XRP, the world’s sixth largest cryptocurrency with a market capitalization of $26 billion, lost 3.3% in 24 hours and is seeking strong support at $0.50.
It was recently rejected at the $0.5853 level in March and is currently trading above $0.50.
where is here XRP Now increasing.
XRP Price Eyes $1 – Analysis of Barriers
The largest cross-border money transfer token is at a crossroads where two outcomes are possible.
The intact support at $0.50 will most likely favor the bulls, allowing them to plan another massive attack on the supply zone at $0.55, $0.65, and $0.85.
XRP price performed exceptionally well in March as investors booked positions ahead of an impending summary judgment in a lawsuit between Ripple, the issuing company, and the US Securities and Exchange Commission (SEC).
Ripple won a significant number of motions during the court process, which may explain the growing optimism among investors ahead of the summary judgment, which was earlier or less than expected. May 6,
A win for Ripple is a win for XRP and possibly the larger crypto industry, which is facing increasing regulatory pressure, particularly from the US.
That said, XRP price is expected to rally after the summary judgment.
If the SEC wins the case, legal experts say Ripple could appeal the decision, paving the way for a lengthy court battle.
Meanwhile, the tug of war is intensifying on the daily chart with support at $0.50 which, as mentioned, is likely to sustain XRP’s uptrend towards $1.
XRP’s recent stop at $0.5 could be a sign that the cryptocurrency is regrouping liquidity before continuing to move towards $1, which is confirmed by the formation of a golden cross when the 100-day exponential moving average closes. Moving Average (EMA) crosses above the long term 200. -Day EMA.
XRP is also trading above all applicable moving averages including the 50-day EMA.
However, a potential downside risk exists if XRP price breaks below the demand zone at $0.50, as indicated by the Moving Average Convergence Divergence (MACD) with a key sell signal.
As the momentum indicator moves towards the mean line at 0.00, the probability of a significant price correction increases.
The next important support for XRP lies at $0.45, which coincides with the 50-day EMA.
Central Bank of Montenegro Collaborates with Ripple on Digital Currency
The Central Bank of Montenegro (CBCG) has signed an agreement with blockchain startup Ripple to create a strategy for the development and operation of the country’s first digital currency.
Montenegro believes that having a central bank digital currency (CBDC) is a major step towards digitizing the economy for its citizens, not to mention supporting a future of financial inclusion and accessibility.
“The Central Bank of Montenegro is bringing the next level of digital transformation to its financial infrastructure and solving some of the world’s biggest financial challenges, including financial inclusion,” CBCG said in a statement.
A cbdc Is a type of digital currency that is issued and supported by the central bank of a country. It provides a way to modernize and digitize payment systems, potentially increasing efficiency and reducing costs associated with cash printing and handling.
The project at hand will consist of various phases, starting with determining the real-life utility of a CBDC or sovereign stablecoin, followed by creating a structure to simulate its circulation and use it in monitoring situations.
XRP Alternatives To Consider
For those seeking high-potential cryptocurrency projects other than XRP, cryptonews The Industry Talk team has analyzed and compiled a list of the top 15 cryptocurrencies for 2023.
The list is updated on a weekly basis to include new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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