David Schwartz, the Chief Technology Officer at Ripple, recently addressed a frequently asked question on Twitter regarding whether a product or service should only function with XRP. Surprisingly, Schwartz’s response was “No.”
Schwartz advised developers against limiting their decentralized applications (dApps) or other offerings to only work with XRP, unless it is a feature of the XRP Ledger (XRPL). Instead, he suggests developers make their products as flexible as possible by supporting a broad range of assets. Schwartz explained that creating products that exclusively work with XRP could potentially lead to a loss of user interest in the long run. He also stated that Ripple’s objective is to make XRP accessible to as many people as possible.
XRP Price Forecast
According to CoinMarketCap, XRP (XRP) currently ranks as the sixth-largest cryptocurrency based on its market capitalization. Its price has increased by 4.11% in the last 24 hours, bringing it to $0.5247 at the time of writing. This also brings its total market capitalization to approximately $27.115 billion.
The 24-hour price rise has provided a boost to XRP’s positive weekly price performance, which currently stands at +5.14%.
At present, the price of XRP is making a push to break through the key resistance level of $0.5268. Within the past 24 hours, XRP’s price has successfully surpassed the 9 and 20 EMA lines on its 4-hour chart, and is now attempting to flip the $0.5268 level for the first time since falling below it on April 1st.
Based on technical indicators, it is suggested that XRP’s price may successfully convert the resistance level into support within the next 24 hours. The 9 EMA line on XRP’s 4-hour chart is currently trading above the longer 20 EMA line, indicating a short-term bullish cycle, which should see the price rise within the next 24-48 hours.
XRP Price Prediction
Additionally, the RSI indicator on XRP’s 4-hour chart is flagging bullish, with the RSI line sloping steeply toward the overbought territory. The RSI line is trading above the RSI SMA line and has reached overbought territory.
If these bullish indicators are confirmed, XRP’s price may move towards the next resistance level at $0.5539 within the next 24-48 hours. However, if XRP’s price fails to close above the $0.5268 level in the next 24 hours, the price could retrace to around $0.5135 and fall below the 9 and 20 EMA lines on its 4-hour chart.
The daily chart for XRP/USDT indicates the formation of a consolidation channel, with XRP’s price trading within this channel between $0.4964 and $0.5245 over the past week. Currently, XRP’s price is attempting to break out of this channel.
If XRP’s price fails to close above the upper boundary of the price channel, it may retrace back to the 9-day EMA level, acting as a support level at around $0.5105. A close below the 9-day EMA line within the next 24-48 hours could result in XRP’s price dropping down to $0.4964 in the following days.
In the coming week, important economic data is expected to be released in the U.S., which may impact XRP’s price. The FOMC meeting minutes, set to be released tomorrow evening, will be closely watched by traders and investors. Many financial markets anticipate the Fed will ease their monetary policy, with some suggesting that inflation rate hikes may soon come to an end. A favorable outcome for the Fed meeting minutes tomorrow would involve an interest rate hike of 25 basis points or lower, or no hike at all, and could ignite a relief rally in the crypto markets. Other significant economic data due this week includes inflation data, PPI data, and retail sales data.
