Ripple Technical Analysis: XRP Nosedives Towards $0.45 Line

Last Updated July 23rd 2021
2 Min Read

Daily Ripple XRP Price Analysis
  • Over the last three days, the Ripple price has reversed from support to resistance.
  • The parabolic SAR has flipped from bullish to bearish for XRP.

On February 14, the Ripple Price has failed at the $0.63 resistance and is nose diving towards the $0.45 support line. Let’s take a closer look with technical analysis.

Ripple Price Falls Under Heavy Bearish Market Momentum

Over the last three days, the Ripple price has flipped the 20-day SMA from support to resistance as XRP is falling towards the $0.45 support barrier. The MACD shows increasing bearish momentum so a further drop is expected.

xrp/usd daily chart 022621

Image: XRP/USD daily

The 4-hour Ripple Price chart is sandwiched between the 20-bar and 200-bar SMAs. Similarly, the parabolic SAR has flipped from bullish to bearish. The RSI still has dipped below 40, so XRP has more room to fall before it gets undervalued.

xrp/usd 4-hour chart 022621

Image: XRP/USD 4-hour

New XRP Ledger Version Gets Huge Efficiency Boost

RippleX has recently announced the release of version 1.7 of the XRP Ledger. The upgrade provides a vital boost to the software’s efficiency and makes the network more secure and decentralized.  

The new version also reduces memory usage by a whopping 50% because of improvements that are partially attributed to Ripple CTO David Schwartz. Back in December, he had conducted a test of the new release. Schwartz noted that version 1.7 will benefit the whole ecosystem. 

Ultimately, v1.7 makes better use of available system resources. By boosting efficiency, the whole XRPL ecosystem benefits and can more easily operate the software to build directly on the Ledger. 

Bharath Chari, the spokesperson for the XRPLF, said that the foundation will keep its focus on enhancing the XRP Ledger. 

Enhancements, such as today’s improvements to memory usage, are key to growth and innovation on the Ledger. We look forward to supporting the wider ecosystem, including the superb code development by the RippleX team. 

Ripple Price Is Expected To Reach These Levels

The Ripple price will drop below the $0.45 support wall and fall towards the 50-day SMA ($0.40).

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