Ripple (XRP) is the native cryptocurrency of the XRP Ledger network, which was developed to facilitate fast and efficient money transfers between financial institutions. XRP is used as a means of settling cross-border payments, allowing for quick and low-cost transfers between banks.
Current Market Performance:
As of November 29, 2024, XRP was trading at around $1.61, up $0.14 (0.09524%) from the previous close. The intraday price range was between $1.44 and $1.63.
Technical Analysis:
General Trend: Technical analysis suggests that XRP is trading in an uptrend in the short term, with strong support at the $1.50 level.
Technical Indicators: The Relative Strength Index (RSI) is showing a reading of 67.18, indicating that XRP is in the overbought zone, and may see a slight correction before resuming the uptrend.
Resistances and Supports: There is a major resistance at $1.70, and if it is broken, the price may target $2.00. On the other hand, if the price declines, it may find support at $1.50, followed by $1.40.
Recent Events:
In July 2023, the Southern District Court of New York ruled that XRP is not a security, which led to increased confidence in the digital currency. This decision contributed to boosting the demand for XRP and increasing the trading volume.
Future Outlook:
Upward Insha'Allah
