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Altcoin Thursday: Ripple (XRP)

03 June 2021 | ZebPay Trade-Desk

As always, you pick the coin and we cover it. This week, for our Altcoin Thursday, we have Ripple (XRP) in store for you all!

The native currency of the digital payment platform called RippleNet is XRP. This platform is built on top of a distributed ledger database called the XRP Ledger. RippleNet is run by the firm Ripple, and the XRP Ledger is an open-source distributed ledger database. XRP was made by Ripple, as it aimed to provide a speedy, less costly and scalable alternative to existing monetary payment platforms such as SWIFT. As of now, the XRP Ledger is capable of processing transactions roughly every 3-5 seconds. 

XRP has a market capitalization and rank of $46bn (7). On the technical front,  XRP post correction has taken multiple support around the  important level of $0.75 levels (78.6% Fibonacci Retracement level) and has surged almost 68% from its low. Currently, the asset is hovering around $1 and trying to make a ‘Flag’ pattern (continuous bullish pattern). Hence, we anticipate XRP to further rally once it trades and sustains above the $1.10 level.

Support 2Support 1XRPResistance 1Resistance 2

This concludes on Altcoin synopsis for this week. Don’t forget to keep an eye out for our new poll, and let us know which coin you would like us to cover next week!

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.


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