- Ripple price downside finds a balance above $0.310 but the upside is limited at the 23.6% Fib level.
- “Put simply, the XRP Ledger is based on an inherently decentralized, democratic, consensus mechanism,” David Schwartz says in his report.
Ripple is trading slightly in the green in the wake of the declines that took place yesterday. There was an upward movement that was initiated from the support at $0.325. The bulls intensified their attack on higher levels stepping over $0.35, although they lost the momentum short of $0.355. This allowed the bears entry but the short-term support at the 61.8% Fib retracement level with the last high leg of $0.351 and a low leg of $0.31 slowed down the downward movement for most of the trading session.
The sellers, not ready to call it a day, broke the 100 15’ simple moving average support. This move led to more break down below $0.330 and $0.320 support zones. With Intent to slash another support at $0.310, XRP/USD formed a low around $0.311. The bulls re-emerged and in a pullback, Ripple price trade above the 23.6% Fib level resistance at $0.319.
At the time of press, Ripple has embarked on another downward roll while the upside is limited by the 50 SMA. The trendline will also prevent gains towards $0.325 while the 100 SMA will offer stiff resistance at $0.330. XRP/USD is supported at $0.315 and the next support at $0.310.
For a long time now Ripple Labs. Inc. has been tasked with a burden of explaining why its ledger, XRP is not a security token and that it is not at all centralized. The company’s Chief Technology Officer, David Schwartz has once again clarified that XRP is an “inherently decentralized” cryptocurrency. In his report titled “The Inherently Decentralized Nature of XRP Ledger,” David notes that decentralization is “is wildly nuanced, misunderstood and, frankly, evolving.” Ripple’s XRP consensus protocol is different from that of Bitcoin and Ethereum, instead of using proof-of-work algorithm to verify transactions and issue rewards, XRP verifies transactions using validators records spread across the world but do not get rewards or incentives.
“Put simply, the XRP Ledger is based on an inherently decentralized, democratic, consensus mechanism — which no one party can control.”
XRP/USD 15’ chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.