XRP is ticking higher amid investors’ buying ahead of the Sologenic airdrop snapshot. At the time of writing, XRP was trading up 6% at $1.01, after reaching intraday highs at $1.07. XRP is up 24.82% on a 7-day basis and up 124.6% in one year. Sologenic, an ecosystem built on the XRP Ledger (XRPL) is launching a $1 billion airdrop for XRP and holders of the protocol’s native token. Sologenic is airdropping 200 million SOLO tokens to investors who already hold SOLO or XRP. The snapshot comes up on December 24, 2021, at 20:00 UTC. December 22 marked a year since the Ripple SEC Lawsuit. Ripple CEO, Brad Garlinghouse stated ”Proud to say it was Ripple’s strongest year ever, XRP-based On-Demand Liquidity payments accounted for 25% of total dollar volume across the network. Since Q3 last year, transactions over RippleNet have more than doubled and ODL transactions are up 130% quarter over quarter”.
Key Levels
Resistance Levels: $1.1250, $1.5000, $1.1000
Support Levels: $0.8000, $0.7500, $0.5910
XRP/USD Daily ChartAs seen on the daily chart XRP/USD has risen for the sixth day in a row on positive risk sentiment driving prices into profit. It has swiftly turned up following the consolidation around the $0.750 support area, with the price breaching the limits from the daily moving averages (MAs 50 & 200) to peak at a one-month high, at the $1.065 level on Thursday.
As per momentum indicators, bullish pressures may prevail in the near term. The RSI has broken through the 60 mark and is fast-moving into positive territory. If the price rises above $1.10, the high threshold at $1.150 could halt the upward trend. A potential downturn, on the other hand, would most likely seek support near $0.900.
XRP/USD 4-Hour ChartThe XRP/USD is trying to stage a full rebound after its short-term downtrend ceased at the $0.75 level in the 4-hour chart. Although the cross-border token has already recouped its recent losses and has returned to November 2021 levels, its upside move might encounter some resistance near the $1.100 and $1.150.
Bearish moves, on the other hand, may find early support around $0.900 at the 4-hour moving average (MA 200). If the price breaks through this level, it may fall to $0.826. If that barrier falls, the focus may likely go to $0.800 before $0.75 for psychological support. Overall, XRP is in recovery, and only a significant drop below $0.900 would turn its short-term outlook negative.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
