RIPPLE TECHNICAL ANALYSIS (XRP US DOLLAR)


Ripple is South Korea’s most popular cryptocurrency, but XRP price stays pressured


XRP/USD Chart


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Big Picture

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SPECIAL WEEKLY FORECAST

Interested in weekly XRP/USD forecast? Our experts make weekly updates forecasting the next possible moves of the bitcoin-dollar pair. Here you can find the most recent forecast by our market experts:

Ripple Forecast: XRP/USD clutches above $0.20, is holdling an effective XRP strategy?

Ripple is currently in consolidation above $0.20. Therefore, there is not much that can be said in regard to this week’s price performance, except for the move that tested $0.2150 on Monday.

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Editors' picks

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Crypto lawyer Stephen Palley affirms Ripple is a security while XRP price struggles to recover

Back on December 22, 2020, the SEC filed charges against Ripple and two of its executives for allegedly conducting a $1.3 billion unregistered securities offering. XRP price plummeted and lost more than 60% of its value within a week after the announcement. 

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XLM Price Forecast: Stellar primed for a 10% short-term upswing amid massive network expansion

Stellar had tremendous success in 2021, reaching a high of $0.411 after a massive 230% price explosion. The digital asset has outperformed several other coins, including Bitcoin, and could be poised to rise even higher amid positive metrics shown by the Stellar Development Foundation (SDF).

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BTC rally back to $40,000 in jeopardy as Grayscale’s demand diminishes

Bitcoin is trading slightly above $33,000 after plunging from January’s peak near $42,000. Investors, speculators, and analysts believe that the pioneer cryptocurrency can hit price levels beyond $40,000. 

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Bitcoin Weekly Forecast: BTC is on track to $100,000 despite the recent correction

After hitting a new all-time high of $41,950, Bitcoin had a major 31% correction down to $28,850. For the most part, this pullback is considered healthy as past price action indicates it’s normal for the flagship cryptocurrency to experience 30-40% corrections during a bull rally.

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Characteristics of Ripple

Ripple is the third largest market capitalization strength in terms of cryptocurrencies. It was launched in 2012 as a decentralized free software payment system and under this name we find both the financial protocol for transfers and the cryptocurrency better known as XRP.

However, until 2016 Ripple did not obtain the necessary accreditation to operate as a cryptocurrency, ending up being fined the previous year with a sum of 700,000 dollars. Just one year after obtaining its license, its capital had amounted to 55 million dollars in part due to its acceptance and subsequent collaboration with banks such as Santander, Siam Commercial Bank, Royal Bank of Canada or UniCredit, among others.

Differences between Ripple, Bitcoin and Ethereum

Among the most outstanding features, the speed of transfer stands out because for every second a total of 1,500 transactions can be carried out while other cryptocurrencies such as Bitcoin and Ethereum only allow 6 and 15 respectively. Likewise, completing a transaction takes around 4 - 5 seconds while with Ethereum it takes 2 minutes and with Bitcoin, it goes up to almost an hour.

Due to the importance of Bitcoin today, Ripple has a payment gateway that facilitates payment between its users with these two cryptocurrencies without the need to have their own wallet with that currency. Despite using a similar operation that allows the connection with other cryptocurrencies, it does not work under the blockchain technology.

Another main difference with respect to other cryptocurrencies is the absence of mining. It’s not possible to generate new Ripple units this way. Right from its launch, it was agreed that the maximum number of Ripple would be at 100 billion units, although not all of them are in circulation at this time. Ripple units are being released by their creators periodically. In addition, it’s worth underlining that nearly 20% of the market cap is owned by its creators.