XRP bulls to defend $0.60 level at all costs ahead of Ripple Swell 2023
|- Ripple price is holding above the $0.66 support level despite XRP trading in overbought territory.
- The $0.60 level remains critical for the remittance token since every day in November has closed above this level after closing out October there.
- XRP could still realize 15% growth as token holders keep their selling appetite in check ahead of key community event.
- Invalidation of the bullish thesis will occur once the payments token closes below the $0.53 support level.
Ripple (XRP) price remains bullish after a solid breakout beginning on October 18, when the rally in the broader market kick-started a strong move north. The payments token managed to break past the $0.60 barrier on November 1, steered by buying pressure from retail traders, and will not relent as a key community event is due.
Also Read: XRP price reclaims $0.60, eyes 15% rally even as Ripple trading volume hits four-year low in Q3
Ripple Swell 2023 preview
Ripple Swell 2023 is due to start on November 8, a two-day event that will end on November 9. The venue is Madinat Jumeirah, Dubai. While registration is already closed, early sign ups consist of leading industry innovators coming together to discuss topics that are most important to the contemporary finance industry.
The event is likely to benefit XRP in particular as participants will be delving into the intricacies of payments and digital currencies. The meeting will also investigate the impact of regulatory frameworks for digital assets, with a view toward understanding how to meet users at the point where blockchain and cryptocurrency technology intersect. Topics will also include integrating crypto with traditional markets for globally sustainable solutions.
With XRP at the center of payments and digital currencies, and the fact that it is arguably the one altcoin whose regulatory position is defined, it is bound to be a key subject.
Ripple FAQs
What is Ripple?
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
What is XRP?
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
What is XRPL?
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
What blockchain technology does XRP use?
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Ripple price outlook as XRP holders defend $0.60
Ripple (XRP) price is $0.67 at the time of writing, holding above the $0.66 support level. Downward support remains robust for XRP, however, with the Parabolic SAR indicator trailing the price from below at $0.61. The Awesome Oscillator (AO) indicator is also in positive territory, flashing soaked histogram bars to show bulls maintain a strong presence in the Ripple market.
Further, the Relative Strength Index (RSI) shows XRP is overbought but not ripe for selling. Its position above 70 but reluctance to cross below this level should be interpreted as a cautionary signal that traders should not close their current positions as the upside potential remains plausible for the payments token.
If sidelined investors come in, Ripple price could move further north, restoring price action above the $0.69 resistance level. Flipping this supplier congestion level into a support floor would clear the path for an extension to the supply zone extending from $0.77 to $0.81. A break and close above its midline at $0.79 would confirm the continuation of the trend.
The next move for Ripple price if the aforementioned condition is met will be to flip the supply barrier into a bullish breaker. From there, bulls could leverage the ensuing optimism to collect sell-side liquidity and foray past the $0.90 psychological level. The target objective for them would be the $0.93 range high. Such a move would constitute a 40% climb above current levels.
Conservative perpetual traders opening longs for XRP may consider placing their take profit anywhere below the midline of the supply zone at $0.79.
XRP/USDT 1-day chart
On the other hand, if selling pressure overpowers buying momentum, Ripple price could extend the slump, decisively closing below the $0.66 support. In a more dire case, the slump could extend past the Parabolic SAR, potentially flipping the $0.60 level into resistance and clearing the clog for a spiral south.
A break and close below the $0.53 support level would invalidate the bullish thesis, plunging Ripple price back into the multi-month consolidation phase. This would denote a 20% drop below current levels.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.