FxWirePro- XRPUSD Daily Outlook

Ripple connects banks and payment providers via RippleNet to provide one frictionless experience for sending and receiving money.RippleNet customers looking to eliminate the need for nostro accounts and allow the banks to complete quick and inexpensive cross-border transfers. can use digital assets like XRP to source on-demand liquidity.

Consensus mechanism-

Ripple uses the Ripple consensus algorithm for validating transactions. It has two types of nodes namely Validator and tracking nodes. Validator nodes collect transactions and send proposals out to their fellow validators in their Unique node list (UNL). After the voting process if 80% of nodes reach the same consensus transactions are written into the ledger.

Main features of Ripple

Current TPS- 1500

Block time-< 3.5 seconds

Cost per transaction-$0.0004

XRPUSD prices have consolidated in a narrow range between $0.74876 and $0.57400 for the past month. The pair surged more than 80% this year due to partial legal victories against the SEC. The relisting of ripple by major crypto exchanges such as Coinbase and Kraken also pushed the pair higher. It hit a high of $0.94799 in July 2023 and is currently trading around $$.6220. The pair is holding well above the short-term (21 and 55-day EMA) and long-term moving average (200-day EMA).

The near-term resistance is around $0.75, any indicative breach above will take the pair to $1/$1.50. On the lower side, immediate support is $0.55, and any violation below targets $0.43/$0.28.

Indicators ( Daily chart)

CCI(50)- Bullish

Directional movement index - Bullish

It is good to buy on dips around $0.50 with SL around $0.28 for TP of $1.45.