Ripple’s XRP: A Cryptocurrency Worth Considering for Diversifying Portfolios
Aside from Bitcoin (BTC) and Ethereum (ETH), there are other digital currencies worth considering for people looking to diversify their portfolios and get experience with new cryptocurrencies. Ripple’s XRP is one of them. Several major banks and financial services already use XRP, which claims to be a global payments network. As a result, XRP is used in its products to assist in fast currency conversions.
XRP: A Real-Time Cryptocurrency Gross Settlement System
An American technology company, XRP Labs Inc., has developed a real-time cryptocurrency gross settlement system, currency exchange, and remittance network called XRP. The XRP cryptocurrency, which the business describes as a “digital asset tailored for global payments,” was then launched.
Notably, XRP has several advantages over established digital currencies. XRP claims that payments with the XRP coin are cleared within three to five seconds. On the other hand, BTC transactions might take up to an hour to clear, while ETH payments can take up to two minutes.
XRP: A Federated Consensus Technique to Validate Transactions
Banks, universities, individuals, private payment providers, and cryptocurrency exchanges make up the XRP node validators. In addition, XRP does not allow users to spend the same amount of cryptocurrency more than twice. This is because the system deletes all subsequent data after detecting the transaction.
Unlike Bitcoin or Ethereum, the XRP Ledger Network (XRPL) uses a unique Federated Consensus technique to validate transactions. As part of a consensus protocol, selected independent servers called validators agree on the order and outcome of XRP transactions on the XRPL. Through Federated Consensus, all validated transactions can be processed without a single point of failure.
XRP: A Cryptocurrency with Multiple Uses
With the help of the XRP Ledger and the XRP coin, developers can construct solutions to problems like remittance and asset tokenization. Payments, tokenization, DeFi, CBDCs, and stablecoins are the five primary uses of the XRP Ledger at the moment.
XRP: A Cryptocurrency with a Promising Future
A crypto Youtuber Crypto Jack tweeted that he is thinking about whether to buy more XRP at this price region. This indicates that more buyers willingly invest in XRP, which can increase the price. Another tweet of David Gokhshtein mentioned that if XRP wins against the SEC, that will lead to the innovative use cases of crypto in real life, where we can expect to see various utilities of cryptocurrency. Thus, we can expect to have a bull run for XRP. Also, we can see that a crypto analyst with over 1 million followers, Ben Armstrong tweeted they received a bill to overreach the SEC in Ripple lawsuit. Moreover, he mentioned that Ripple played a huge role in saving crypto.
XRP: Current Market Value and Popular Cryptocurrency Exchanges
With 51,688,470,797 XRP in circulation, XRP (XRP) is trading at $0.5082 at the time of writing. XRP has a 24-hour trading volume of 51,688,470,797 XRP, and during the previous 24 hours, the price of XRP has increased by 23.92%.
Binance, Bitstamp, Bithumb, Kucoin, and Kraken are currently the most popular cryptocurrency exchanges for XRP (XRP) trading.
XRP Price Forecast for 2023
Currently, XRP ranks 6th on CoinMarketCap. Will XRP’s most recent improvements, additions, and modifications help the price of cryptocurrencies rise? First, let’s focus on the charts in this article’s XRP price forecast.
XRP Price Analysis – Keltner Channel
When volatility bands are positioned on either side of an asset’s price, the price of XRP (XRP) can be predicted using the Keltner Channel indications for XRP/USDT. Currently, XRP’s recent candlesticks are trading in the top half of the Keltner Channel. However, the previous candlesticks show that it was trading above the upper band and started to come back to its ideal position. However, there is a chance that XRP could fall into the second half of the Bollinger Bands if the price continues to reduce. If the daily candles stay inside the first half of the channel, we can expect to see XRP at a higher level.
XRP Price Analysis – Relative Strength Index
In technical analysis, the Relative Strength Index (RSI) is a momentum indicator. The RSI examines the speed and amplitude of a security’s recent price swings to determine if it is overvalued or undervalued. The RSI value of the 1-Day chart is 58.69. A movement above 50 indicates that more traders are buying XRP rather than selling, driving the price up. Moreover, the RSI value between 50 and 70 denotes that XRP is in a strong trend, with a lot of liquidity in the market.
XRP Price Analysis – Moving Average
Above is a daily chart of XRP’s 200-day and 50-day Moving Averages (MA). XRP has broken out of the 50 MA in the daily chart. However, XRP is struggling to not fall back under the 50 MA. Notably, the XRP 50-day MA is above the 200-day MA (long-term), indicating that the market is entirely bullish. Moreover, the distance between the two moving averages is widening meaning there is a possibility that a trend reversal is coming soon. It is advisable to wait for a few reversal candles to enter your long trades for a better risk-to-reward ratio.
XRP/USDT 1-Day Chart
By looking at the daily chart of XRP/USDT, XRP has recently crossed beyond the Resistance level, however, it faced a correction and started to trade below it. And if it can break out from its current position, it can go either up to its primary resistance level and beyond at $0.5445 or go bearish. Moreover, the RSI is below the SMA and pointed downwards, indicating that XRP could be bearish over time.
Meanwhile, our long-term XRP price prediction for 2023 is bullish since it cannot break the support level. We can expect XRP to reach $0.58 this year.
XRP Price Prediction – Resistance and Support Levels
This chart below shows that the price of XRP has increased in the past few weeks. Moreover, the price of XRP has been up by 38.31 % in the past 30 days after a slight pump during the…