XRP’s (XRP) price is currently trading down 1.62% at $0.354. Ripple has announced the CBDC Innovate challenge, with a total prize pool of $197,000. The goal of the Ripple CBDC Innovate competition is to encourage developers to create software that supports retail CBDCs, interoperability, and financial inclusion. The XRP Ledger, also known as XRPL, is an open-source, decentralized blockchain that anybody can use to develop, contribute to, and conduct transactions on. Submissions for the first round are anticipated to be due on August 25. The first blockchain to support asset tokenization was the XRP Ledger. The XRP Ledger’s built-in tokenization capabilities and built-in decentralized exchange make it perfect for developers to add the decentralized administration of tokens to their applications, regardless of whether the assets are fiat, cryptocurrencies, NFTs, or other types of tokens.
Key Levels
Resistance Levels: $0.4700, $0.4000, $0.3750
Support Levels: $0.3330, $0.2875, $0.2134
XRP/USD Daily ChartDespite the recent rebound, the direction for XRP in the near term is still range-bound. Support for XRP/USD is at $0.3330 while the barrier on the upside is at $0.4000. As long as these levels hold, the next committed move in XRP is more likely to be upward than downward. If it dropped still more, it may also reach the following significant support area at $0.3330.
The bottom end of the range should receive strong support from these zones in the future as it settles and consolidates. If gains above $0.3330 are maintained, the XRP/USD pair should move past the $0.4000 mark. Bulls are expected to push the pair higher once it breaks out, with their sights set on the next resistance level of $0.4700.
XRP/USD 4-Hour ChartAt the time of this analysis, the XRP/USD pair is trading above its 4-hour moving average (MA 50) at $0.3450. Additionally, the Relative Strength Index (RSI) is developing a bullish pattern and is about to cross its 50-day midline. The XRP price is also close to the $0.3750 barrier. Once it breaks out, bulls are expected to push the pair higher with their sights set on the next resistance level of $0.4000.
On the flip side, the XRP/USD pair may drop below the moving average (MA 50) and $0.3330 support region on an intraday basis if the $0.4000 barrier is not broken. Only when the XRP/USD pair is trading over $0.4700 is it considered to be bullish; important resistance levels are $0.3750 and $0.4000. When ranging between $0.3750 and $0.3330 levels, sellers might gain the upper hand.
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.
