The crypto market is currently retracing lower. Most cryptos on average lost more than 6% in the past week. XRP in particular couldn’t manage to break the 40 cents price mark higher. Despite falling crypto prices, 2023 is still looking positive. Should you buy XRP today? Or will XRP price crash? Let’s analyze in this XRP prediction article.
What is XRP Coin?
XRP is a cryptocurrency that was created by Ripple Labs in 2012 as a digital asset that could be used to facilitate fast and secure cross-border payments. XRP is designed to be a bridge currency, meaning that it can be used to convert one currency to another in real-time, with very low transaction fees and without the need for intermediaries such as banks.
The XRP ledger is the decentralized, open-source blockchain technology that underlies the XRP currency, and it allows for fast and efficient transactions between parties. XRP is often used by banks and other financial institutions to settle international transactions, as it can significantly reduce the time and costs associated with traditional payment methods.
How many XRP coins are there?
The maximum supply of XRP is 100 billion coins, as set by the protocol when it was created. However, not all of these coins are currently in circulation. According to coinmarketcap, as of February 27th, 2023, the circulating supply of XRP is approximately 51 billion coins. The remaining coins are held by the Ripple company and are periodically released onto the market in a controlled manner.
XRP Coin Price Analysis: Why is XRP down?
After a significant rise reaching $0.43 back in mid-January 2023, XRP prices started to adjust lower. We can see a downtrend in XRP prices, with a strong resistance around the 40 cents price mark. In the past week alone, XRP lost more than 5%.
The reason for this drop stems from a general selloff in the crypto market. In addition to reaching a strong support price, XRP followed the general crypto market’s move and adjusted lower, reaching the current price of around $0.37.
XRP Prediction 2023: Where will XRP Price reach?
It seems that XRP prices are prepping to start a renewed uptrend. If we look closely to figure 2, we can clearly see the formation of a bullish hammer. This often signals an upcoming uptrend. For the case of XRP, this might be the current state, where XRP can retest the 40 cents price mark.
If XRP manages to breach this resistance area higher, we can confirm higher targets in a future XRP prediction aricle.
Where to Buy XRP Coin?
We at CryptoTicker recommend the following list of major exchanges that offer XRP tokens for sale:
Alternatively, for those who prefer trading CFDs and avoiding the potential risks associated with holding cryptocurrencies, eToro is a viable option for trading price differences.
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