XRPย Rippleย (XRP) Investors Growing Impatient as Sideways Trading Persists
If youโre an XRPย Rippleย (XRP) investor, you couldย be feeling frustrated by the extended period of sideways trading that has characterized the cross-border money remittance token throughout August. Asย ofย now, XRPย Rippleย (XRP) remains relatively unchanged at $0.5 inย theย previous 24 hours. The price is being capped at $0.5027 by the 50-day Exponential Moving Average (EMA) (red), with additional resistance at $0.505. This impliesย that the sideways trading isย veryย likely continue until a market-moving event, such as the upcoming update on the XRPย Rippleย (XRP) Ledger, occurs.
XRPย Rippleย (XRP) Developers Introduce Protocol Upgrade with Two New Features
If youโre interested in XRPย Rippleย (XRP), youโll be pleased to know that the developers behind this prominent international money remittance token are working on an upgrade for the XRPย Rippleย (XRP) Ledger. This update, known as 1.12.0, combines the XLS-30 Automated Market Maker (AMM) and the XLS-39 Clawback spec into the protocol. XLS-30 intendsย to provide increased returns for liquidity providers and minimize the risk of losses due to volatility. It will bring a native AMM to the XRPL, enabling trading of digital assets in automated liquidity pools. The Clawback feature, on the other hand, allows newly announced assets to be clawed back via the trustline.
XRPย Rippleย (XRP) Price Bulls Prepared to Defend Key Support
If youโre following XRPโs price movement, you should pay attention to its range support at $0.5. It is critical for bulls to defend this level toย beย ableย to initiate a trend reversal. Asย ofย now, the Bollinger bands indicator is squeezing, indicating that a breakout is imminent. If the price tests the lower boundary of the Bollinger bands and starts to recover, it impliesย that bulls are ready to take control. Investors are holding their positions, waiting for a positiveย trend signal. A break over the 50-day EMA and the resistance at $0.505 would attract more funds and drive the price towards the overbought region. In this scenario, the path of least resistance would be to the upside, with a probable breakout over the descending trendline and key resistance levels at $0.55.
Hot Take: XRPโs Future Depends on Market-Moving Events and Investor Sentiment
As an XRPย Rippleย (XRP) investor, itโs criticalย to monitor market-moving events, such as the upcoming update on the XRPย Rippleย (XRP) Ledger, as they have theย capacity to significantly impact the tokenโs price. Inย addition, investor sentiment plays a critical role in determining the direction of XRPโs future. If bulls can defend key support levels and generate positive momentum, we may see a trend reversal and probable price surge. Nonetheless, if sideways trading continuesย and investors become increasingly impatient, itย might create downside pressure. Stay notified, assess market conditions, and make decisions based on a comprehensive understanding of the factors influencing XRPโs performance.
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