XRP Traders Remain Cautious Following FED Coin Speculation
- CryptoGeek shared on X that there are talks of XRP being integrated into a digital U.S. FED coin.
- Most people believe this is fake news, and XRP’s price performance reflected the same.
- Technicals suggest XRP could flip the resistance level at $0.5515 into support.
Ripple (XRP) enthusiast, CryptoGeek, shared on X yesterday that there are talks by Fox News relating to XRP being integrated into a digital U.S. FED coin. Although many believe this to be an extremely bullish sign, most commenters on the post disregarded an XRP FED coin as only a rumour or even fake news
It seems like those who believe CryptoGeek’s announcement on X was fake news might be right as the price of XRP has not shown any reaction to the news. According to CoinMarketCap, XRP’s price only climbed by 0.73% over the past day of trading.
This meant that XRP was trading at $0.5128, which was between its 24 hour peak of $0.5162 and its daily low price of $0.5082. Despite its slight price rise, XRP did end up weakening against the market leader, Bitcoin (BTC), by 0.77% throughout the past day.
The rise in the price of the remittance token was able to boost its weekly performance to a gain of 2.67%. With a market capitalization of $27,295,394,298, XRP secured its position as the 5tgh largest cryptocurrency by market cap.
A symmetrical triangle had formed on XRP’s daily chart. This suggested that the remittance token’s price may breakout soon. In the event of a positive breakout, XRP’s price could flip the resistance level at $0.5515 into support. Thereafter, continued buy pressure could propel the altcoin’s price to as high as the next barrier at $0.6683 within the following 2 weeks.
Conversely, a negative breakout may result in XRP’s price losing the support of the $0.4783 mark. If sellers persist, the cryptocurrency’s price may drop to the crucial price point at $0.4120 in the following few days.
Investors and traders will want to take note of the fact that technical indicators on XRP’s daily chart suggested that a bullish scenario may be more likely to play out. Firstly, the daily MACD line was positioned above the MACD Signal line at press time, hinting at the possibility of XRP’s bullish trend over the past week continuing in the coming 24-48 hours.
In addition to this, a significant bullish technical flag was on the verge of triggering as well. At press time, the 9-day EMA line was attempting to cross above the 20-day EMA line. Should these 2 technical indicators cross in the next 2 days, it will suggest that short-term momentum has shifted in favor of bulls.
Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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