XRP price defends above $0.49 as Ripple CTO details new strategic shift and vision for XRP Ledger
- Ripple price continues to sustain above the $0.495 support level despite broader market gloom and falling buyer momentum.
- XRP starts the week 5% lower than Friday’s $0.541 close after pulling back 13% from Saturday’s intraday low of $0.472.
- Meanwhile, Ripple’s CTO has revealed a new strategic shift and vision underpinning the company’s focus on XRPL.
Despite the bearish sentiment in the broader market, Ripple (XRP) is struggling to defend against the load-shedding exercise engaged over the weekend. The struggle continues to wear out the bulls, and now XRP price shows an inclination to the downside as buyer momentum continues to fall.
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XRP price recovers as Ripple CTO gives key network insights
Ripple (XRP) price is down 5% lower than the $0.541 high recorded on Friday before a 13% downswing to an intra-day low of $0.472 on Saturday. With this move, XRP briefly lost the crucial support at $0.495 before a bullish pull upwards to start the week at the current price of $0.517.
Meanwhile, Ripple CTO David Schwartz acknowledged for his contributions as one of the earliest architects of the XRP Ledger, has detailed key insights into the strategic shift and vision underpinning the firm’s focus on XRP Ledger (XRPL).
When Ripple pivoted to payments in 2014, it was because the DEX ecosystem on the XRPL was doing well. There was over $8 million per day in swaps and payments that we could 100% confirm was real economic activity.
— David "JoelKatz" Schwartz (@JoelKatz) June 11, 2023
We wanted to focus on the thing that we felt that we, as a single…
According to Schwartz, XRP’s venture into the payments system was inspired by the thriving decentralized ecosystem on the XRPL.
There was over $8 million per day in swaps and payments that we could 100% confirm was real economic activity.
According to the Ripple CTO, the initial vision of the XRPL was to mimic Bitcoin (BTC) but with a few additions like native support for different assets with nuanced “cross-currency and cross-issuer payments and exchanges.”
My very first pitch for XRPL was deep, fair pools of liquidity between hundreds of assets that anyone in the world can contribute to and draw off of even as they make a payment.
The comments inspired a 5% rally in Ripple price on June 11, as XRP closed the Sunday trading session with a high of $0.523 from the $0.504 open price.
Ripple price forecast as XRP holds above crucial support
Ripple (XRP) has struggled to hold above the critical support at $0.495 for almost two weeks. However, momentum continues to fade, as indicated in the falling Relative Strength Index (RSI) and the Awesome Oscillators, whose histograms are red-soaked.
As bearish influence continues, Ripple price could drop below the critical support before a leg down to confront the 50-day Simple Moving Average at $0.474. Notably, this level was last tested on June 10.
In a dire case, Ripple price could extend lower to tag the support confluence offered by the 200-day SMA and the upper boundary of the demand zone at $0.465. Notably, a demand zone is a support area where traders buy and are often lower than the current asset price. Unlike a support zone, the demand zone often forms before an uptrend.
This means investors can expect a trend reversal once Ripple price touches the demand zone, marked by the $0.465 and $0.451 price ranges.
XRP/USDT 1-Day Price
On the flip side, if buyer momentum increases, Ripple price could bounce off from the critical support or the demand zone (in the dire case) to break above the immediate hurdle at $0.542. Such a move would clear the path for more gains.
Considering the RSI and AO were both still in the positive zone, bulls have a chance to recover Ripple price.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
