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XRP Price Falls as it Fails to Reach Critical Support Levels

Gaurav Roy by Gaurav Roy
February 16, 2022
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XRP price is seeing a downward turn as sentiments for the coin fail to support its recent bullish run. Ripple is currently looking at a risk leading to a 10% fall towards the $0.70. This comes immediately after a recent bull run last Saturday and Sunday. The prevailing chart for the digital token suggests that the cross-border payment and remittance token could continue to consolidate. 

XRP saw a descending parallel channel on the 4-hour chart, where it experienced lower highs and lower lows. If it continues, the token could fall lower if buyer absence continues in the following days. If the selling pressure continues for the token, XRP is expected to drop to $0.70 and continue falling to $0.65 if it falls below its defense line.

XRP price

On the other hand, if the recent bullish sentiments are reignited, XRP price will face an immediate rise to $0.81 as it hurdles over the 61.8% Fibonacci retracement. After overcoming the next hurdle, the technical pattern will pull it upwards to $0.83.

As it stands, XRP will definitely target another rise towards the February 10 high of $0.91. And with the recent developments with its real-world and cross-border remittance capabilities, the chance of this happening is heightened.

XRP Price Falls as it Fails to Reach Critical Support Levels

Last month, RippleNet blockchain partnered with Morroco’s largest bank. American Express, Bank of America, Banco Santander, and several others were also onboarded by the blockchain to expand its cross-border remittance ecosystem. 

This move, along with the rising positive sentiments from the cryptocurrency community, is slowly turning into leverage that puts the US SEC in a bind against RippleNet in their long-running legal battle that has been going on for the last few years. 

With this, the Securities and Exchange Commission’s victory will unlikely come anytime soon, if at all. And if the blockchain wins, the return of Ripple’s signature coin, XRP, will be inevitable.

gaurav roy xrp news | XRP & Ripple News
Gaurav Roy
Tags: XRP coin basexrp newsxrp news predictionXRP predictionXRP price
Gaurav Roy

Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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