XRP price is correcting gains from the $0.570 resistance. The price is stable above the $0.5240 support and might aim for a fresh increase in the near term.

• XRP started a decent increase and climbed above the $0.550 resistance.
• The price is now trading above $0.5250 and the 100 simple moving average (4 hours).
• There is a key bullish trend line forming with support at $0.5320 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
• The pair could start another increase if the bulls defend the $0.5240 support.

XRP Price Holds Support

Recently, XRP price started a decent increase above the $0.5250 resistance zone. The bulls even pushed the price above the $0.550 resistance zone before the bears appeared.

A high was formed at $0.5699 before there was a pullback like Bitcoin and Ethereum. The price dipped below the $0.550 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $0.4787 swing low to the $0.5699 high.

However, the price is now stable above $0.5250 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $0.5320 on the 4-hour chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

Immediate resistance is near the $0.5480 level. The first key resistance is near $0.570. A close above the $0.570 resistance zone could spark a strong increase. The next key resistance is near $0.5850. If the bulls remain in action above the $0.5850 resistance level, there could be a rally toward the $0.620 resistance. Any more gains might send the price toward the $0.680 resistance.

More Losses?

If XRP fails to clear the $0.5480 resistance zone, it could start another decline. Initial support on the downside is near the $0.5320 level and the trend line.

The next major support is at $0.5240 and the 100 simple moving average (4 hours). If there is a downside break and a close below the $0.5240 level, the price might accelerate lower. In the stated case, the price could retest the $0.50 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5320, $0.5240, and $0.500.

Major Resistance Levels – $0.5480, $0.570, and $0.600.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Payments firm Ripple has inked a new partnership with the Tokyo-based arm of HashKey Group in an effort to bring XRP Ledger-based supply chain finance solutions to Japan.

Ripple and HashKey DX, a Japanese consulting company of the HashKey Group, will also work with Japanese financial services giant SBI Holdings, which has been partnered with the San Francisco payments firm on remittances in Japan since 2016.

HashKey Group is a Hong Kong-based Web3 infrastructure developer that reported a valuation of more than $1.2 billion in January, according to a Bloomberg report.

Ripple notes in a new partnership announcement that HashKey has launched blockchain-powered supply chain finance solutions across mainland China, registering 23 banks and 4,300 suppliers.

Now, the payments firm and HashKey DX aim to offer the same solutions in Japan.

Explains Ripple,

“As part of this partnership, SBI Group companies will become the first Japanese corporations to utilize this supply chain finance solution. Looking ahead, the three companies will explore further collaboration on various enterprise blockchain use cases that will leverage the robust capabilities of the XRPL.”

XRP is trading at $0.4975 at time of writing. The eighth-ranked crypto asset by market cap is down nearly 4% in the past 24 hours.

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Generated Image: Midjourney

The cryptocurrency market continues to navigate a period of sluggishness. Yet, a recent whale activity has injected a flicker of hope for XRP, the native token of Ripple. On Tuesday, a significant investor, commonly referred to as a whale, acquired a hefty 23 million XRP, sparking renewed interest in the embattled token.

Whale Movement: A Sign Of Shifting Tides?

The purchase was identified by Whale Alert, a platform that tracks large cryptocurrency transactions. The tokens originated from a Binance exchange wallet, with the recipient address remaining undisclosed. However, the fact that the recipient was a Binance user suggests potential for further trading activity.

This whale movement is seen by some analysts as a potential turning point for XRP. Historically, large-scale purchases by whales have often preceded price surges. However, some experts caution against overinterpretation. Whale activity can be driven by various factors, and a single purchase doesn’t guarantee a sustained upward trend for XRP.

🚨 23,037,429 #XRP (11,550,284 USD) transferred from #Binance to unknown wallethttps://t.co/K00G3Ry7ab

— Whale Alert (@whale_alert) April 29, 2024

Open Interest: A Mixed Signal

Adding a layer of complexity is the recent decline in XRP Open Interest (OI). As per data from Coinalyze, XRP OI has dipped by 2.12% over the past 24 hours. Open Interest reflects the total value of outstanding futures contracts for a particular cryptocurrency. A decrease suggests a potential reduction in leveraged positions, which could indicate short-term selling pressure.

However, analysts point out that the perpetual contracts, which constitute the majority of XRP OI, still hold significant weight at over $374 million. A renewed buying spree could trigger a reversal in the Open Interest trend, potentially propelling the price upwards.

Total crypto market cap currently at $2.19 trillion. Chart: TradingView

The Lingering Shadow Of The SEC Lawsuit

It’s impossible to discuss XRP’s future without acknowledging the ongoing legal battle with the US Securities and Exchange Commission (SEC). The lawsuit, which alleges XRP is an unregistered security, has undoubtedly cast a long shadow over the token’s performance.

While the recent “remedies phase” of the lawsuit hints at a potential settlement, investors remain cautious. The final outcome and its timeline are still uncertain, leaving a cloud of ambiguity over XRP’s regulatory status.

XRP Price Outlook: A Glimmer Of Optimism?

Currently, XRP is trading at around $0.50, a significant drop from its all-time high of over $3. The price reflects the broader market slump and the ongoing legal battle.

The recent whale purchase, coupled with ongoing negotiations in the SEC lawsuit, offers a glimmer of hope for XRP bulls. However, a sustained price increase hinges on several factors. A favorable resolution to the lawsuit and a broader market recovery are crucial for XRP to regain its lost ground.

Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.