The price of XRP continues to fluctuate amid recent market events and uncertainties. Key questions remain unresolved following the final court ruling, leaving XRP in a state of limbo.
Major Transfers and Their Impact
XRP price decreased by 2.2% in the last 24 hours, with a weekly drop of 2.8% amid a major transfer of 94,325,384 XRP. This transfer from an unknown wallet to a new unknown wallet sparked discussions about the potential sale or diversification of assets by the XRP holder, which could influence further price fluctuations.
Ripple's Banking Partnerships
Many major banks continue to join Ripple’s payment network to reduce costs, increase transaction speed, and enter new markets. According to the latest report, banks from China, Hong Kong, and the Philippines actively use the XRP Ledger (XRPL) technology. These include the Agricultural Bank of China and the Bank of Beijing. Additionally, the Bank of America has been collaborating with Ripple since 2018.
Technical Analysis and Prospects
The price of XRP stabilized at $0.5728. The 50-day Exponential Moving Average (EMA) provides support, while resistance at $0.582 is defined by the 20-day EMA. Closing above this resistance could confirm short-term bullish prospects, potentially raising XRP price to $0.74. Conversely, a continuation of the downward trend to $0.4 is possible if the support levels at $0.5661 and $0.5487 do not hold.
Amid ongoing uncertainty, the price of XRP is subject to both bullish and bearish trends. The coming weeks may answer many questions affecting future developments around XRP.
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