Issued on: 13th Jun’23
Valid upto: 18th Jun’23
Token: XRP
Category: Payments
Market Cap: $27.80 Billion
Circulating Supply: 51,987,017,573
Total Supply: 100,000,000,000
Price Update:
XRP price at the time of writing (13th June, 17:00) is $0.5524, with 24-hour trading volume increased by 29.36% to $1 Billion. XRP price is up by 6.20% in the last 24 hours according to coinmarketcap.com.
Source: Tradingview
Analyzing the above chart:
- XRP has been doing better than BTC and other crypto, and it has even managed to recover from negative news.
- In the daily time frame, XRP is currently finding support from an upward trendline and has also been successfully rebounded from the 200-day Moving average (MA) support.
- In the 4-hour timeframe , We can observe a breakout of the trendline , accompanied by a notable increase in trading volume. This surge in volume is considered a bullish sign, indicating potential upward momentum for XRP.
- A Long Trading strategy can be assessed between $0.558-$0.552 with invalidation below $0.497
- On the upside, one can see a rise of 8-10% towards $0.605.
- It would seem that one should maintain a balanced risk to reward ratio and check use of leverage and position size to ride out current market conditions.
Note: XRP is now available in the futures market in both Go and Pro apps with up to 15x leverage.
Trade XRP in Futures Market at CoinDCX app
Trade XRP in Futures Market at CoinDCX Pro app
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice. The calculations, data, risk return formulations, performance or market capitalization indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
