XRP gears up for double-digit price rally, eyes $0.66 target
- XRP prepares for a double-digit price rally, and targets a key resistance level of $0.6602.
- Technical indicators point at bullish potential in XRPLedger’s native token.
- XRP price is $0.5872 on Saturday.
Ripple (XRP) trades at $0.5872 at the time of writing. XRP Ledger’s native token is likely poised for gains as the payment remittance firm prepares for its stablecoin Ripple USD (RUSD) launch.
Post the Securities & Exchange Commission (SEC) lawsuit against Ripple ended, the regulator has made no steps for an appeal. XRP holders keep their eyes peeled for the next steps.
XRP likely to gain 12%
XRP has attempted to break out of its downward trend nearly three times since August. The altcoin could extend gains by 12.44% and target the 50% Fibonacci retracement level of the decline from the July 2023 top of $0.9380 to the July 2024 low of $0.3823.
XRP faces resistance in the Fair Value Gap (FVG) between $0.5464 and $0.6217. The Moving Average Convergence Divergence (MACD), a momentum indicator shows green histogram bars above the neutral line. This means there is an underlying positive momentum in XRP price trend.
The MACD line crossed above the signal line, another sign of positive momentum in XRP price trend.
XRP/USDT daily chart
XRP could find support in the FVG between $0.5188 and $0.5715. This is an imbalance zone on the daily time frame. If XRP sweep liquidity in this zone, it could attempt a recovery to test resistance at $0.6310, the August 24 top for the altcoin.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
