Ripple Price Analysis: XRP breaks above key level
Daily Ripple XRP Price Forecast
- XRP has charted the bullish cross in the 4-hour price.
- Ripple’s network has been improved to increase overall throughput.
This Wednesday, XRP jumped up from $0.47 to $0.57, breaking above the parallel channel. After an uneventful Thursday, the buyers have managed to break above the 20-day SMA. Also, some positive developments are going on behind the scenes. Furthermore, XRP’s utility is expanding while the network’s development activity increases.
Ripple breaks above 20-day SMA
Having broken above the 20-day SMA, XRP has reached $0.595-level. Currently. The buyers are testing the waters at $0.60. Upfront, the cross-border remittance token faces strong resistance at $0.63.
Image: XRP/USD daily
The MACD shows decreasing bearish market momentum. The 4-hour price chart also shows that the 20-day SMA is about to cross over the 50-day SMA to chart the bullish cross pattern.
Image: XRP/USD 4-hour
Ripple’s utility goes through the roof
According to Ripple partner MoneyGram, cross-border settlements experienced 11 straight months of enormous growth. They carried out a survey wherein they found the following:
- Remittances had grown by 70% since the beginning of the year.
- 60% of the respondents have used digital methods to send money abroad.
According to Holmes, this success's main reason is their 18-month relationship with Ripple since their underlying technology has made transactions significantly faster. He said:
"So for us, having access to liquidity, fast transaction, and throughput is really what I think can be transformative for our industry and business in particular in the coming decade, and Ripple is doing a lot of unique things with blockchain to help drive that."
Ripple network improvements
Ripple’s CTO, David Schwartz, announced improvements to the XRP Ledger (XRPL) to enhance the network's throughput.
Key price levels to watch for XRP
Flipping the 20-day SMA from resistance to support has been vital for the price action. XRP faces a barrier at $0.63, which they need to cross over to reach $0.70. Breaking below the 20-day SMA could take XRP down to the 50-day SMA ($0.44).