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XRP has appreciated approximately 20% over the past 24 hours. XRP had a stellar performance last week moving from $0.27 to a high near $0.80. With a turnaround occurring across the market, XRP was no different and dropped back down to $0.44. However, with Bullish movements across the market, XRP is back among the top performers and is back trading around $0.55.

Price has increased on significant volume and is currently trading above the 50 EMA. Many speculate the reason for the price move is the successful adoption of xCurrent which is now operating in forty countries. Another driver of price could be anticipation from investors regarding the launch of Ripple’s xRapid service. xRapid actually requires the use of XRP, and if it manages to capture a percentage of the international remittances market, it is likely to have a big impact on valuation.

XRP Daily Chart – Source: Tradingview.com
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The hourly RSI is approaching oversold territory, but momentum stays with the buyers as the MACD continues to diverge to the upside from the centerline. The drop brought price action down to the 200 EMA so this could be the point where buyers arrive and provide some support in the event of another drop. Rises have been on significant volume showing real strength behind them, but after a 20% rise and volume beginning to drop off, it is questionable how long more this current run has to go.

Key Takeaways:

  • XRP has 20% rise over the past 24 hours.
  • The success of xVia and xRapid are likely drivers of these surges.
  • MACD still indicates buyers momentum on the hourly, but with volume dropping off it is questionable whether this current surge will continue.
DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

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