XRP Price Prediction as XRP Enters Top 5 Global Crypto Rankings – Can It Reach $10 in 2023?
Ripple's XRP sits at a price of $0.483626, marking a minor increase of 0.45% within the past 24 hours but down approximately 7.5% in a week. The trading volume over the day spanned $635.59 million.
At present, XRP's rank on CoinMarketCap is #5, boasting a market cap of $25.85 billion. The circulating supply for XRP stands at 53.44 billion coins, with a theoretical maximum supply cap of 100 billion coins.
Let's dive into the data and technical indicators to uncover the XRP price prediction.
Analyzing the 4-hour chart, the XRP/USD's pivot point is detected at $0.5540. Immediate resistances lie at $0.5582, $0.5981, and $0.6449, while the support levels are found at $0.4677, $0.4186, and $0.3764.
From a technical standpoint, the Relative Strength Index (RSI) currently reads 37, indicating a prevailing bearish sentiment. The price of XRP remains below the 50-day Exponential Moving Average (EMA) of $0.5202, reinforcing the bearish stance.
A symmetrical triangle pattern has emerged, providing support around $0.4735 and encountering resistance at $0.5200.
Such triangle patterns are typically ambivalent and can break out in either direction, influenced by fundamentals and the equilibrium of demand and supply.
On the fundamental side, Ripple's XRP community is buzzing about a speculated large-scale burn of the XRP tokens.
This was spurred mainly by a fictitious article on Investing.com, which claimed Ripple is mulling over the burn of its 41.9 billion escrowed tokens to counteract XRP's bearish market performance and potentially elevate its value.
Despite lacking credibility and sources, the rumour has caused ripples (pun intended) within the community.
In conclusion, the overall trend for XRP appears bearish, especially if the price
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