XRP Price Analysis: Stuck In No Man’s Land While Another Controversy Brews Under The Hood

XRP and Ripple are a frequent and almost always hot, controversial topic in crypto news and sometimes even mainstream media. Since the price action has been stagnating and rather dull, Ripple’s branding moves have caused some stir in the XRP communities and general crypto world.

As reported by numerous media outlets, Ripple website has recently removed all mentions of its previous products, xRapid, xCurrent, as well as xVia. After years of promising value stemming from the usage of those systems, Ripple pivotes to a new approach.

Some of the explanations in XRP circles are plausible, like this one from one of their subreddit admins:

Sort of yes. Originally xrapid was a product aimed at FIs only. Since the initial target audience has been achieved, they rebranded to on demand liquidity, which is aimed at all ripple net members overall not just payment companies.
This is what was referred to as an upcoming convergence of ripple products by some ripple employees in 2018 before xrapid and xvia were actually launched. Once launched, they started rebrand everything into ripple net. https://www.reddit.com/r/Ripple/comments/986za9/convergence/e4dsq84?utm_source=share&utm_medium=web2x

mikenard77

As for the price action, XRP gained some ground today as it ride the wave of the whole market that saw a nice day of greenery today.

XRPUSD

XRP has bounced off of the local bottom and is currently sitting at $0.24 per coin. It is hitting a meeting point of two moving averages that act as a mild resistance for XRP right now. If it manages to break through this resistance, a Fib286 at $0.28 is a fairly strong resistance zone as well. However, XRP has no firepower for any significant individual moves and any isolated chart for XRP will not be able to decipher the next move. So we need to take the whole market into an account before calling XRP’s next move.

Total market analysis

Overall market has shown some signs of life and made a nice rebound from the local bottoms it touched last week.

Market cap is now at $224 billions and is about to hit confluence point of its moving averages that will act as its first resistance level on the way to recovery.

Make sure to store your XRP coins in a safe wallet. Here is a list of top XRP wallets.

Bear in mind that the data from Tradingview is a bit different from the one from coinmarketcap and Tradingview puts the overall market cap almost $8 billions lower than CMC.

As you can see, it is about to hit a horizontal resistance level of $219 billion and right above it is the meeting point of its moving averages. If the market cap manages to burst through these resistances, we are in for some nice gains market wide.

The Crypto fear and greed index is also looking much better as the needle travels north, reaching the 38 points on this scale that uses 5 different source of information to calculate its value. As a reminder, the pointer stooped to the levels of 20-25 points only couple of days ago. So the sentiment is on the rise.

Latest Crypto Fear & Greed Index
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Philipp Traugott

Philipp Traugott

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.

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