{"id":549106,"date":"2023-08-28T11:00:37","date_gmt":"2023-08-28T11:00:37","guid":{"rendered":"https:\/\/uniquehot.com\/?p=549106"},"modified":"2023-08-28T10:36:30","modified_gmt":"2023-08-28T10:36:30","slug":"xrp-faces-big-challenge-scaling-the-0-55-wall-possible","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/xrp-faces-big-challenge-scaling-the-0-55-wall-possible\/","title":{"rendered":"XRP Faces Big Challenge: Scaling The $0.55 Wall – Possible?"},"content":{"rendered":"

XRP, the cryptocurrency tied to Ripple, found itself entangled in a familiar tussle with the $0.55 resistance level as bearish forces thwarted its early attempts at a rebound. <\/span><\/p>\n

While last month’s pivotal summary judgment offered a glimmer of regulatory clarity for XRP, the ongoing specter of the SEC appeal and an impending trial slated for the first half of 2024 are fostering an air of skepticism among the investor community.<\/span><\/p>\n

Despite the much-needed legal clarity provided by the recent summary judgment, a cloud of uncertainty still hangs over XRP’s trajectory. The forthcoming SEC appeal and the looming trial timeline have combined to cast doubt on the cryptocurrency’s immediate future.\u00a0<\/span>The ripple effect of these uncertainties is palpable as investors remain cautious about diving back into the XRP market.<\/span><\/p>\n

Related Reading: Worldcoin Meltdown: 50% Crash Caused By Mounting Data Privacy Paranoia<\/a><\/div>\n

XRP Bearish Sentiment Prevails<\/strong><\/h2>\n

Price analysis<\/span><\/a> indicates that the prevailing bearish sentiment pervading the broader cryptocurrency market is acting as a significant impediment to XRP’s upward breakout. <\/span><\/p>\n

Santiment’s Network Value to Transaction Volume (NVT) ratio, which gauges the relationship between a blockchain network’s transactional activity and its recent price performance, reveals the extent to which bearish undercurrents are hampering XRP’s ascent.<\/span><\/p>\n

\"\"<\/p>\n

XRP price action in the daily chart. Source: Coingecko<\/pre>\n
As of now, XRP’s price hovers around $0.513, marking a decline of 2.8% over the last 24 hours. The past week has seen the cryptocurrency grappling with losses amounting to 1.6%, <\/span>CoinGecko<\/span><\/a> data shows. <\/span><\/p>\n
The struggle to break through the $0.55 resistance level seems to mirror the broader market sentiment, reflecting the challenges that lie ahead.<\/span><\/p>\n
<\/p>\n
XRP market cap currently at $27.1 billion. Chart: TradingView.com<\/a><\/pre>\n
A Glimmer Of Positivity<\/strong><\/h2>\n
Coinalyze’s data presents a somewhat brighter aspect. XRP’s funding rates turned green on August 25, signifying an improved stance. <\/span><\/p>\n
Moreover, the Open Interest (OI) rates, which indicate the total number of outstanding derivative contracts, have risen from approximately $340 million to surpass $360 million. <\/span><\/p>\n
This increase could signal growing interest among traders and investors, adding a dash of optimism to the otherwise cautious outlook.<\/span><\/p>\n
\"\"<\/p>\n
Source: Coinalyze<\/pre>\n
In addition, seasoned crypto investor Austin Hilton <\/span>offers<\/span><\/a> a contrarian view, suggesting that XRP is poised for a significant 20% breakout in the short term. Hilton points to various indicators and fundamental factors underpinning his projection. <\/span><\/p>\n
Related Reading: The Great Bitcoin Comeback: Will Alpha Coin Retake $28,000 Before August Ends?<\/a><\/div>\n
Notably, his argument centers around a Tradingview indicator that tracks momentum shifts on the daily timeframe, helping traders determine optimal entry and exit points.<\/span><\/p>\n
XRP’s journey forward remains intricate, marked by legal battles, market sentiment, and technical indicators. As the cryptocurrency navigates these multifaceted challenges, investors and enthusiasts alike eagerly await the next chapter in XRP’s tumultuous saga.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from LinkedIn<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
XRP, the cryptocurrency tied to Ripple, found itself entangled in a familiar tussle with the $0.55 resistance level as bearish forces thwarted its early attempts at a rebound. While last month’s pivotal summary judgment offered a glimmer of regulatory clarity for XRP, the ongoing specter of the SEC appeal and an impending trial slated for the first half of 2024 are fostering an air of skepticism among the investor community. Despite the much-needed legal clarity provided by the recent summary judgment, a cloud of uncertainty still hangs over XRP’s trajectory. The forthcoming SEC appeal and the looming trial timeline have combined to cast doubt on the cryptocurrency’s immediate future.\u00a0The ripple effect of these uncertainties is palpable as investors remain cautious about diving back into the XRP market. Related Reading: Worldcoin Meltdown: 50% Crash Caused By Mounting Data Privacy Paranoia XRP Bearish Sentiment Prevails Price analysis indicates that the prevailing bearish sentiment pervading the broader cryptocurrency market is acting as a significant impediment to XRP’s upward breakout. Santiment’s Network Value to Transaction Volume (NVT) ratio, which gauges the relationship between a blockchain network’s transactional activity and its recent price performance, reveals the extent to which bearish undercurrents are hampering XRP’s ascent. XRP price action in the daily chart. Source: Coingecko As of now, XRP’s price hovers around $0.513, marking a decline of 2.8% over the last 24 hours. The past week has seen the cryptocurrency grappling with losses amounting to 1.6%, CoinGecko data shows. The struggle to break through the $0.55 resistance level seems to mirror the broader market sentiment, reflecting the challenges that lie ahead. XRP market cap currently at $27.1 billion. Chart: TradingView.com A Glimmer Of Positivity Coinalyze’s data presents a somewhat brighter aspect. XRP’s funding rates turned green on August 25, signifying an improved stance. Moreover, the Open Interest (OI) rates, which indicate the total number of outstanding derivative contracts, have risen from approximately $340 million to surpass $360 million. This increase could signal growing interest among traders and investors, adding a dash of optimism to the otherwise cautious outlook. Source: Coinalyze In addition, seasoned crypto investor Austin Hilton offers a contrarian view, suggesting that XRP is poised for a significant 20% breakout in the short term. Hilton points to various indicators and fundamental factors underpinning his projection. Related Reading: The Great Bitcoin Comeback: Will Alpha Coin Retake $28,000 Before August Ends? Notably, his argument centers around a Tradingview indicator that tracks momentum shifts on the daily timeframe, helping traders determine optimal entry and exit points. XRP’s journey forward remains intricate, marked by legal battles, market sentiment, and technical indicators. As the cryptocurrency navigates these multifaceted challenges, investors and enthusiasts alike eagerly await the next chapter in XRP’s tumultuous saga. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from LinkedIn<\/p>\n","protected":false},"author":557,"featured_media":549109,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,16894,83363],"tags":[142,1144,8686,4735,3685,4531],"class_list":["post-549106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ripple","category-xrp","tag-altcoins","tag-btcusd","tag-ethusd","tag-price-action","tag-ripple-labs","tag-xrp"],"acf":[],"yoast_head":"\nXRP Faces Big Challenge: Scaling The $0.53 Wall - Possible?<\/title>\n<meta name=\"description\" content=\"XRP, the cryptocurrency tied to Ripple, found itself entangled in a familiar tussle with the $0.55 resistance level as bearish forces thwarted its early\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/xrp-faces-big-challenge-scaling-the-0-55-wall-possible\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"XRP Faces Big Challenge: Scaling The $0.53 Wall - 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"XRP Faces Big Challenge: Scaling The $0.55 Wall – Possible?","url":"http:\/\/uniquehot.com\/news\/xrp-faces-big-challenge-scaling-the-0-55-wall-possible\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/xrp-faces-big-challenge-scaling-the-0-55-wall-possible\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/a-36.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/a-36.jpg?fit=1266%2C720"},"articleSection":"Ripple","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","btcusd","ethusd","price action","ripple labs","xrp"],"dateCreated":"2023-08-28T11:00:37Z","datePublished":"2023-08-28T11:00:37Z","dateModified":"2023-08-28T11:00:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"XRP Faces Big Challenge: Scaling The $0.55 Wall – Possible?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/xrp-faces-big-challenge-scaling-the-0-55-wall-possible\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/xrp-faces-big-challenge-scaling-the-0-55-wall-possible\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/a-36.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/a-36.jpg?fit=1266%2C720\"},\"articleSection\":\"Ripple\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"btcusd\",\"ethusd\",\"price action\",\"ripple labs\",\"xrp\"],\"dateCreated\":\"2023-08-28T11:00:37Z\",\"datePublished\":\"2023-08-28T11:00:37Z\",\"dateModified\":\"2023-08-28T11:00:37Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/a-36.jpg?fit=1266%2C720","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/549106"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=549106"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/549106\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/549109"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=549106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=549106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=549106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}