{"id":550504,"date":"2023-09-08T09:40:34","date_gmt":"2023-09-08T09:40:34","guid":{"rendered":"https:\/\/wncen.com\/?p=550504"},"modified":"2023-09-08T08:57:40","modified_gmt":"2023-09-08T08:57:40","slug":"xrp-bottom-support-holds-strong-a-healthy-sign-for-the-cryptos-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/xrp-bottom-support-holds-strong-a-healthy-sign-for-the-cryptos-price\/","title":{"rendered":"XRP Bottom Support Holds Strong: A Healthy Sign For The Crypto’s Price?"},"content":{"rendered":"
XRP has once again found itself in a state of relative stability. Despite minimal gains, the crypto is holding firm at $0.5, showcasing a remarkable resilience over the past 24 hours. However, the intriguing aspect of this scenario lies in the technical analysis and upcoming developments that may hold the key to XRP’s future trajectory.<\/span><\/p>\n Recent <\/span>price analysis<\/span><\/a> reveals that XRP is currently being held in check by the 50-day Exponential Moving Average (EMA), capping its price at $0.5027. Furthermore, another significant seller congestion point looms at $0.505.\u00a0<\/span><\/p>\n This data paints a clear picture of the cryptocurrency’s sideways trading pattern, indicating that XRP is likely to remain within this range until it encounters a market-shifting event. The forthcoming update on the XRP Ledger has the potential to be precisely that.<\/span><\/p>\n As of now, the Ripple native currency is priced at $0.505186 via <\/span>CoinGecko<\/span><\/a>, marking a modest 0.3% gain in the past 24 hours. However, its performance over the past seven days reflects a minor loss of 0.8%. According to expert analysis, traders should anticipate a consolidation phase in the range of $0.4950 to $0.5050 for the foreseeable future.<\/span><\/p>\n <\/p>\n A glance at the weekly chart reveals a market in equilibrium, with neither the bulls nor the bears asserting dominance. This sentiment aligns with the declining trading volume, hinting at a potential breakout once XRP can secure a position above the interim zone of $0.55. A pivotal resistance level of $0.5848 awaits, promising a substantial rally if breached.<\/span><\/p>\n The crypto community’s hopes are pinned on XRP’s upcoming update, version 1.12.0, which incorporates two transformative features. This update merges the XLS-30 Automated Market Maker (AMM) and the XLS-39 Clawback specification into the XRP Ledger’s protocol.\u00a0<\/span><\/p>\n 1\/ We\u2019re excited to announce that the XLS-30 AMM spec and XLS-39 Clawback spec have merged to the latest version of rippled 1.12.0.https:\/\/t.co\/zbg8G4PHsC<\/a><\/p>\n \u2014 RippleX (@RippleXDev) September 6, 2023<\/a><\/p><\/blockquote>\n The brainchild of Ripple’s CTO, David Schwartz, and Aanchal Malhotra, RippleX’s Head of Research, <\/span>the proposal behind XLS-30<\/span><\/a> aims to enhance returns for liquidity providers in the AMM while mitigating the risks posed by market volatility.<\/span><\/p>\nXRP: Current Status<\/strong><\/h2>\n
XRP market cap currently at $26 billion. Chart: TradingView.com<\/a><\/pre>\n
Ledger Update<\/strong><\/h2>\n
\n
Anticipated Recovery<\/strong><\/h2>\n