XRP Price May Begin A Minor Downward Correction Before Igniting An Uptrend! These Are The Levels To Watch Out
Ripple’s native token XRP has felt the heat of the crypto market’s recent upward push as the token surged over 10% in 24 hours. However, the price trend of XRP remains bearish amid intense volatility as buyers need more strength to escape the current consolidation range to mark a bullish trend continuation.Â
Ripple’s Focus On Cross-Border Payments Adds Bullish Sentiment
Since the beginning of 2023, Ripple has been focusing on its commitment to real-world applications, particularly in non-fungible tokens (NFTs), central bank digital currencies (CBDCs), and sustainability. Ripple believes that prioritizing actual use cases will be beneficial in driving the long-lasting era of CBDCs.Â
Swift, the global financial messaging company, has revealed that it will adopt the ISO 20022 standard worldwide in March 2023, as the international standard for cross-border payments continues to head towards ISO 20022. Notably, Ripple has taken the initiative in this transition, designing its RippleNet network with ISO 20022 standards as a fundamental aspect from the outset.
As the expectations of new pilot programs for Central Bank Digital Currencies (CBDCs) are projected to touch highs globally, Ripple is ready to take the lead.
James Wallis, VP of Central Bank Engagements, expects a focus on interoperable CBDC solutions will improve cross-border payments as Ripple’s emphasis on practicality also includes Non-Fungible Tokens (NFTs), with a second wave of NFTs being developed that explore real-world applications, including real estate and carbon markets. The recent developments ahead of the final judgment by March’s end fill investors with optimistic hopes of a massive bull run in the XRP price trend soon.Â
What Lies Ahead For XRP Price?
XRP token made a steep fall after enjoying a massive bullish ride which got influenced by a huge USDC inflow in the crypto market. However, bulls have now defended the immediate support level at $0.38, pushing the token again above 23.6% Fib retracement.Â
According to CoinMarketCap, XRP price trades at $0.39 with a downtrend of nearly 2% in the last 24 hours. Analyzing the daily price chart, XRP’s short sellers are preparing for a rejection near the crucial resistance of $0.4, which may slump the token below its weekly support level of $0.38. Moreover, the SMA-14 trades below the RSI-14 level near 50, hinting at a short-term downward retracement to retest the support of $0.38.Â
If the XRP price witnesses a downtrend continuation, it may force investors to exit long positions and wait for a dip until the final judgment. On the other hand, a breakout above the EMA-100 trend line may send the token to soaring highs as it can enter a stable region of $0.44-$0.49.
Polkadot(DOT) Price to Skyrocket, but Only After a Minor Correction
The Polkadot price has recently dropped significantly and has been trading below a previously established range for some time. The recent effort leading to the bottom reversal pattern is anticipated to result in a swift rally.Â
The DOT price reached a high of $24.00 before beginning to decline progressively. & later fell dramatically to the $6.85 support level. However, it bounced back, and then touched $11.86, resulting in a 72% price increase. Soon after, the bears gained control and drove the prices below the mid-point of 0.5, dropping them to $6.85. Prices briefly stayed at this level before falling to the $5.95 support level below the 6.85 level, which turned it into a resistance level under selling pressure.
Also Read: Polkadot(DOT) Price Gearing Up, May Leave Behind Top Giants Very Soon
The bears aggressively pushed the price below $7.78 as the bulls entered the market and drove it higher toward the mid-point of 0.5 at $9.35. Prices fluctuated between $6.85 and $7.78 for about a month before falling below $6.85 and hitting the $5.95 support level. The Polkadot was observed straying below the range twice and established a double bottom at $5.95, leading to a bullish scenario that predicted an increase of 82% to $11.86.
The first bullish indication, and most likely outcome, will occur when the Polkadot flips over the range bottom at $6.85. The price might retest the middle of the range, which is $9.35 and represents a 45% increase from $6.43.
Given that the Bitcoin price has no directional bias and is now undergoing a range tightening, investors are encouraged to keep an eye out for a potential sweep of the $5.95 level in order to accumulate the sell-stop liquidity before retesting $9.35.
A shift in the price of Bitcoin would sabotage the ideal bullish situation on Polkadot. Investors should thus pay close attention to the $5.95 level because a daily candlestick below it would result in a lower low, refute the hypothesis of a double bottom, and invalidate the bullish scenario, potentially causing the Polkadot price to drop to $5.46.
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Lida DAO Poised to Drop 60%, While Bitcoin (BTC) & Cardano (ADA) Can See Minor Rally
A popular crypto trader and analyst are portraying his bearish stance towards one Ethereum-based altcoin as he puts forth his analysis on Bitcoin (BTC) and Cardano (ADA).
The strategist who is anonymously known as Altcoin Sherpa predicts that decentralized autonomous organization (DAO), Lido DAO’s native currency, LDO might see a massive decline of nearly 64% from its present price levels.
Analyst targets Lido DAO to drop around $0.75 once the currency enters bearish momentum.
Currently, LDO is selling at $2.04 after a surge of 4.04% over the last 24hrs.
Bitcoin (BTC)
Next, Altcoin Sherpa talks about Bitcoin and claims $19,000 as the support area for the flagship currency. He also says that this is the level that will push BTC for a stronger bounce.
He then asserts that if Bitcoin price bottoms at the $19,000 area, it will pull along other altcoins by almost 10%.
At the time of publishing, Bitcoin is changing hands at $20,101 with a slight surge of 0.97% in the last 24hrs.
Cardano (ADA)
The strategist, Altcoin Sherpa, wraps up his analysis with Cardano (ADA), another smart contract platform.
He is of the opinion that there might be some accumulation forming as the number of transactions at present is huge. Hence, he claims this to be a mid-term bottom where ADA will fall around $0.30 before raising.
Cardano is now trading at $0.45 following a jump of 2.70% over the last 24hrs.