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Crypto News: XRP, the native cryptocurrency of the Ripple network, has experienced a slight decline in its price over the last 24 hours, falling by 1.15% to US$0.5396 as of Monday, February 26, 2024. The digital asset has been trading in a narrow range between US$0.53 and US$0.55 for the past week, showing low volatility amid a mixed market sentiment.
XRP is the sixth-largest cryptocurrency by market capitalization, with a total value of US$29.3 billion. It is used by Ripple and its partners to facilitate fast and low-cost cross-border payments, as well as to power innovative applications on the XRP Ledger (XRPL), a decentralized and carbon-neutral blockchain.
XRP has faced some challenges in the past year, as Ripple has been involved in a legal dispute with the U.S. Securities and Exchange Commission (SEC) over the status of XRP as a security or a commodity. The lawsuit, which was filed in December 2020, has caused some uncertainty and controversy in the crypto community, as well as some delistings of XRP from major exchanges.
However, XRP has also seen some positive developments, such as the launch of a private version of the XRPL for central banks to issue and manage digital currencies, the growth of the XRPL developer community and ecosystem, and the expansion of Ripple's global network of financial institutions and payment providers.
XRP's price performance has been largely influenced by the overall market trends, as well as the news and events related to Ripple and the XRPL. Some analysts expect XRP to break out of its current consolidation phase and resume its upward momentum, as the legal case progresses and the adoption of XRP increases. Others remain cautious and warn of potential downside risks, as the regulatory uncertainty and the competition from other cryptocurrencies persist.
XRP starts a 22.85% surge that might enable the price to retest US$0.70 if bulls can successfully break through the barrier. On the other hand, a second failed effort to flip US$0.55 may cause the price to drop. If this is the case, XRP may lose 7.40% of its value, which would return the price to US$0.50.
The Relative Strength Index (RSI) was 48.52 at the time of publication, which was bullish. Bulls may hold into this position, and XRP may break out and first approach US$0.59 if the RSI rises higher.
Even when the RSI climbed, the Awesome Oscillator (AO) remained inside the red histogram bars. Such a scenario implies that buyers had not neutralized sellers.
In the meanwhile, the bullish prediction was supported by the 4-hour XRP/USD chart. XRP may either break down and test the next support levels at US$0.51, or it may break out of the descending triangle and aim for the next resistance levels at US$0.57. To make wise judgments and seize any chances, holders, and traders of XRP should keep a close watch on the news, trends, and charts.
Furthermore, there was a 0.10 Chaikin Money Flow (CMF). The CMF measures the pressure on buyers and sellers. Consequently, being in the positive area suggests that there is purchasing pressure on the token. This reading may indicate that the underlying price will rise.
The current range for the expected price of XRP in 2025, according to CoinCodex, is US$ 1.683300 on the high end and US$ 0.340583 on the lower end. If XRP hits the higher price objective, it may increase in value by 211.11% from its current price by 2025. As of right now, the price projection for XRP for 2030 ranges from US$1.770041 on the high end to US$0.435256 on the lower end. If XRP hits the higher price objective, it may increase in value by 227.15% from its current price by 2030.
Ripple is expected to conclude 2021 at US$1.43, according to Digital Coin Price, a 60 percent increase. It predicts that the cryptocurrency will continue to rise in the upcoming years, surpassing US$2 in 2023 and reaching US$3 in 2025, implying a potential upside of 245 percent.
