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Sunday, May 19, 2024

XRP Crpto Price Analysis: Strong Bullish,Surges above $0.50, Why It Could Rally Further

Ripple started a strong rally after it settled above $0.3000 against the US Dollar. XRP price is up over 50% and it even cleared the $0.5000 barrier to move into a positive zone.

  • Ripple started a strong increase after there was a break above $0.3000 and $0.4000 against the US dollar.
  • The price is now trading well above $0.5000, and the 100-day simple moving average.
  • There was a break above a major bearish trend line with resistance near $0.5000 on the daily chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to rise steadily towards the $0.6500 and $0.6800 resistance levels in the near term.

Litecoin’s market cap in early 2020 was the highest ever-recorded, topping over ten billion U.S. dollars and a value that had increased by 100 percent since August 2020. Market capitalization figures are calculated by multiplying the total number of Litecoin in circulation by the Litecoin price. Compared to both the Bitcoin market capitalization as well as the Ethereum market cap, though, Litecoin’s figures were significantly smaller

More about XRP Price Prediction

What is Ripple?

Ripple, in addition to being a cryptocurrency, is also a payment system. Unlike other cryptocurrencies, it does not use blockchain. Instead of this distributed ledger technology, it uses a common ledger that multiple users have access to, trading the security of the number of ledgers in existence for faster transaction times. While the XRP is not one of the most known cryptocurrencies, the company has raised a significant amount of funding.

Other cryptocurrencies

Blockchain, digital security, and financial technology (fintech) are growing areas of investment. The initial coin offering (ICO) has become a common way of raising funds for startup companies worldwide. The question for Ripple and other such companies is whether or not it can differentiate itself from the crowd. The industry is likely to continue growing, but in the long run probably only a few major firms will win the majority of market share.

Ripple’s XRP Price is Up over 50%

After consolidating above the $0.2400 level for a few days, ripple’s XRP price started a strong increase. There was a clear break above the $0.3000 resistance zone, opening the doors for a strong surge.

There was a 50% rally and the price cleared many hurdles, starting with $0.4000 (outperforming bitcoin and ethereum). The price surpassed the 50% Fib retracement level of the main downward move from the $0.7877 swing high to $0.1715 low. There was also a break above a major bearish trend line with resistance near $0.5000 on the daily chart of the XRP/USD pair.


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