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XRP Price Analysis: XRP is trapped in a sideways trend, calling for a breakout.

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  • The price is trapped inside a channel of sideways trend. Calling bulls to support.
  • The crypto assets’ volume is still at a gain of 52.63% in just 24 hrs.
  • The XRP/BTC pair is at 0.0000129 BTC which is at a loss of 2.75% in it.

The XRP Ledger is an open-source, permissionless and decentralized technology. Benefits of the XRP ledger include its low cost, speed, scalability and inherently green attributes. The XRP Ledger presents a wide variety of applications and use cases related to payments including micropayments, DeFi and soon NFTs.

The XRP price is currently trading inside the sideways channel of support and resistance $0.375 and $0.44 respectively. This trend indicates the battle between the bull and the bear gang, there is a tough fight going on as no one is leaving the coin to make a directional move. The coin has a good potential but in order to recover the coin must need to accumulate buyers to make a breakout. The investors are waiting for the price to make a directional move so as to make a perfect entry in the market.

 The current price for one XRP coin is trading at $0.40 which is at a gain of 2.96% in its market capitalization in the last 24 hrs. The coin has a volume of 1 billion with a gain of 52.63% in the 24 hrs trading session and a market cap of 19 billion with a gain of 2.82% in it. The volume market cap ratio is 0.05378

Former Developer Advocate at Ripple: It Is Possible for XRP to One Day Hit $100

On Sunday (June 5), Matt Hamilton, who is currently Director of Developer Relations at Bittensor, said that he could envision the price of digital asset $XRP one day reaching $100.

Between February 2021 and September 2021, Hamilton worked at Ripple as Director of Developer Relations, and between September 2021 and March 2022, he was the Californian FinTech firm’s Principal Developer Advocate.

Hamilton’s comments about the $XRP price were made in response to a Bitcoin HODLer who said in a tweet that XRP “is literally a worthless entry on a centralized database” with no chance of ever having a $5 trillion market cap (i.e. its price reaching $100).

ALSO READ – Seems To Be Vitalik Buterin The Very first Cryptocurrency Market Victim

Conclusion

The XRP price is currently trading inside the sideways channel. This trend indicates the battle between the bull and the bear gang. The investors are waiting for the price to make a directional move so as to make a perfect entry in the market. The XRP still ranks #7 in the cryptocurrency market.

Technical levels

Resistance levels: $0.44 and $0.47

Support levels: $0.375 and $0.35

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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