Ripple and its cryptocurrency XRP are the only blockchain based currencies that are attempting to revolutionize the SWIFT payment system. While there has been a lot of discussion and opinions around the gas fees and use of non-renewable energy for bitcoin and other cryptocurrencies as an alternative affecting the environment, None has considered the energy required for transferring funds from one fiat currency to another.
While currently this transaction is fulfilled using the SWIFT payments system, it takes the banks 1 to 4 days to complete one transaction. Although there are a lot of other factors impacting the transaction speed, XRP has the potential to complete such a transaction in a few seconds. A series of tweets from Ripple indicates a broader scheme to fast forward their attempt at becoming the leaders of international transactions.
The key highlight of their posts is their claimed attempt at becoming net carbon zero by 2030. Their blog highlights the environmental impact of using credit cards, cryptocurrencies, and cash. The emphasis of ripples towards the concerning topics of environmental management. It will be hard to guess the valuation of XRP, once it manages to achieve its zero carbon footprint goal.
XRP Technical Analysis
Immediate Resistance: $0.65
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Immediate Support: $0.60
XRP is currently trapped in a tight consolidation zone with resistance around $0.65 and support at $0.60. At the current rate, XRP should give a clear breakout. When compared to other leading and larger cryptocurrencies, XRP has much smaller volatility and a clear indication of an impending breakout with positive news further adding fuel to this positive sentiment.
Experts are also hinting towards the SEC lawsuit to be prolonged towards the first half of 2022. Hence, ripple has shown no sign of weakness on part of expanding its business. At current, a major positive sign would be breaking the 21 day moving average line and trading towards the higher end of the consolidation zone. The MACD indicator on daily charts has not yet generated any sign of weakness or trend reversal.
As such investors are also highly positive about XRP. The only downside is the indecisiveness to breach the consolidation zones and the lack of a full size candle on daily charts.
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Based on our XRP price prediction, XRP is showing a far better strength and is showing a potential to breach the $0.65 resistance posed at the higher end of the consolidation zone on daily charts. The consistent generation of green higher high candles on hourly charts shows the investor sentiment. Rising RSI levels towards the 60s indicate buying on a smaller time frame. All it requires is a decent push through either good news or higher participation on the investor’s part.
