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Ripple’s XRP has experienced a slight increase of 0.45% in the past 24 hours, bringing its price to $0.483626. However, it has seen a decrease of approximately 7.5% over the past week. The trading volume for XRP within the day reached $635.59 million.

Currently, XRP holds the #5 position on CoinMarketCap with a market cap of $25.85 billion. It has a circulating supply of 53.44 billion coins and a theoretical maximum supply cap of 100 billion coins.

To gain insights into XRP’s price prediction, let’s examine the data and technical indicators.

XRP Price Prediction

An analysis of the 4-hour chart reveals that the XRP/USD pivot point is identified at $0.5540. Immediate resistances can be found at $0.5582, $0.5981, and $0.6449, while support levels are located at $0.4677, $0.4186, and $0.3764.

From a technical perspective, the Relative Strength Index (RSI) currently stands at 37, indicating a prevailing bearish sentiment. Furthermore, the price of XRP remains below the 50-day Exponential Moving Average (EMA) of $0.5202, reinforcing the bearish stance.

An interesting pattern to note is the emergence of a symmetrical triangle pattern, with support around $0.4735 and resistance at $0.5200. Such patterns are typically ambivalent and can break out in either direction, influenced by various factors such as fundamentals and the equilibrium of demand and supply.

On the fundamental side, the Ripple XRP community has been buzzing about a speculated large-scale burn of XRP tokens. This rumor was largely sparked by a fictitious article on Investing.com, which claimed that Ripple is considering burning its 41.9 billion escrowed tokens to counteract the bearish market performance of XRP and potentially increase its value.

Despite lacking credibility and sources, this rumor has caused ripples within the community.

In conclusion, the overall trend for XRP appears bearish, especially if the price remains below the $0.5200 mark. However, due to the unpredictable nature of the current symmetrical triangle pattern and the circulating rumors, traders and investors should remain vigilant and monitor for any significant movements in the near future.

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For those closely following crypto market trends, it is essential to stay informed. Be sure to check out our recent article on Bitcoin price predictions for the latest insights on BTC’s potential trajectory.

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