Ripple (XRP) price is testing support at the psychologically important $0.60 level on Friday, despite Bitcoin price rally to $70,900 on April 12. XRP price remains unaffected by Bitcoin’s recent gains.
XRP is likely influenced by the recent Automated Market Maker (AMM) amendment, developments in the Securities and Exchange Commission (SEC) lawsuit against Ripple and related court cases, like Govil, Coinbase lawsuit.
The ‘fixAMMOverflowOffer’ amendment went live earlier today.
— RippleX (@RippleXDev) April 11, 2024
The AMM is back in action on XRPL mainnet—a huge milestone for the XRP Ledger!https://t.co/Ella5VFGmg pic.twitter.com/fqiPMzDFcu
Why? It’s not big if Torres accepts the SEC’s argument that some of the XRP institutional investors suffered pecuniary harm because Ripple failed to disclose to them discounts offered to favored institutional investors. And we cannot really assess the strength of the SEC’s… https://t.co/2U51n8QRwj
— bill morgan (@Belisarius2020) April 12, 2024
Ripple price is trading within a tight range between the April 4 low of $0.5623 and April 9 high of $0.6431. XRP price is testing the $0.60 support on Friday. This is considered a key psychological level for the altcoin, it acted as support throughout March and April 2024.
A successful retest of $0.60 would mean XRP price is likely to make its way to the April 9 high of $0.6431. It faces resistance at $0.6336, a level that the altcoin has failed to break in the past two weeks.
XRP/USDT 1-day chart
A daily candlestick close below $0.6027, the 50% retracement of XRP’s climb to April 9 could invalidate the bullish thesis. XRP price could find support at $0.5851 and $0.5386, two levels that have held throughout mid March and April 2024.
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.