Ripple Price Analysis: XRP Bulls Fight Back, Still Trapped Below $0.46
Daily Ripple XRP Price Forecast
- The bulls made up for the Ripple price losses suffered over the last two days.
- The parabolic SAR in the 4-hour chart has flipped from bearish to bullish.
After failing to get over the $0.46 resistance barrier, the Ripple price had two straight bearish days, wherein it dropped to $0.42. However, the buyers have seemingly re-entered the market on the back of the Tesla-triggered crypto market rally.
Ripple Price Meets Familiar Resistance Barrier
As things stand, the Ripple price needs to overcome heavy resistance at $0.46 before it can even think about venturing into the $0.50 psychological level. However, if XRP does get rejected at this level again, it may dip to the 20-day SMA ($0.35). If the Ripple breaks below this level, another strong support is at $0.315 (50-day and 200-day SMAs).
Image: XRP/USD daily
The 4-hour Ripple price chart has flashed three bullish signals:
- XRP has reversed the 20-bar and 50-bar SMAs from resistance to support.
- The parabolic SAR has flipped from bearish to bullish.
- The MACD shows that market momentum is about to reverse from bearish to bullish.
Image: XRP/USD 4-hour
All these signs show that the buyers may make another charge towards the $0.46 resistance.
Ripple Payments Network Earns SOC 2 Certification
Ripple recently said that its RippleNet Cloud service had obtained the System and Organization Controls 2 (SOC 2) certification. This is one of the most prestigious security and privacy certifications in the industry.
The SOC 2 validates that RippleNet Cloud maintains a high standard of safety, reliability, and privacy across its network. An independent certified public accountant has conducted the necessary tests to determine whether RippleNet’s infrastructure merited the high rating.
Ripple highlighted that this grade would allow financial institutions to utilize its services with complete confidence that their assets and data will be protected.
“This [certification} means that financial institutions – particularly, banks who typically utilize legacy software – planning to adopt RippleNet Cloud can do so with the confidence that Ripple has a certified, “seal of approval” when it comes to meeting modern security and privacy needs.”
Ripple launched RippleNet Cloud in May 2020, and it is intended to offer its customers a convenient, fast, and more cost-efficient means of transferring money anywhere in the world. Since its launch, 40 banks have become a part of Ripple’s global payment network. The payments company also reported that transaction volumes on RippleNet Cloud doubled every week throughout 2020.
Ripple Price Is Expected To Reach These Levels
If the Ripple price manages to reverse the $0.46 line from resistance to support, it may conceivably aim for the $0.50 psychological line. However, if XRP fails, it may dip to the 20-day SMA ($0.35).