 24 hours, XRP has traded between $0.682 – $0.642.
Currently, XRP is trading at $0.660. The price has increased from the day’s opening price of $0.690. Thus, the market seems a little low.
The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to start rising.
Currently, the RSI indicator is at 52%. It faced rejection at 68% and fell to the current level. However, buying pressures are still high. Hence, the RSI oscillator is giving further credence to the bullish market momentum indicated by the MACD oscillator.
Besides, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the XRP price.
In short, when we look at all three oscillators together, we can say that as of now the overall market momentum is positive.
Currently, the price is above the first Fibonacci pivot resistance level of $0.641. The price may soon surpass the second and third resistance levels of $0.671 and $0.681, respectively.
The price has tested and broken out of the 23.6% FIB retracement level of $0.621. It may soon surpass the 23.6% FIB extension level of $0.611. Thus, as of now, the bulls are strong. Hence, we can expect the price uptrend to continue tomorrow as well.