Ripple (XRP) has failed to close above $0.52 for five consecutive days, struggling with the sticky resistance. XRP holders digested the news of US Securities and Exchange Commission’s (SEC) response to Ripple in its filing that addressed the issue of “expert testimony.” Traders now have their eyes peeled for the court’s decision on the next major concern, the $2 billion fine proposed by the SEC and Ripple’s counter of $10 million.
XRP Ledger developers have proposed the introduction of direct lending on the blockchain, without the involvement of smart contracts. The proposal has garnered interest in the XRP holder community.
XLS-66d lays the foundation for a robust, decentralized lending protocol native to the #XRPLedger.
— RippleX (@RippleXDev) May 1, 2024
Highlights include:
✅ Simplicity & direct lending
✅ Protocol-native approach
✅ Modular & flexible design
Learn more: https://t.co/UKkcX23Usu
Ripple is faced with sticky resistance at $0.52. The altcoin has attempted to close past this level for five consecutive days with no success. In the weekly time frame, XRP price could decline further. There is a bearish crossover, where the signal line crosses over the Moving Average Convergence Divergence indicator, on the weekly chart, on April 8.
On the daily timeframe however, on April 22, the MACD line crossed over the signal line, supporting a recovery in XRP.
The $0.4868 level emerges as key support for XRP, on the weekly time frame.
This level has been respected as support since mid April, making it key to XRP recovery. A daily candlestick close below this level could invalidate the thesis of recovery.
XRP faces resistance at $0.5310, and $0.5574, the 50% and 61.8% Fibonacci retracement levels of the decline between April 9 and 13. $0.5787 is a key resistance level on the weekly chart.
XRP/USDT 1-day chart
XRP could find support at $0.4868 (weekly support) and April 19 low of $0.4665 in the event of further correction in Ripple.
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.