Ripple Price Analysis: XRP Bounces Up From The 50-day SMA
Daily Ripple XRP Price Forecast
- Ripple price dropped from $0.63 to $0.415 between February 14 to February 28.
- The 20-bar SMA in the 4-hour chart has flipped from resistance to support.
Ripple price went up from $0.419 to $0.44 over the last 48 hours. As things stand, XRP managed to $0.63 to $0.415 between February 14 to February 28, losing more $0.20 in its overall valuation.
Ripple Price Floats Above The 50-day SMA
Due to this drop in valuation, the Ripple dropped all the way down to the 50-day SMA. However, this level has managed to stay strong and push XRP up to $0.44. Since the RSI is trending along near the oversold zone, it shows that the buyers still have room to grow.
Image: XRP/USD daily
The 4-hour Ripple price chart shows two positive signs:
- The 20-bar SMA has flipped from resistance to support.
- The MACD shows increasing bullish momentum.
Image: XRP/USD 4-hour
Ripple Unlocks 1 Billion XRP
Ripple let a whopping one billion XRP tokens out of escrow yesterday, according to Whale Alert. The fintech giant unleashed a billion tokens in two transactions carrying 500 million coins each. This event typically takes place on every first day of the month.
These regular releases of XRP have proven to have no impact on the coin’s price. The SEC lawsuit has been much more influential in this regard as the coin has been unable to recover to its earlier high of $0.78. XRP has been trading in a range near the $0.43 level for the past week.
According to an earlier report, after suspending its partnership with Ripple, remittance giant MoneyGram has been finding it difficult to look for an alternate source of financial inflows that could replace Ripple. Just last week, MoneyGram collapsed by about 40%t. The company had announced that it would suspend collaboration with Ripple on January 22.
However, JMP Securities' David Scharf said that this was nothing more than a marketing gimmick. Ripple was allegedly paying MoneyGram to use its On-Demand Liquidity (ODL) product for cross-border cash transfers.
Ripple Price Is Expected To Reach These Levels
We expect the RIpple price to hover horizontally around the $0.44 line.