A cryptocurrency and digital payment network for financial transactions, Ripple is a technology. Chris Larsen and Jed McCaleb, who co-founded it, made it available for the first time in 2012.
Similar to the SWIFT system for international money and security transfers, which is used by banks and financial middlemen trading across currencies, Ripple's primary operation is a payment settlement asset exchange and remittance system.
The premined cryptocurrency token is traded under the ticker name XRP. The organization and network are referred to as Ripple, and the cryptocurrency token is called XRP. As a form of transient settlement layer, XRP's function is to act as an intermediary exchange mechanism between two currencies or networks.
Brad Garlinghouse, the CEO of Ripple Labs, revealed in a tweet on Sunday that the business has some of its money locked up at Silicon Valley Bank. Garlinghouse also shared that the company held the majority of its cash in a network of banks, adding that the company anticipates no impact in day-to-day operations.
XRP holders may rest comfortable that Ripple is still in good financial shape despite the large amount of information about Silicon Valley Bank that is still unknown.
Current Market Situation for XRP
XRP (XRP) is the sixth-largest cryptocurrency by market cap. Its price rose by 0.85% in the previous day, reaching $0.3685 at the time of publication. This places the company's overall market value at at $18.768 billion as of press time.
The price of XRP rose during the course of one day, which helped to improve its dismal weeklong performance. As a result, at the time of publication, the price of XRP has decreased by 0.96% over the past week.
Technical Overview of XRP
On the 4-hour chart of XRP, the price fell below the 9 and 20 EMA lines on Wednesday morning after falling by 1.47%. Following a break below the two EMA lines, XRP's price fell further on Wednesday afternoon, moving -2.09% lower.
The remittance token's price was forced to drop down into the support range of $0.3587 and $0.3655 on Wednesday due to intense selling pressure. On Wednesday evening, the price of XRP fell to the lower boundary of the support zone and momentarily left it, hitting a daily low of $0.3560 as a result.
The price of XRP was fortunately saved by bulls, who raised it back above the lower level of the aforementioned support zone. On Thursday morning, bears attempted to drag the altcoin's price below the support area once more, but bulls were able to counter the selling pressure and drive XRP's price up once more.
Since that time, the price of XRP has been steadily rising, pushing it over the top of the support zone, the 9 EMA on the 4-hour chart, and the 20 EMA line on the same chart.
The price of XRP is sitting above the three levels as of publication. Technical indications, however, seem to indicate that traders are currently in a limbo. The RSI indicator on the coin's 4-hour chart is one initial technical indicator that is conveying this neutral posture for XRP. In the 4-hour chart, the RSI line is currently sloping downward toward oversold territory. Moreover, the RSI line continues to be in a neutral position above the RSI SMA line.
The 9 EMA line, which is edging closer to the 20 EMA line, should be monitored by traders. The price of XRP is expected to increase toward $0.3739 in the ensuing 24-48 hours should the two lines cross.
On the other hand, XRP's price will probably fall back into the support range between $0.3587 and $0.3655 if it is unable to close above $0.3689 in the coming 4–12 hours.
In the daily chart of XRP, a bullish flag has been set off in the previous 24 hours as a result of the daily RSI line crossing above the RSI SMA line. Nonetheless, the 9-day EMA line is controlling the price of XRP.
One thing to keep in mind is that throughout the previous week, the price of XRP has displayed lower highs and lower lows. This would indicate that XRP's price will progressively fall over the following 24 to 48 hours. If the price of XRP concludes today's trading session below the $0.3655 level, the bearish thesis will be proven correct.
On the other side, if the price of XRP is able to shut off today above $0.3655, it will either consolidate in the next 24-48 hours between the 9-day EMA line and $0.3655. If the price of XRP rises above the crucial resistance level around $0.3761, it will be a bullish indication.