Ripple Price Analysis: XRP Bulls Retreat From $0.50
Daily Ripple XRP Price Forecast
- Ripple price is stuck between 20-day and 50-day SMAs.
- XRP shows sustained bullish market momentum.
Ripple price dropped from $0.63 to $0.414 between February 13 to February 28, losing nearly a third of its valuation. Since then, XRP has jumped up to $0.476. The cross-border remittance token tried to reach the $0.50 psychological level before retreating back.
Ripple Price Market Sentiment Turns Bullish
As things stand, the Ripple price is sandwiched between the 20-day and 50-day SMAs. If XRP manages to break above the 20-day SMA, the relative strength index (RSI) shows that it still has a lot of room for growth.
Image: XRP/USD daily
The 4-hour Ripple price chart shows three different buy signals:
- The parabolic SAR reversing from bearish to bullish.
- The 50-bar SMA flipping from support to resistance.
- The MACD showing sustained bullish momentum
Image: XRP/USD 4-hour
Private XRP Ledger To Be Pilot Tested
Ripple has recently announced that it is rolling out a private version of the public open-source XRP Ledger. This will provide central banks with a secure and controlled solution for issuing and managing digital currencies.
In an official statement, the company said:
We believe this solution will overcome the major challenges around creating and managing a sovereign digital currency, while amplifying the value and benefits for Central Banks, their partners and, above all, the millions of people who will use it.
Global central banks have been focused on developing forms of sovereign-backed digital currencies. Through these central bank digital currencies (CBDC), opportunities to implement this technology are now open for banks to participate in. Ripple's recent initiative is aimed at helping central banks evaluate and achieve their economy-specific strategies.
By using XRP Ledger (XRPL) technology's core consensus protocol, the CBDC Private Ledger can easily accommodate transactions at scale. The Private Ledger is natively designed for issuing currencies, including all 5,400 currencies issued on XRPL, in addition to Ripple's native coin XRP functioning as a neutral bridge asset for frictionless value transfers at scale.
Ripple claims that XRPL currently processes 1,500 transactions per second (TPS) at a rate of 3.85 settlements per second. The suite of protocols also enables Interledger transactions to allow for high-throughput use cases.
Ripple Price Is Expected To Reach These Levels
If the Ripple price manages to break above the 50-day SMA, XRP will somehow reach the $0.58 resistance barrier.