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The value of XRP experienced a brief and notable increase to $50 on the well-known trading platform, Gemini. This surge occurred shortly after the exchange publicly declared its endorsement of XRP.
According to posts by users on social media, the sudden rise in price is thought to have resulted from a glitch within the infrastructure of the prominent cryptocurrency exchange. XRP’s sudden and significant surge to $50 on Gemini might have arisen from a variety of factors, spanning from imbalances in the order book to technical challenges such as delays and errors in the user interface. After teasing the community on multiple occasions, Gemini ultimately revealed the inclusion of XRP yesterday.
This inclusion of XRP on the Gemini platform mirrors a similar move by Coinbase, implying a growing acceptance of the token associated with Ripple. This acceptance follows a favorable judgment in the legal case of Ripple vs. the SEC.
XRP Current Market Standing
Ripple (XRP) is ranked as the fifth biggest cryptocurrency based on its market cap, according to CoinMarketCap. It experienced a 0.95% increase in price over the last 24 hours, taking its price up to $0.6318 at press time. This also put its total market cap at approximately $33.357 billion.
The 24-hour gain was unable to pull XRP’s weekly performance out of the red zone. At press time, the remittance token’s price was down 4.06% over the past 7 days.
Although XRP experienced a 24-hour price increase, the amount of trading volume it recorded during this period had fallen 41.53%. Consequently, the total daily trading volume for XRP stood at around $1,018,320,037 at press time.
XRP Technical Overview
A symmetrical triangle chart pattern was present on XRP’s 2-hour chart which suggested that a breakout was imminent. If this pattern is validated, XRP will either challenge the resistance at $0.6596 or test the crucial support at $0.5890 in the next couple of days.
In the event of an upside breakout, the altcoin’s price may flip the $0.6596 resistance level into support. This will then clear a path for XRP’s price to climb to $0.7432 in the following week if bulls continue to buy into XRP. On the other hand, a break below the chart pattern could see XRP retest the support level at $0.5890, and potentially drop to $0.5380 in the next week.
The remittance token’s price was trading at the bottom of the chart pattern, which may lead to XRP dropping to the aforementioned $0.5890 support level. However, if XRP is able to close the next pair of 2-hour candles above the base of the chart pattern, then its price may rise to the upper level of the pattern at around $0.6552 in the upcoming 12 hours.
Meanwhile, on the daily chart for XRP/USDT, a noteworthy bearish technical flag was triggered on the chart throughout the past 7 days. During this time, the 9-day EMA line crossed bearishly below the 20-day EMA line – indicating that XRP had entered into a short-term bearish cycle and its price would drop in the following couple of days.
This bearish flag was validated, as the altcoin’s price dropped below the key $0.6596 mark, ultimately flipping the level into resistance. XRP’s price then rebounded off of the 50-day EMA line at $0.6261 to attempt to overcome the 9-day EMA line at $0.6441. However, the attempt failed and XRP’s price retraced to trade on the 50-day EMA line once again at press time.
If the cryptocurrency closes a daily candle below the 50-day EMA line today, then it will most likely plummet to the previously-mentioned $0.5890 support in the following few days. Should this happen, investors and traders will want to monitor for a potential bearish cross between the 9-day and 50-day EMA lines, as this will signal the start of a medium-term negative cycle.
Should these 2 technical indicators cross in the coming week, then XRP’s price may break below the $0.5890 mark and look to test the next support level at $0.5380. This bearish thesis will be invalidated if XRP closes a daily candle above the $0.6596 resistance. In this scenario, XRP may continue to climb to $0.7432 in the following few days.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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