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 2||Support 1||XRP||Resistance 1||Resistance 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!
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