There is no doubt that it is one of the most prominent and widely spread digital currencies in the world and the Middle East according to the number of studies and analyzes, which preceded the Shiba Inu revolution .
Despite the problems impeding the spread of Ripple, such as the outstanding issue with the US Securities and Commodities Commission, Ripple is still present and strong, while the bulls are crawling rapidly towards the two-dollar levels as a step.
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Ripple now
Ripple is now trading during those moments of trading today, Thursday, at $ 1.2 levels , which were important resistance levels for bulls. Ripple oscillates within 24 hours between the levels of a top of $1.25 and a low of $1.15, while Ripple occupies the seventh rank among digital currencies in terms of market capitalization by $56.5 billion. Ripple has risen 15% within 7 days, and by 14% within 30 days, while it is declining 4% within 60 days, and it has risen 65% within 90 days, and by more than 410% since the beginning of the year.
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Ripple is coming
Rapid Ripple (wXRP) will be coming to the Ethereum (ETH) blockchain next month, courtesy of Wrapped.com; The move aims to enable XRP token holders to interact with aspects of decentralized finance, or DeFi, such as implementing smart contracts for use in borrowing and lending, and swapping for alternative currencies, via native tokens.
Currently, the network can only handle sending, receiving and holding of Ripple tokens. Encapsulated tokens are digital currencies that are stored in a digital vault and run on a separate blockchain network. wXRP will have a 1:1 exchange ratio with Ripple, with Hex Trust offering custody.
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In a tweet earlier this week, David Schwartz, Ripple's chief training officer, claimed that wXRP will be "multi-chain." While Aatriom is still Blukchen favorite network to launch Altoknat coated, gas charges have caused high in some controversy among fans of digital currencies .
According to wicharts.com, the average price of gas per Ethereum smart contract execution has risen to $184.
Multi-chain integration can enable users to link XRP to chains with much lower gas prices.
Ripple Labs seeks to transform the workflow of existing financial institutions, with lower fees and faster settlement times. To do so, the company has created its corporate platform, RippleNet, to facilitate cross-border fund transfers, however, transactions are not made using Ripple currency and are only used to provide liquidity.
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Analysis
bulls succeed?
Key Support Levels: $1.12; $1.06
Key resistance level: $1.2; 1.4 dollars
XRP was finally able to break through the $1.2 resistance that has been holding XRP at the moment, but this level shouldn't pose much difficulty for buyers.
If it succeeds, the real test will come at $1.4, which is the most important resistance at the moment, and if the bulls slip and lose control, the closest support is not much lower now at $1.12.
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Technical Indicators
Volume: A lot of volume on this rally, if the bulls can hold it, the $1.2 resistance could drop quickly.
The price has already made a strong volume above the resistance before being pushed back, showing a lot of buyers enthusiasm to enter a next position.
RSI: Slowly moving around 70 pips on the daily time frame, the RSI is also nearing a higher top, which would be a major bullish signal to consider.
MACD: On the daily time frame, the MACD made a bullish inversion on the chart and the moving averages yesterday.
The bias is bullish on XRP: the price moved above the blue flag and managed to stay below the $1.2 resistance level, which indicates momentum behind the rally.
The longer the price stays here, the higher the upward bias becomes.
Short term forecast for XRP price.. It is expected that XRP will make another attempt to break the resistance at $1.2.
Once that clears up, the bulls can target the next major resistance at $1.4.
A digital currency can move very quickly, and volatility is likely to increase exponentially as the price increases.
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The article does not express a recommendation or nomination, but merely a monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.
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