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Ripple Price Analysis: XRP finds resistance around $0.60, reversal to follow?

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Ripple price analysis indicates bearish momentum to follow later today as the $0.60 resistance was reached overnight and bulls are likely exhausted as of now. Therefore, we expect XRP/USD to start declining over the weekend and try to finally reach the $0.50 mark next week.

Ripple Price Analysis: XRP finds resistance around $0.60, reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with mixed results over the last 24 hours. Bitcoin has increased by 1.2 percent, while Ethereum 3.2 percent. Binance Coin (BNB) is among the worst performers with a loss of 2 percent.

Ripple price movement in the last 24 hours: Ripple tests further highs above $0.60

XRP/USD traded in a range of $0.5655 – $0.6084, indicating mild volatility over the last 24 hours. Trading volume has decreased by almost 13 percent and totals $2.367 billion. Meanwhile, the total market capitalization stands around $27.4 billion, ranking cryptocurrency in 6th place overall.

XRP/USD 4-hour chart: ready for another decline?

On the 4-hour chart, we can see Ripple price action slowly losing momentum around the $0.60 resistance as bears prepare to push the market lower again.

Ripple Price Analysis: XRP finds resistance around $0.60, reversal to follow?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action trades with a strong bearish momentum over the past weeks. After the previous swing high around $0.74 was set at the end of June, XRP/USD declined by more than 30 percent to the $0.52 low, which set a slightly higher major swing low for now.

What followed was a rally over the past days above the previous support turned resistance of $0.60. Therefore, XRP/USD has shown signs of some bullish momentum slowly building up. However, as of now, further upside seems unlikely as bulls are exhausted and Ripple needs another wave lower to test previous lows.

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In case the $0.52 swing low gets breached, the next one is located relatively close by around $0.50. In case both of these support levels are broken, we can expect a lot more further downside over the next weeks. Alternatively, XRP/USD could set another higher low above $0.52 and start heading towards further upside over the next weeks.

Ripple Price Analysis: Conclusion 

Ripple price analysis indicates bearish momentum to follow over the weekend and bulls are likely to be exhausted after a strong rally over the last 24 hours and a test of the $0.60 resistance. Therefore, we can expect XRP/USD to start trading lower over the weekend and try to reach the $0.50 support next.

While waiting for Ripple to decline further, read our guides on Bitcoin fees, what can you do with Bitcoin, as well as DeFi advantages.

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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions

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XRP

XRP Has Great Risk-Reward Ratio, With 10x Price Rise Likely: Macro Guru Raoul Pal

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Raoul Pal is saying that global payments asset XRP has a great risk-reward ratio despite a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). 

In a new interview on Savvy Finance, the CEO of Real Vision and Global Macro Investor shares why he remains bullish on the crypto asset.

“XRP is a great risk-reward. The lawsuit – we’ve seen every lawsuit, every single one has been fine. Everybody’s actually cleared up after the event anyway and these events were a while ago. Bitmex, that’s happening, we’re going to see all of these, so I think it’s going to be a slap on the wrist that it could look like a security, there’ll be no admission of guilt on either side, there’ll be a payment of a fine and then XRP is free to run.”

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The former Goldman Sachs executive also identifies factors that will help drive up the price of the coin. 

“What’s interesting about XRP is there is quite a lot of use cases. Now, I know the bunch of Bitcoin people hate it– it’s not decentralized enough, I don’t care. Are people using it? Yes, a lot more than most people realize, and what’s amazing about this setup is you can’t buy on any of the exchanges and it’s not in the Bitwise ETF.  

“The Bitwise ETF is now a billion of the Bitwise index. The top 10 index is a billion dollars, so the moment XRP is free, they have to buy a few hundred million dollars in it as everybody else can because the exchanges will have it back, so you’re setting up for a hell of a nice run if this clears up.”

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Pal says it is still worth betting on XRP despite the possibility of Ripple losing in its legal battle with regulators. 

“Worst case it doesn’t? Worst case is, let’s say, 50% downside, best case is 10x from here, so I’ll take a 50 to 1 risk-reward for the next three to six months.”

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Chainlink

XRP, Chainlink and This Crypto Project Launching Bitcoin Smart Contracts Are ‘About To Go Crazy’, Says Altcoin Daily

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Altcoin Daily host Austin Arnold is listing three altcoins that he says are “about to go crazy”.

In a new video, Austin tells his one million YouTube subscribers that the altcoins in question are Dfinity Foundation’s Internet Computer (ICP), the bridge currency XRP, and blockchain oracle network Chainlink (LINK).

Kicking off the list with Internet Computer, Austin says that the crypto project focused on becoming a decentralized global computing platform, is planning to introduce smart contract functionality to Bitcoin.

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Internet Computer smart contracts will gain access to Bitcoin liquidity and Bitcoin will gain powerful new smart contract functionality without the need for insecure and cumbersome trusted bridging services.

So this could be big – a DeFi [Decentralized Finance] ecosystem for Bitcoin is a major industry initiative. It would mean the world’s most popular cryptocurrency, Bitcoin, could be used for lending, yield farming, derivatives, liquidity pools and more.”

Turning to XRP, Austin says the developer Ripple Labs has encountered a setback in the lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC).

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“…Ripple filed a motion back in August 27th requesting information about whether SEC employees had purchased and traded Bitcoin, Ethereum and XRP. The United States Magistrate Judge Sarah Netburn rejected this motion on Tuesday…

…so what this means to you as a potential XRP holder is that Ripple will have to find another way to prove to the SEC that XRP is not a security. That’s of course the SEC’s point of view. They’re the ones that are suing Ripple and the case is heating up.”

In the case of Chainlink, Austin says that the blockchain oracle network’s recent integration with decentralized cold storage aggregator Coldstack is bullish.

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“…big green flag for LINK holders. Here’s the reason Chainlink was chosen – because in their [Coldstack] words ‘Chainlink is the industry standard in blockchain oracles’.”

Austin also quotes Coldstack’s CEO Alexander Shishow showering praise on Chainlink.

“In a direct quote from Coldstack CEO… ’There really isn’t any substitute for Chainlink – if we want to provide the best data storage solutions for our users, then it makes sense to use the best oracle service provider in the industry.’”

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Cardano

Top Analyst Plots Path Ahead for Cardano and XRP, Says Three Altcoins Are Now Attractive After Dip

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Michaël van de Poppe is sharing his updated forecast for two leading altcoins, Cardano (ADA) and XRP.

In his new video, the crypto analyst says that Cardano has hit important price levels, breaching the $1.90 to $2.10 range.

“I’m assuming that Cardano is quite close to being bottomed out at this stage, through which we can expect new impulse waves to be happening.”

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Van de Poppe next looks at the token’s Bitcoin pair (ADA/BTC) and says that there is a possibility that Cardano could see new highs.

“I’m expecting that we’re going to have some slight consolidation comparable to the area that we had in April. So some slight consolidation here until we crack resistance, but if we [do], I think we’re going to be running with new all-time highs or new highs for Cardano here as well.”

The trader also identifies a crucial price level for XRP that could indicate a bullish signal for the crypto market.

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“I think that if you want to get into the markets then the chances are here that we’re finally getting bottomed out and we are ready for the next impulse wave in the market.

What is the level to crack for XRP? The area around $1.05 is the one that it has to crack through. I’m not assuming that we’re going to get it in one go, but I’m assuming that once it breaks through there, I think all coins will be breaking out left and right. But this is a good candle on XRP.”

The widely-followed analyst notes that the downturn offers a good opportunity to get into the market, naming Avalanche (AVAX), Solana (SOL), and Fantom (FTM) as the three altcoins to buy during the dip.

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“Should you be getting interested in the markets when it’s approaching support and when projects are dropping down by about like 35% to 45%? Yes, of course. 

When you get towards the support, people will ultimately become quite bearish and they are only expecting further downward momentum. That is the moment that you want to get into the markets.”

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