{"id":53653,"date":"2023-07-04T05:33:18","date_gmt":"2023-07-04T09:33:18","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=53653"},"modified":"2023-07-04T05:34:23","modified_gmt":"2023-07-04T09:34:23","slug":"xrp-price-stands-tall-strives-for-0-5","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/xrp-price-stands-tall-strives-for-0-5\/","title":{"rendered":"XRP Price Stands Tall:\u00a0Strives For $0.5"},"content":{"rendered":"\n

With a bull flag <\/a>pattern forming on the daily chart, XRP price is poised for a significant breakout. This week, a recovery to $0.56 is likely.<\/p>\n\n\n\n

\"\"
XRP Price Stands Tall: Strives for $0.5<\/figcaption><\/figure>\n\n\n\n

The XRP price defies all odds by accruing 1.5% gains over the past 24 hours. On Tuesday, the cross-border money transfer token was trading at $0.49 with a trading volume of $886 million and a market capitalization\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> of approximately $24 billion.<\/p>\n\n\n\n

A recent attempt to recover above $0.52 was able to surpass $0.52 resistance but began to lose momentum momentarily. Although analysts have been advocating for a prolonged retracement\u2014one that would allow XRP to absorb fresh liquidity\u2014bulls are adamantly opposed to relinquishing control.<\/p>\n\n\n\n

In spite of this, the XRP price maintains the support offered by the 50-day Exponential Moving Average (EMA) (in red) and the immediate buyer congestion area at $0.48.<\/p>\n\n\n\n

A sustained break and hold above $0.5 are required to validate the uptrend and demonstrate to market bears that it is futile to wager against a $1-bound uptrend.<\/p>\n\n\n\n

As XRP Bulls Maintain Their Position, Gains Could Exceed $0.50<\/h2>\n\n\n\n

The XRP price is on the verge of breaking out of a bull flag pattern, which emerged following the abrupt rejection from highs around $0.55 in early June. The initial support provided by the 200-day exponential moving average (purple) encouraged bulls to maintain their positions.<\/p>\n\n\n\n

As investors took advantage of the decline to purchase more XRP, a tail force progressively pushed the international money transfer token to $0.5. Nevertheless, XRP was already involved in constructing the bull flag pattern, which, if confirmed, could send XRP to $0.56.<\/p>\n\n\n\n

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XRP\/USD daily chart \u2013 Tradingview<\/figcaption><\/figure>\n\n\n\n


The bull flag pattern indicates a robust market uptrend. Traders interpret the flagpole as an increase in purchasing pressure followed by consolidation Traders would place purchase orders anticipating a breakout above the flag's upper boundary. <\/p>\n\n\n\n

Traders aim to profit from the continuation of bullish momentum and ride the next wave to $0.56 and $1 if the transaction is executed correctly and market conditions usually behave.<\/p>\n\n\n\n

Before purchasing XRP for short-term conjecture, investors should consider the incoming buy signal from the Moving Average Convergence Divergence (MACD) indicator.<\/use><\/svg><\/span><\/a><\/p>\n\n\n\n

Such a request to purchase XRP would manifest as the blue MACD line crossing above the red signal line. This indicates that XRP is gaining momentum, with a bullish breakout as the most likely outcome.<\/p>\n\n\n\n

Citigroup Evaluates Partnership with a Ripple-Acquired Firm<\/h3>\n\n\n\n

Citigroup, a significant bank, is reevaluating its partnership with a company Ripple acquired earlier this year for $250 million as XRP attempts to double down on efforts to overcome resistance at $0.5 and $0.56 to pave the way for gains targeting $1.<\/p>\n\n\n\n

According to a Bloomberg report, Citigroup may sever ties with the Swiss fintech company Metaco. The information does not indicate whether the bank is severing ties with Ripple.<\/p>\n\n\n\n

Since December 2020, Ripple<\/a> has been fighting a lawsuit with the US Securities and Exchange Commission (SEC) for purportedly selling XRP as an unregistered security to investors.<\/p>\n\n\n\n

Metaco, on the other hand, concentrates on offering asset tokenization services to assist businesses in representing traditional assets on the blockchain.<\/p>\n","protected":false},"excerpt":{"rendered":"

With a bull flag pattern forming on the daily chart, XRP price is poised for a significant breakout. This week, a recovery to $0.56 is likely. The XRP price defies all odds by accruing 1.5% gains over the past 24 hours. On Tuesday, the cross-border money transfer token was trading at $0.49 with a trading […]<\/p>\n","protected":false},"author":53,"featured_media":53656,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,24],"tags":[8171,6767,8659],"class_list":["post-53653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ripples-news","tag-ripple-news-2","tag-xrp-news","tag-xrp-price"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/xrp-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=53653"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53653\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/53656"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=53653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=53653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=53653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}