XRP, the world’s sixth-largest cryptocurrency with a market capitalization of $26 billion, fell 3.3 percent in 24 hours and found stronger support at $0.50.
It was recently rejected at the $0.5853 level in March and is currently trading just above $0.50.
This is where XRP is headed now.
XRP Price Nears $1 – Odds Analysis
The largest cross-border remittance coin is at a crossroads where two outcomes could happen.
Holding support at $0.50 will likely favor the bulls, allowing them to plan another massive attack on the $0.55, $0.65, and $0.85 supply zones.
XRP prices had an exceptional month of March as investors booked positions ahead of the impending summary judgment in a lawsuit between Ripple, the issuing company, and the U.S. Securities and Exchange Commission (SEC).
Ripple has won a large number of motions in the court proceedings, which may explain the surge in investor optimism ahead of the summary judgment expected on or before May 6.
Ripple’s victory is a victory for XRP and the larger cryptocurrency industry, which has been facing increasing regulatory pressure, especially from the United States.
That said, XRP price is poised to bounce back after the summary judgment.
If the SEC prevails, legal experts say Ripple may appeal the ruling, paving the way for a protracted court battle.
XRP/USD daily chart
Meanwhile, as mentioned earlier, the tug-of-war is intensifying on the daily chart with support at $0.50, which could support XRP’s uptrend to $1.
XRP’s recent stall at $0.5 could be a sign that the cryptocurrency is re-gathering liquidity before continuing its move towards $1, which was further confirmed by the formation of a golden cross when the 100-day exponential moving average (EMA) surpassed the long-term 200-day moving average.
XRP is also comfortably trading above all applied moving averages, including the 50-day SMA.
However, if the price of XRP falls below the $0.50 demand zone, there is a potential downside risk, as indicated by the moving average convergence divergence (MACD) with a clear sell signal.
With the momentum indicator approaching the 0.00 moving average, the chances of a sharp price correction increase.
The next significant support level for XRP is at $0.45, which is also in line with the 50-day EMA.
Central Bank of Montenegro Partners with Ripple to Develop Digital Currency
The Central Bank of Montenegro (CBCG) has signed an agreement with blockchain startup Ripple to develop a strategy for the development and piloting of the country’s first Crypto currency.
Montenegro believes that having a Central Bank Digital Currency (CBDC) is a huge step towards digitizing the citizen economy, let alone supporting a future of financial inclusion and accessibility.
“The Central Bank of Montenegro is bringing a higher level of Crypto 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 Crypto currency 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 printing and handling cash.
The project at hand will involve multiple stages, starting with determining the actual utility of a CBDC or sovereign stablecoin, and then designing a structure to simulate its circulation and use under monitored conditions.
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XRP Alternatives to Consider
For those looking for high-potential cryptocurrency projects beyond XRP, the Cryptonews Industry Talk team has analyzed and compiled a list of the top 15 cryptocurrencies for 2023.
The list is updated weekly to include new altcoins and ICO projects.
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