XRP token is currently valued at $18,101,789,112, with just 48% of its entire token supply being available in circulation. Once fully liquidated, the developers will have lesser control over this ledger system, but even with such a move, the ranking of the ledger cryptocurrency will remain at 6th position.
The applications of XRP far outweigh its competitors, but under no circumstances can XRP be considered a completely decentralized system as it is controlled by a limited number of people. Alternatively, the XRPL can be treated as a permissionless and decentralized technology.
XRP’s price action in the last quarter has been really poor, with very little buyer contribution. Each positive action is being canceled by sellers at a tremendous momentum. The possibility of testing its May 2022 rejections after the crash relies on its potential to surpass the 100 DMA curve. Click here to know how the XRP token will perform in the next few years!
The price action on XRP is under no circumstances a consolidation or rejection, and it’s rather a profit booking out of the fear of repeated rejections. With each of the recent candles forming a wick on the upper head, the possibility of a downtrend strengthens.
The latest price action-based resistance level remains significantly above the current trading value of $0.3735. It highlights dual resistance for XRP, one in the form of a 100 DMA curve and another in the form of price action-based resistance. During this phase, RSI has maintained the peak of previous swing highs and trades at 56, but MACD indicates a possible downtrend.
In case of consolidation below the 100 DMA, the duration for breakout and testing the immediate resistance could rise. Similarly, the price action could witness a buying action in case consolidation happens above the 100 DMA curve, which is consistently in a state of decline. Within the next two weeks, the 100 DMA curve will decline further to a lower value putting XRP in a positive state for a short while.