Top 5 Things to Know Before Trading XRP Today

XRP, the native token of Ripple, has experienced several recent developments that could impact its price. Here's a summary of key factors to

Written by: Arslan Butt • Friday, March 1, 2024 • 1 min read

• Last updated: Friday, March 1, 2024

Top 5 Things to Know Before Trading XRP Today

XRP, the native token of Ripple, has experienced several recent developments that could impact its price. Here’s a summary of key factors to consider before trading:

1. Large XRP Withdrawal from Upbit:

A significant withdrawal of 18 million XRP tokens (around $10.7 million) from South Korean exchange Upbit has been observed. While the purpose remains unclear, such large withdrawals often spark speculation about potential accumulation or selling intentions.

2. Bullish XRP Price Prediction by Investor

Oliver Michel, CEO of Tokentus Investment AG, predicts a potential surge for XRP, suggesting it could reach $10. However, his optimism comes despite ongoing legal challenges, including the SEC lawsuit, which has caused uncertainty.

3. Ripple & Zoniqx Partnership

Ripple partnered with Zoniqx to leverage XRP Ledger (XRPL) for efficient and accessible tokenization. This collaboration aims to simplify real-world asset tokenization and improve the digital asset marketplace.

4. Allegations of XRP Price Manipulation

Court documents surfaced, alleging Ripple used bots and directed market maker GSR Markets to potentially manipulate XRP price in 2015-2016. This development could influence the ongoing SEC lawsuit against Ripple.

5. XRP/USD Technical Analysis

Current Price: $0.58
Recent Trend: XRP has been range-bound between $0.50 and $0.60 for the past month.
Resistance Levels: The immediate resistance level sits around $0.60, followed by $0.65.
Support Levels: The first support level sits around $0.50, followed by $0.45.
Indicators: The Relative Strength Index (RSI) is currently hovering around 50, indicating neither overbought nor oversold conditions.