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XRP Price Prediction: Ripple’s Crypto Waits For Market Sentiment to Improve

XRP Price Prediction: Ripple’s Crypto Waits For Market Sentiment to Improve
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Ripple’s XRP is trading dangerously close to the $1 mark as cryptocurrencies are declining overall, due to heightened regulatory concerns towards this asset class, most notably in India where the government plans to introduce a bill likely to ban private cryptocurrencies in the coming weeks. At the time of writing this report, XRP / US Dollar It is trading at around $1.04.

During the previous session, several news reports indicated that the Indian government was looking forward to discussing its own crypto bill, which would likely ban private cryptocurrencies, leading to panic among crypto investors in the country with a large market share for traders in the country. this field. . This comes months after the original crypto bill was introduced, but the government appears to have softened the attitude toward digital currencies since then. However, more clarity will emerge in the coming weeks with the introduction of the bill in the winter session of the Indian Parliament.

On the plus side, however, Ripple could enjoy some support over recent reports that the Pacific island nation of Palau has partnered with the company to create the first national stablecoin. According to a recent statement from the company, Palau is expected to use the XRP Ledger (XRPL) to create a digital currency backed by the US dollar, with Ripple providing technical, operational, design and policy support for the proposed stablecoin.
According to the official announcement, the first phase of the partnership will see the development of a cross-border payments strategy and the creation of a national digital currency, enabling Palau citizens to enjoy the benefits of digital transactions. A stablecoin backed by the US dollar can act as an alternative to CBD which is a concept that has been explored by many leading countries around the world recently.

Another interesting development that could lend some support to XRP crypto is how Ripple Labs co-founder Jed McCalum, a well-known XRP whale, hasn’t sold a single XRP for nearly three months now. Over the past few months, we’ve seen Caleb dump millions of dollars in XRP on a cyclical basis, but the last such move occurred on August 31. A decrease in selling activity by a Pisces may indicate increased confidence in their potential and value even while holding them. Supply is tight and supports the price of XRP.

In the coming days, Ripple’s XRP could face some volatility when Coinbase CEO Brian Armstrong participates in a conversation at the JP Morgan Crypto Economy Forum. Armstrong’s comments at the event will be a particular focus given that the investment bank predicted a strong rise in XRP adoption in a recent report if Ripple wins the lawsuit against the Securities and Exchange Commission.

XRP / USD . Technical Analysis

Technical analysis of the H4 price chart of XRP/USD reveals a bearish bias between most of the moving averages along with the momentum indicator. However, the MACD is indicating some buying interest in the market as well.

XRP / US Dollar

Ripple’s XRP is holding well below the pivot point at $1.09 but above the immediate support at $0.97. There is a strong chance of testing the support level unless the mood in the crypto market improves again or some strong fundamentals support some buying action.

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