cryptoglobe.com
Popular cryptocurrency trading expert Michaël van de Poppe has outlined key price levels for $XRP traders and investors to keep an eye on, based on technical analysis he conducted in response to his followers’ requests.
In a tweet shared with van de Poppe’s over 625,000 followers on the microblogging platform, the analyst noted that “everything is running and in between levels” as he pointed out that resistance, which may be optimal for short sellers, can be found around the $0.38 level, while support for those looking to long the cryptocurrency is at $0.335.
Request 05 – $XRP
— Michaël van de Poppe (@CryptoMichNL) September 11, 2022
Everything is running and in between levels.
For me, on $XRP, I'd be looking at resistancea round $0.38 for shorts.
If the market falls back, I'd be looking at $0.335 for longs. pic.twitter.com/gZnj52Rgyh
At the time of writing, CryptoCompare shows that XRP is changing hands on cryptocurrency trading platforms at $0.355 after rising just 0.25% over the last 24-hour period. Over the past week, XRP has risen by nearly 10% amid a wider cryptocurrency market recovery that has seen both Bitcoin and Ethereum rise around 12%.
As CryptoGlobe reported, the cryptocurrency community is predicting that the price of $XRP will explode upward by the end of the month of September at $0.4917, which would mean the cryptocurrency’s price would rise 38.3% from its current $0.355 level.
Looking at October, the cryptocurrency community expects XRP to trade at $0.412, up around 26.7% from current levels. Notably, the education arm of the world’s largest crypto exchange (by trading volume), Binance Academy, has said the XRP Ledger is the “first major blockchain to be certifiably carbon-neutral.”
In a newly released video, Binance Academy noted that the main application of the ledger is payments, as the XRP Ledger allows assets to be “moved across the world, enabling near instant money transfers for remittances, treasury payments, payrolls, and other cross-border payments.“
The XRP token’s price has been somewhat muted over a lawsuit the U.S. Securities and Exchange Commission (SEC) filed against Ripple and two of its executives alleging they “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
It negatively impacted the price of XRP, as after the lawsuit was announced most cryptocurrency exchanges started delisting the token to avoid any repercussions, affecting its liquidity.