CoinEdition’s Guide to Anticipating the Next 48 Hours
XRP’s price has seen a slight drop over the past 24 hours, but its weekly performance remains in the green at +17.59%. Technical indicators suggest that XRP’s price may see a breakout within the next 24-48 hours. John Deaton, a pro-XRP lawyer, recently suggested that the Ripple team approach banks and money transmitters with an offer to significantly reduce their service fees for cross-border payments using the Ripple blockchain after a report showed that the network processed almost $1 billion in 4 seconds with a micro-processing fee of only $0.01. XRP is currently ranked as the sixth biggest crypto based on its market cap, and while it has experienced a 0.08% drop in price in the last 24 hours, this has hardly impacted the remittance token’s positive weekly performance. Technical indicators show that XRP’s price is attempting to break above the key resistance level on the 4-hour chart at around $0.4571, and may be a bullish sign that its price will break above and sustain a position above the resistance level. If XRP’s price sees a bullish breakout in the next 24-48 hours, the upside target for the move is situated at approximately $0.4755. Otherwise, a bearish breakout will result in XRP’s price dropping to the next support level at $0.4313. Investors and traders may need to brace for a breakout in XRP’s price as it approaches the apex of an ascending triangle chart pattern on the 4-hour chart. On the daily chart, XRP’s price needs to close above $0.4595 within the next 24-48 hours to justify a bullish outlook for the remittance token in the coming week, otherwise traders may want to keep an eye on the positive trend line, which is the last major line of defense for XRP’s price.
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