Ripple Price Prediction: XRP Drops Below $0.60 Before Recovery
Daily Ripple XRP Technical Analysis
- The Ripple price volatility has started increasing slightly.
- 20-day SMA continues to provide sustained resistance.
In a 7-day period between June 23 and June 30, the Ripple price jumped from $0.545 to $0.706. Any further growth on the upside has been blocked by the 200-day SMA. Following that, between July 1 and July 4, XRP hovered between $0.656 and $0.70. XRP has strong support at $0.545.
Ripple Price Has Been Continually Testing 20-day SMA For Six Days Straight
When the Ripple price has hovering horizontally between July 1 and July 4, it met continuous resistance at the 20-day and 200-day SMAs. Since then, XRP had crashed from $0.688 to $0.621. XRP has met continuous resistance at the 20-day SMA. The Bollinger Band has started to expand slightly to indicate increasing volatility.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple Price dropped from $0.70 to $0.62 and flipped the parabolic SAR from positive to negative. They also managed to flip the 20-bar and 50-bar SMAs from support to resistance.
Image: XRP/USD 4-hour
Ripple Director: BTC and XRP Have Same Use Cases
The Director of Developer Relations at Ripple, Matt Hamilton, recently took to Twitter to outline the use cases of XRP. A Twitter user (@chazbot) posited that he has not come across a suitable answer to the question: “What does XRP actually do?” The user added that the cryptocurrency is a useless, centralized Bitcoin that no banks use.
In response, Hamilton stated that XRP is as decentralized as Bitcoin in that both the XRPL and the Bitcoin blockchain are public, and anyone can view transactions on them. The director explained that the cryptocurrency was created as a better version of BTC once its developers noticed that its energy consumption could not be scaled.
Regarding XRP’s use cases, Hamilton believes they are “basically the same as bitcoin," which entails providing peer-to-peer payments without the need for any third parties.
The executive added that NANO has interesting features but its use cases are different from those of XRP. He said this in response to an assumption that NANO provides these P2P use cases even better than XRP “without the exclusionary minimum wallet balance that eliminates more than half the world’s potential users, and 100% fully distributed."
Another Twitter user claimed that XRP is not even useful for speculation since its price has been flatlining. Hamilton advised him to check the cryptocurrency’s year-to-date performance compared to BTC, which does not show any signs of being flat. Hamilton also postulated that XRP is more decentralized than the flagship cryptocurrency. For him, the control of the XRP Ledger is way more widely spread than with Bitcoin.
Ripple Price Is Expected To Reach These Levels
The Ripple price currently doesn’t have enough momentum to break 20-day SMA. Continuous rejections will take XRP to the $0.545 support wall.