XRP Drops: Another Setback or Buy?

The XRP Drops Another Setback encountered resistance at $0.5450 and failed to sustain a further upward move. The pair is trending downward and may encounter resistance at the $0.512 level.

  • XRP is showing a few bearish signs from the $0.5420 zone.
  • The price now trades below $0.5350 and the 100-hourly Simple Moving Average.
  • There was a break below a key contracting triangle with support at $0.5360 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bearish momentum if it stays below the $0.5420 resistance zone.

XRP Price Faces Rejection

Like Bitcoin and Ethereum, XRP’s price rose as it reached or around the $0.5320 mark. Near the $0.5420 resistance level, though, bears were active. After reaching a peak at $0.5422, the price began to decline. Falling below the $0.5320 support area and the 23.6% Fibonacci retracement level of the rise from the $0.5028 swing low to the $0.5422 high was the recent development. On top of that, the XRP/USD pair broke below a crucial contracting triangle on the hourly chart, which has support at $0.5360.

The 100-hour simple moving average and $0.5350 are the current trading levels for the pair. Close to the $0.5320 mark, there is immediate opposition. There is a significant barrier to entry, near $0.5420. Price increases are possible if the market closes above the $0.5420 resistance level. The following considerable level of resistance is close to $0.5450. There may be a gradual ascent toward the $0.5550 barrier level if the bulls drive the price over the $0.5450 resistance level. The $0.5740 barrier level can be reached if the price increases further.

More Losses?

If XRP Drops Another Setback cannot break through the $0.5420 resistance level, it may initiate a new downward trend inside the range. Around the $0.5225 level, which is also the 50% Fibonacci retracement level of the upward advance from the $0.5028 swing low to the $0.5422 high, there is initial support on the downside.

At $0.5120, you’ll find the next significant support level. It can gather more negative momentum if the price breaks and closes below the $0.5120 level. Under the given circumstances, the price might fall, and the $0.5025 support level could be retested shortly.

Key Specifications of RRipple’sXRPL Lending Protocol

Necessary specifications such as XLS-64d, XLS-65d, and XLS-66d are part of the XRPL-native lending protocol. XLS-64d allows for linking a single pseudo-account with many ledger entries for easier balance tracking and token issuance. With the introduction of the Pool ledger entry in XLS-65d, users will have an easier time interacting with minimum ledger entries that represent individual tokenized asset pools. P2P lending and borrowing is finally enabled by XLS-66d, which leverages XLS-65d for asset management by liquidity providers.

There is a lot of excitement among XRP holders about the launch of the XRPL-native lending protocol. The initial commitment to liquidity pools was over 820,000 XRP tokens following a modification on April 11. But new numbers show a huge uptick, with more than 1.8 million XRP coins currently held in liquidity pools. This rush of enthusiasm reflects the community’s optimism about the new lending protocol’s ability to boost the XRP Ledger ecosystem’s value proposition.

Ali Raza

Ali Raza is an experienced freelance content writer. His focus is primarily on aster-crypto and btccoinzone. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Ali Raza is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Ali Raza enjoys traveling, reading, and playing cricket when not writing. He now works as a news and article writer for Astercrypto.

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