Bitcoin edged towards new all-time highs with the world’s first futures ETF, Proshares Bitcoin ETF, logging over $1 billion in trading volume. While Ethereum’s price is still hovering below $4k, major altcoins are recovering from recent losses.
Unlike Bitcoin and Ethereum, Ripple price is seeing less volatility and is consolidating below $1.20. At the time of writing XRP price is trading at $1.11 with a 1.87% upswing.
Will XRP Price Break Crucial Resistance Levels?
Currently, XRP Price is stuck within the range of $1.12 and $1.15 resistance levels. However, it seems that the altcoin might consolidate at this level. The Near term target lies at $1.1550. However, if the XRP price fails to hold above this level the price might plunge below the horizontal channel’s lower border of 1.0615.
For a long time, the XRP price has been stuck below the $1.12 and $1.15 resistance levels. The main resistance is near $1.20. Further, a close above $1.20 could clear the path for major gains. On the flip side, the price might decline to a $1.05 support zone. In the extended bearish trend, the price may test the main support at $1.00.
The Relative Strength Index indicator is steadily increasing towards 60 levels. The MACD indicator is in the bullish zone with the signal line pointing to the north.
Analyst Expect XRP Price to Hit ATH
If these two structures look similar, it's because they are. Almost mirror images, except the current consolidaiton is a larger, longer consolidation structure.
1. Consolidation precedes expansion
2. The greater the consolidation, the larger the expansion that follows$XRP pic.twitter.com/XvaWXxqNjp— CrediBULL Crypto (@CredibleCrypto) October 19, 2021
A closely followed crypto analyst and trader with Twitter handle CredibleCrypto says XRP is getting ready to ignite a strong move to its all-time high. The pseudonymous analyst tells his 249,600 Twitter followers that XRP Price appears to be mirroring price action from earlier this year when it surged from around $0.30 in March to its 2021 high of $1.96 in April.
The move to $10+ is not going to happen from this next leg of expansion. This next leg should take us to close to/maybe a bit past new ATH. There will be more periods of consolidaiton/expansion that follow.— CrediBULL Crypto (@CredibleCrypto) October 19, 2021
The Analyst adds that he expects XRP to surge past $10 this cycle, marking an upside potential of at least 800% from its current value of $1.09.
“The Move To $10+ Is Not Going To Happen From This Next Leg Of Expansion. This Next Leg Should Take Us Close To/Maybe A Bit Past New ATH (All-Time High). There Will Be More Periods Of Consolidation/Expansion That Follow.”
XRP and Other Top Cryptocurrencies Now Accepted by Croatia’s Largest Supermarket Chain
Crypto is becoming mainstream in Croatia because of Konzum
Konzum, the largest supermarket chain in Croatia, which was founded all the way back in 1957, has begun accepting cryptocurrencies in its online store, according to a Dec. 1 report by Zagreb-based newspaper 24sata.
The lineup of supported digital currencies includes Ether (ETH), Bitcoin (BTC), XRP, Stellar Lumen (XLM) and Bitcoin Cash (BCH), as well two stablecoins (Tether [USDT] and DAI).
Shoppers are now able to buy groceries, hygiene items, household supplies and other items with the aforementioned cryptocurrencies.
Konzum partnered with Croatian fintech company Electrocoin to use its PayCek system to facilitate crypto payments.
They spent several weeks testing the service before the official rollout in the run-up to Christmas.
Crypto is coming to Konzum’s physical stores
Crypto payments will also gradually become available in Konzum’s physical stores throughout the country.
The company will begin with 60 locations that have self-checkouts. After that, new payment options will be introduced in 630 stores of all sizes throughout Croatia.
XRP Seeks Fresh Rally as Investors Look to Key Events in 2022
Ripple announced plans to launch Liquidity Hub in 2022 to assist financial services entities in providing customers with the capacity to buy and sell securities
Ripple has announced a financial liquidity hub planned for 2022. XRP seeks a fresh rally past the $1 mark at December’s start amid investors’ hopes for upcoming events in 2022 that might impact the price.
The goal of Ripple’s Liquidity Hub, which will launch in 2022, is to assist financial services entities in offering their clients the opportunity to buy and sell cryptocurrencies. The functionality will provide enterprise clients access to digital assets from a variety of sources, including market makers, exchanges and over-the-counter trading desks, according to the San Francisco-based company.
Second, according to Ripple CEO Brad Garlinghouse, the ongoing Ripple-SEC lawsuit will be resolved in 2022. ”Ripple is seeing pretty good progress despite a slow-moving judicial process,” according to the CEO. The SEC accused Ripple and its officials of selling $1.3 billion worth of tokens in an unregistered securities offering in December 2020.
XRP/USDT Daily Chart, Courtesy: TradinView.com
XRP has improved in price since the Friday sell-off, where it marked lows at $0.87. The cross-border token currently trades at $1. If the buyers of the remittance token push above $1.00, pending buy orders will be filled and market makers will provide more liquidity.
XRP nodes run by Ripple fell out of sync for over 5 hours, disrupted wallet services
- Public XRP ledger nodes “s1” and “s2” run by Ripple fell out of sync with the XRP ledger for over 5 hours yesterday.
- Non-custodial XRP wallet Xumm was not functioning well, disrupting usage and accessibility.
- Ripple engineers to work on increasing public node capacity.
- XRP continues flooding exchanges, whale moves 40.4 million worth of tokens and sells on Binance.
XRP ledger needs improvements to its “Trust Line” related traffic to increase the capacity of nodes to handle simultaneously active users.
Out of sync XRP nodes disrupt wallet services
Two XRP nodes run and maintained by Ripple and developers, “s1” and “s2,” recently fell out of sync with the network. The disruption lasted 5 hours, and users of non-custodial wallets like Xuum and xrplcluster.com were impacted.
The public XRP Ledger nodes by @Ripple @RippleXDev, "s1" and "s2" (full history) are out of sync. with the XRP Ledger for over 5 hours now.
This results in apps using these services (like our own @XummWallet xApps (if https://t.co/HzBcVgXrl2 is too busy) not functioning well.— XUMM Support (@XummSupport) November 30, 2021
Though XRP has a throughput of 1500 transactions per second (tps), this does not account for “Trust line” transactions on the network.
When users plan on receiving payments in anything other than XRP, they need a trust line to that asset’s issuing account. This helps avoid token spam and gives users the power to decide what assets to hold and receive without any negative effect on the XRP wallet or balance.
The amount of “Trust lines” and tokens on the XRP network has exploded beyond the tested or expected numbers. This has disrupted the activity of the XRP ledger’s public nodes. XRPL public nodes and clusters are being scaled up but aren’t ready for a higher volume of “Trust lines” transactions.
A cryptocurrency analyst, @WKahneman, shared his outlook on the challenges faced by XRP Ledger in a recent tweet.
A synopsis of recent XRPL issues cherry picked from @WietseWind & @XummSupport threads. Lots to learn & maybe even free them from answering the same ?'s over and over. It's a long thread but see it through. Some important XRPL things are going on.
1/12https://t.co/gI3KlDyw5U— WrathofKahneman (@WKahneman) November 30, 2021
Transactions on the applications using the two nodes are held up, and switching to other nodes like xrplcluster.com can create backup there.
Ripple engineers are working on increasing public node capacity.
Whales are flooding exchanges with XRP tokens. A mysterious whale recently moved 40 million XRP to Binance and sold the holdings. XRP has failed to recover from the recent price drop.
FXStreet analysts have evaluated the XRP price trend and predicted a nasty bear trap.