The world’s sixth-largest crypto XRP, boasting approximately $26 billion in market capitalizing, lost 3.3% in 24 hours amid an ongoing quest to secure higher support at $0.5 after bulls took a breather at $0.5853, the highest peak in March.
XRP is trading marginally above $0.5 mid-through this week’s trading. Holding above the same level is critical for the resumption of the uptrend, otherwise, XRP may resolve to test the subsequent buyer congestion at $0.45.
XRP Price Eyes $1 – Analyzing The Odds
The largest cross-border money transfer token is at a crossroads where two outcomes are possible. Holding support at $0.5 intact will most likely favor the bulls, allowing them to plan another massive attack on the supply zones $0.55, $0.65, and $0.85.
XRP price performed exceptionally well in March as investors booked positions ahead of the imminent summary judgment of the lawsuit between Ripple, the issuing company, and the US Securities and Exchange Commission (SEC).
Ripple won a significant number of motions during the court process, which could explain the soaring optimism among investors ahead of the summary judgment, expected on or before May 6.
A win for Ripple is a win for XRP and possibly the larger crypto industry, which has been facing increased regulatory pressure, especially from the US.
That said, XRP price is expected to rally following the summary judgment. If the SEC wins the case, legal experts say Ripple may appeal the ruling, paving the way for a long court battle.
Meanwhile, a tug-of-war is intensifying on the daily chart with support at $0.5, as mentioned, likely to uphold XRP’s uptrend to $1.
The presence of a golden cross formed when the 100-day Exponential Moving Average (EMA) (line in blue) crossed above the longer-term 200-day EMA (line in purple) could serve as confirmation that XRP has just taken a breather to recollect liquidity at $0.5 before carrying on with the move to $1.
In addition to that, XRP price sits comfortably above all the applied moving averages including the 50-day EMA (line in red).
On the other side of the fence, declines could deepen if XRP price cracked through the demand area at $0.50. Notice the Moving Average Convergence Divergence (MACD) indicator with a vivid sell signal.
As the momentum indicator falls to the mean line at 0.00, the odds for an extended gains-trimming exercise are bound to increase. The next viable support area is the $0.45 level, which currently coincides with the 50-day EMA.
Central Bank of Montenegro Collaborates with Ripple on a Digital Currency
The Central Bank of Montenegro (CBCG) has signed an agreement with Ripple, a blockchain startup, to create a strategy for the development and piloting of the country’s first digital currency.
Montenegro believes having a central bank digital currency (CBDC) is a big step toward digitizing the economy for its citizens, not to mention supporting the future of financial inclusivity and accessibility.
“The Central Bank of Montenegro is bringing the next level of digital transformation to its financial infrastructure and addressing some of the world’s biggest financial challenges, including financial inclusion,” CBCG said in a statement.
A CBDC is a type of digital currency that is issued and backed by a country’s central bank. It offers a way to modernize and digitize the payment system, potentially increasing efficiency and reducing costs associated with cash printing and handling.
The project at hand will involve various phases, starting with determining the real-life utility of the CBDC or sovereign stablecoin, followed by devising a structure to simulate its circulation and use in monitored conditions.
XRP Alternatives To Consider
If you’re looking for other high-potential crypto projects alongside XRP, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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