Following its recent reinstatement on the Gemini exchange platform, XRP experienced a fleeting surge to $50. As of the time of writing, it’s trading at $0.6318, marking a modest increase of 0.95%. The XRP Price Prediction over the next 48 hours is particularly interesting due to the presence of a symmetrical triangle pattern on the 2-hour chart, suggesting a breakout is on the cards.
Recent Spike on Gemini
The sudden jump of XRP to $50 on Gemini, a renowned trading platform, is believed to have been caused by a glitch in the system. This happened shortly after the exchange expressed its support for XRP. The surge could have been triggered by a range of factors, from imbalances in the order book to technical issues like delays and errors in the user interface.
The decision by Gemini to list XRP is reminiscent of a similar move by Coinbase, which indicates a rising acceptance of Ripple’s associated token. This comes in the wake of a favorable judgment in the legal case between Ripple and the SEC.
Current Market Position of XRP
Ripple (XRP) is currently the fifth largest cryptocurrency by market cap according to CoinMarketCap. The coin has seen a price increase of 0.95% in the last 24 hours, bringing its price to $0.6318 and its total market cap to approximately $33.357 billion. Despite the recent increase, XRP’s weekly performance remains in the red, with the price down 4.06% over the past 7 days.
While XRP’s price saw a 24-hour increase, its trading volume during this period dropped by 41.53%, resulting in a total daily trading volume of around $1,018,320,037.
Technical Analysis of XRP
The 2-hour chart for XRP/USDT shows a symmetrical triangle pattern, suggesting an impending breakout. If this pattern holds, XRP could either challenge the resistance at $0.6596 or test the crucial support at $0.5890 in the next few days.
Meanwhile, a significant bearish flag was activated on the daily chart for XRP/USDT over the past week. During this period, the 9-day EMA line crossed bearishly below the 20-day EMA line, indicating a short-term bearish cycle for XRP.
If XRP closes a daily candle below the 50-day EMA line today, it’s likely to drop to the aforementioned $0.5890 support in the following days. On the flip side, if XRP closes a daily candle above the $0.6596 resistance, it may continue to climb to $0.7432 in the next few days.
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