Ripple is a global decentralized network, connecting a broad ecosystem of payment institutions. Using the blockchain technology, Ripple operates a platform called the XRP ledger (XRPL) allowing individuals to transfer money from bank account to bank account and person to person. In addition to sending payments on-demand in real-time, users of the Ripple’s platform can attach data or documents, such as invoices. They can also see payment status easily.
Furthermore, Ripple actually provides the Central Banks of the world with a solution to issue their secure, controlled, and flexible digital currencies (CDBC).
Ripple was designed to transfer money, especially across borders, quickly, at very low fees. Some investors even expect Ripple to gradually replace SWIFT, the current standard for international bank wires.
A Brief Technical Analysis on Ripple XRP Price
At the time of writing this article, Ripple’s (XRP) price makes an impressive run as the market reaches the high of $0.62. On July 20, the crypto has earlier rebounded above the previous low at $0.51 as bulls bought the dips. XRP’s recent rally has reached the overbought region of the market. Sellers are likely to emerge to push prices downward. If XRP faces rejection at the $0.62 high, Ripple will resume a downtrend.
The bears will attempt to pull the price below the $0.51 support. When the previous low is breached, XRP will further decline to either $0.45 or $0.30.Today, XRP has retraced to the support above $0.60. Meanwhile, on July 21 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ripple is likely to rise but will reverse at level 1.272 Fibonacci extension or level $0.60. The altcoin will reverse and return to the 78.6% Fibonacci retracement level where it originated. From the price action, XRP is falling to retest the 78.6% Fibonacci retracement level.
