With a $26 billion market value, XRP is the sixth-largest cryptocurrency. It has lost 3.3% in the last day and is presently looking for firmer support near the $0.50 level. This comes after it was rejected at $0.5853 in March and is now trading little over $0.50.
At this point, there are two options for the cross-border money transfer token. The bulls will certainly benefit if support around $0.50 holds, allowing them to organize another assault on the supply zones of $0.55, $0.65, and $0.85.
Prior to the summary decision in the litigation between Ripple, the issuing business, and the US Securities and Exchange Commission (SEC), the price of XRP increased significantly in March as investors filled holdings. Investor confidence improved as a result of Ripple’s victories in multiple court proceedings, which raised expectations for the summary decision, which is anticipated on or before May 6.
Legal experts believe that if Ripple prevails in the litigation, the price of XRP would increase, benefiting the whole cryptocurrency market. On the other side, if the SEC prevails in the lawsuit, Ripple may appeal the decision, opening the door for a protracted legal dispute.
A struggle is becoming more intense on the daily chart, and XRP’s upward trajectory to $1 is expected to be supported by support at $0.50. If there is a stop at $0.5 before the cryptocurrency moves on to $1, it may be gathering liquidity. The 50-day EMA and all other applied moving averages are comfortably above XRP’s price. However, the Moving Average Convergence Divergence (MACD) with a strong sell signal indicates that there may be a downside risk if XRP’s price falls below the demand region at $0.50.
Additionally, the Central Bank of Montenegro (CBCG) and blockchain company Ripple have a contract in place to design a plan for the creation and testing of the nation’s first digital currency. For Montenegro, establishing a central bank digital currency (CBDC) is a big step toward digitalizing the economy for its people and promoting accessibility and inclusion in the financial sector.
The project will be broken up into many stages, beginning with identifying the CBDC or sovereign stablecoin’s practical value and ending with developing a framework to model its circulation and usage under controlled circumstances. This action may improve efficiency while lowering the price of printing and managing currency.
