RIPPLE TECHNICAL ANALYSIS (XRP US DOLLAR)
Technical overview
Big picture
THEMES AFFECTING Cryptocurrencies
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.
Latest Ripple Analysis
Editors' picks
Solana price needs to crack this key level as SOL bulls eye an upswing towards $200
Solana is seeing some buying resurgence on Saturday, as it reverses Friday’s temporary drop to near the $127.50 region. Solana price is teasing a falling wedge breakout on the daily chart. SOL bulls need to find acceptance above $148 to initiate a fresh upswing.
MATIC price defends 200-DMA as Polygon bears keep $0.95 in sight
MATIC price is consolidating the swift recovery seen on Friday. Bearish crossover and RSI suggest that the downside remains favored for MATIC. Polygon needs a sustained move above the 100-DMA to negate the bearish bias.
Ethereum bears contemplate a drop to $2450
ETH price is building up downside pressure while clinging to the 200-SMA support. RSI remains flat below the midline, keeping the sellers cheerful. A drop towards $2450 remains in the offing if the 200-SMA caves in.
Polkadot price at make-or-break point as DOT awaits a range breakout
Polkadot price spots a potential symmetric triangle pattern on the 1D chart. RSI stands neutral at 50.00, suggesting a lack of clear directional bias. 21-DMA offers immediate resistance, 50-DMA guards the downside.
BEST CRYPTO BROKERS/EXCHANGES
Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive
Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.
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XRP
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.
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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.