0
📈 Price Predictions
4924 views

Ripple (XRP) Six-Month Price Prediction – XRP May Break $0.80 Next Few Weeks

  • Thomas Hughes
    📈 Price Predictions

    💰💰💰Currently trading at $0.314 Ripple’s XRP is the third cryptocurrency by market cap behind Bitcoin and Ethereum

Ripple (XRP) Six-Month Price Prediction – XRP May Break $0.80 Next Few Weeks
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Ripple (XRP) is a real-time gross settlement system and remittance network, created by Ripple Labs Inc. Ripple’s decentralized network allows for smooth transfer of money, whether it’s fiat or crypto and has partnered with roughly 200 financial institutions and banks across the globe. Its main advantage, and why it is gaining in popularity, is “secure, instantly and nearly free global financial transactions of any size with no chargebacks.”

The native cryptocurrency is XRP, with a total supply of 100 billion, non-minable and used to provide liquidity to payment providers, banks and large corporations that use the Ripple Network. This means that there will tight demand for XRP over the long-term as the network expands.

The two major catalysts this year were when Santander started to use Ripple’s xCurrent network to power their One Pay FX, the first app for international monetary transactions powered by blockchain tech, and when Euro Exim Bank announced it has successfully implemented Ripple’s xRapid. I expect to hear more of the same this year.

Ripple (XRP) Technical Analysis – The Big Picture

Currently trading at $0.314 Ripple’s XRP is the third cryptocurrency by market cap behind Bitcoin and Ethereum. Its circulating supply of roughly 41 billion is valued at $13,042,248,777 and has been holding steady over the last few months. XRP has been in a downtrend for the past few weeks but the weekly chart shows signs that said trend is exhausted. The last lower low was created late last year, since then the pair has been lingering above $0.25 key support.

Ripple (XRP) is a real-time gross settlement system and remittance network, created by Ripple Labs Inc. Ripple’s decentralized network allows for smooth transfer of money, whether it’s fiat or cry

In the near term, price is capped by a bearish trend line. Lately, the pair has shown low volatility which opens the door for strong moves to either side. Keep in mind that strong moves which follow a period of low volatility are often reversed, without generating a trend, so be careful until a firm break to either side is made. The main elements to watch on a Weekly chart are the bearish trend line, followed by the resistances at $0.45 and $0.80.

Ripple (XRP) is a real-time gross settlement system and remittance network, created by Ripple Labs Inc. Ripple’s decentralized network allows for smooth transfer of money, whether it’s fiat or cry

On a Daily chart we can see a lot more resistance levels overhead, but the most important for short-to-medium price action are $0.32, the bearish trend line, 100 days Exponential Moving Average and the level at $0.35. A break of this cluster of resistance will increase the chances of a long term move which will have $0.40 - $0.46 area as a target. That could be reached within a couple of months or even sooner if we get a major announcement or partnership with a new bank.

Daily Chart Support: $0.28, $0.25

Weekly Chart Support: $0.25

Daily Chart Resistance: $32 (currently tested), bearish trend line, 100 days EMA, $0.35, $0.40

Weekly Chart Resistance: $0.45, $0.80

Most likely scenario: bullish action, with a break of the trend line and all immediate resistance elements; over the next 2 to 6 months it’s likely to see extended bullish action,

Alternate scenario: continuation of the downtrend and break of $0.25; if this happens, expect a retracement shortly after the break.

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

👓 Recommended articles
0
📰 News
89 views

Crypto Exchange Huobi Completes $40 Mln Token Burn for Q3

  • Alex Dovbnya
    📰 News

    Cryptocurrency exchange Huobi announces the results of its quarterly burn

Crypto Exchange Huobi Completes $40 Mln Token Burn for Q3
Cover image via www.123rf.com

According to a press release obtained by U.Today, Singapore-based exchange Huobi continues to reduce the supply of its native Huobi Token. In Q3, it burned $40.63 mln worth of HT, which represents a 70.6 percent increase compared to the previous year. 

Huobi purchases back outstanding tokens from investors in order to reduce the circulating supply of HT and stabilize its price. It is worth noting that the amount of tokens it burns every quarter depends on particular market conditions.   

The company cites the success of its spot trading and derivatives trading markets as the main reason for another token burn. 

👉MUST READ

New Year, New Name: Huobi Announces Rebranding of Its US-Based Venture

New Year, New Name: Huobi Announces Rebranding of Its US-Based Venture

Huobi Token is the second-largest exchange coin token after Binance Coin (BNB). At press time, the coin's price is sitting at $3.46 with its market cap exceeding $810 mln, according to CoinStatsData.    

Huobi Global CEO Livio Weng claims that the cryptocurrency plays "a core role" in the Huobi ecosystem.  

"Huobi Token plays a core role in the Huobi ecosystem. The continued growth from Huobi’s token burns reflects the community’s active participation and optimistic outlook for our efforts to provide users with new services, lower fees, and a secure platform to trade on."

One of the oldest crypto trading platforms has already burned 13.8 percent of its native coin's circulating supply, which is currently sitting at 234,205,522.92 HT. 

Join our Telegram channel to get news even faster!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings