As of today, the current trading price of XRP is $0.511956 USD, with a total trading volume of $911,532,795 USD in the past 24 hours. Over the same period, XRP has seen a 2.20% decrease in value. XRP is currently ranked #5 on CoinMarketCap, with a live market capitalization of $27,293,598,890 USD.
With 53,312,364,216 XRP coins in circulation and a maximum supply of 100,000,000,000 XRP coins, XRP continues to be a popular cryptocurrency choice for many.
The value of Ripple’s token is currently undergoing a correction, after reaching a resistance point of $0.550 against the US Dollar.
- As of now, the price is above $0.505 and the 100 simple moving average (4 hours).
- On the 4-hour chart of the XRP/USD pair (data source from Kraken), a bullish trend line is forming with support near $0.504.
- If the pair maintains levels above the $0.500 and $0.490 support levels, it may initiate a fresh increase.
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Exploring the Recent Developments in Ripple’s Token Price and Key Support Levels
In the previous XRP price forecast, we observed a considerable rise against the US Dollar. The price remained strongly supported above the $0.520 mark and escalated further, along with Bitcoin and Ethereum. It exceeded the $0.532 hurdle and tested $0.550, forming a high near $0.5493, and then saw a downside correction.
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Although it slipped below $0.532 and $0.525, it still trades above $0.505 and the 100 simple moving average (4 hours). Furthermore, a crucial bullish trend line is emerging with support around $0.504 on the 4-hour chart of the XRP/USD pair.
The immediate resistance is near the $0.515 level, followed by a connecting bearish trend line at $0.520. If it closes above $0.520, it might push the price towards the $0.532 barrier. A successful break above the $0.532 resistance level could trigger a robust increase toward the $0.550 resistance, and any further gains might propel XRP to the $0.580 resistance.
Ripple Price Analysis: Is Another Dip Expected or Will the Bulls Take Over?
Should ripple fail to surpass the $0.532 resistance area, there is a possibility that it may continue to decline. The first level of support on the downside is located around the $0.5065 area and also the 100 simple moving average (4 hours).
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The following major support is at $0.500. If the price falls below this level and closes, XRP may experience further losses. In such a scenario, the price might test the $0.475 support zone again.
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