XRP price is $0.5133, yielding nearly 2% weekly gains for holders. The native token of the XRPLedger is holding steady despite the status of the Automated Market Maker (AMM) amendment proposal.
Validators are critical of the amendment and some notable ones have pulled support citing concerns regarding a significant bug.
Also read: Ethereum price poised for gains as Dencun upgrade goes live on the testnet
XRPL AMM Amendment consensus on Thursday. Source: XRPScan
XRP price is in a downtrend since the beginning of 2024. The altcoin’s price sustained above the $0.50 psychological level, however further correction is likely due to signals from two key indicators. The Moving Average Convergence Divergence (MACD) indicator is flashing green, however the momentum is likely not enough to push XRP price into recovery.
The Relative Strength Index (RSI), a momentum oscillator reads 40.50, down from 41.29 on Wednesday. As RSI dips and moves away from the neutral level, there is room for a correction in XRP price.
XRP price is likely to sweep support at $0.4968, just below the psychologically important level of $0.50 before rebound to R1 at $0.5272. In the event that XRP price sees a daily candlestick close above this level, price could rally towards R2, at $0.5625, that coincides with the 50% Fibonacci Retracement of the decline between January 3 and January 31.
XRP/USDT 1-day chart
A daily candlestick close below support at $0.4968 could invalidate the recovery thesis and the January 31 low of $0.4850 is likely to come into play for XRP price.
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.