- Ripple price volatility is decreasing in the 1-day timeframe.
- XRP sits on critical levels in the 4-hour chart.
The Ripple price has crashed from $1.58 to $0.785 – losing 50% of its overall valuation – between May 19 and May 23. Since then, over the last 10 days, Ripple has been trending in a narrow $0.27-range between $1.05 and $0.78.
Buyers Fight Back Following Three Straight Bearish Days
Around May 27, the Ripple price faced resistance at the $1.05 line and had three straight negative days. Even though the buyers tried to fight back this Sunday, the MACD shows that the overall market momentum is still negative.
Image: XRP/USD daily
On May 26, the Ripple price faced resistance at the 50-bar SMA in the 4-hour time frame ($1.05) and chased down. The Bollinger Band has started constricting, which indicates decreasing price volatility.
Image: XRP/USD 4-hour
Ripple To Be Carbon-Neutral by 2030
Ripple has recently reemphasized its commitment to become carbon net-zero by 2030 as part of an effort to prevent worst-case climate change scenarios. Ripple tweeted:
We're pledging to achieve carbon net-zero by 2030 and driving new research with leading universities that evaluates energy consumption across digital assets, credit card networks and cash.
Ripple’s tweet linked to an earlier blog post by Monica Long (General Manager of RippleX) titled “Leading the Way on Global Crypto and FinTech Sustainability.” The fintech firm believes the blockchain and digital asset industry will “play a critical role in building a sustainable future for global finance." Ripple has vowed to achieve carbon net-zero by 2030 and has partnered with the XRP Ledger Foundation, Energy Web, and the Rocky Mountain Institute to “decarbonize public blockchains.
A Medium blog post by Energy Web (EW) published on 30 September 2020 announced “the decarbonization of the XRP Ledger." It said this marked “the first ever widespread decarbonization of a public blockchain, addressing a significant environmental challenge for blockchain technologies around the world.”
EW’s blog post went on to say:
This initial deployment uses energy attribute certificates (EACs) from renewable energy assets to decarbonize the blockchain’s electricity use. Energy Web’s open-source application, called EW Zero, enables individuals, businesses, or in this case an entire blockchain ecosystem to transition to verified zero-carbon electricity.
To realize its goal, Ripple will invest resources in various initiatives, including measuring Ripple’s carbon footprint and reducing it by purchasing clean, renewable energy for its business activities, and investing in carbon removal technology. The company is also partnering with the University College London (UCL) and the National University of Singapore to research the environmental impact of cryptocurrency adoption.
The firm added that some cryptocurrencies have a significant carbon footprint. It singled out Bitcoin, claiming it consumed “consumed almost as much energy as the country of Portugal does on average, each year.” Ripple CEO Brad Garlinghouse has recently argued in favor of XRP over bitcoin in an interview, suggesting only XRP has “zero inflation dynamics,” as no more tokens will be created.
Long also mentioned in the post that XRP had been “specifically chosen to power RippleNet’s On-Demand Liquidity (ODL) service for its immutable green aspects and its payment scalability.”
Ripple Price Is Expected To Reach These Levels
If the buyers somehow manage to break the Ripple price beyond the 50-day SMA ($1.35) resistance barrier, it will flip the market sentiment in the daily chart from negative to positive.