– Ripple launches the first live Staking Trial Program.
– XRP price trades sideways after declining by 3% last week.
– A break above $0.385 is needed to invalidate the bearish case.
XRP price is enticing investors to take a speculative buy as recent innovations could lead to an out-of-nowhere style crypto rally.Still, the technicals do not suggest the move will occur, but this thesis assesses how market behavior could change and create an ideal bullish trade.
XRP price launches first-ever staking program
XRP price has witnessed a boost in
market sentiment as the digital remittance blockchain company has launched the first-ever XRP Staking Trial Program.According to Ripple Labs, the first 10,000 loyal investors can receive a 12% to 27% yield by staking their XRP tokens on the program.According to Ripple Labs, the company has over 5.4 billion tokens in reserve, which will be used to guarantee safety and efficiency for investors who participate.
XRP price currently auctions at $0.377.The release of the platform was dually campaigned by top exchanges like Binance and OKEX, which has garnered mass attention to the XRP’s price action.Still, the technicals have yet to respond to the crypto innovation as the price remains sideways after declining by 3% from $0.40 last week.
Traders looking to buy the news and sell the
rumor may still want to utilize healthy risk management as an uptick in volatility is likely to ensue.
The XRP price is still beneath both the 8-day exponential and 21-day simple moving average (SMA), which suggests the bears are already in control of the short-term trend.The next bearish landing zone for the XRP price lies near the $0.34 level as a retest of the previous resistance.
The bearish scenario creates the potential for a 9% decline in market value.
XRP/USDT 1-day chart
XRP price will need to hurdle the 21-day SMA at the $0.385 liquidity level to
invalidate the bearish potential.A second attempt at the $0.385 liquidity level, will likely catalyze a rally toward the $0.44 zone, resulting in a 16% increase from XRP’s current price.
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