XRP Closing Towards $1 Psychological Level!

XRP has been in the news since the lawsuit filed against its executives. To one’s surprise, this lawsuit has yet to conclude its terms. Wondering what XRP is and why Ripple is being projected as a potential replacement for the SWIFT Payments System used for international transactions.

Ripple is an evolution of the XRP ledger system developed by Ryan Fugger. Ripple is also the parent organization of a number of financial products such as RippleNet, the XRP Ledger, the XRP Coin, and RippleX.

Despite the ongoing lawsuits and development works at Ripple, XRP carries a circulation supply of 48.12B, which amounts to just 48% of all XRP tokens.

Amongst the other two market leaders, XRP is the only cryptocurrency that can directly be employed for a service-related offering. Ripple is evolving rapidly to overcome the transaction completion hindrance caused by the SWIFT platform that takes up to 10 minutes. XRP has the potential to complete such transactions within a matter of seconds.

XRP has been moving up and down over the last year, with upside capped at $1.5 while downside capped at $0.55. This limited price action allows investors to take quick advantage of lower prices.

Waiting for a few months often results in a 3x return; a similar price trend was replicated twice in 2021. As per the XRP price prediction and the current trading value of $0.83, XRP has come a lot closer to the $1 psychological level.Considering the price trend over the last two months, XRP broke out of its declining trendline on February 07, 2022, with a 22% gain in a single day. This shocking price action not only brought many potential investors to the table but also contributed to overall sentiment transformation from negative to a consolidative token.

At the price bracket of $0.85 and $0.70, XRP has been moving up and down. There seems to be a small consolidation zone in play that needs to be breached, post that the 200 DMA level is active at $0.91 within 8% of its current price. Breaching this level would bring an opportunity for investors to hold their tokens for $1 levels to be breached.

The Relative Strength Index is moving around 60 levels close to being overbought. While the Moving Average of 50 days has already been breached, that brings a short-term positive stance of XRP to light.

Opportunistic buyers would mostly enter XRP after it takes over the psychological level of $1, post that, we can expect it to attempt its 2021 highs.