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Will It Break Out Soon?

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XRP price again struggled to continue higher above the $0.540 resistance. It is now consolidating near $0.5320 and might aim for an upside break.

  • XRP is still facing many hurdles near the $0.5420 zone.
  • The price is now trading near $0.5320 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support near $0.5265 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase if the bulls remain active above the $0.5220 zone.

XRP Price Holds Support

In the past few sessions, XRP price traded in a positive zone like Bitcoin and Ethereum. However, the bears were active near the $0.540 and $0.5420 resistance levels.

The recent high was formed at $0.5405 and the price is now correcting gains in a range. There was a move below the $0.5340 support zone and the price spiked below the 50% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5405 high.

However, the bulls are active near the $0.530 zone and the 61.8% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5405 high. There is also a connecting bullish trend line forming with support near $0.5265 on the hourly chart of the XRP/USD pair.

The pair is now trading near $0.5320 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5365 level. The first key resistance is near $0.5420. A close above the $0.5420 resistance zone could send the price higher. The next key resistance is near $0.5450.

XRP Price
Source: XRPUSD on TradingView.com

If there is a close above the $0.5450 resistance level, there could be a steady increase toward the $0.5550 resistance. Any more gains might send the price toward the $0.5720 resistance.

More Downsides?

If XRP fails to clear the $0.5420 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5265 level and the trend line.

The next major support is at $0.520. If there is a downside break and a close below the $0.520 level, the price might gain bearish momentum. In the stated case, the price could decline and retest the $0.5120 support in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5300 and $0.5200.

Major Resistance Levels – $0.5365 and $0.5420.



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BNB Springs Back From $531 With Unshaken Bullish Conviction

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My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.



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XRP Futures Traders Increase Bets on Upside

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Over the past week, XRP’s price has remained range-bound amid the broader market’s recovery attempt. 

However, with a growing bullish bias toward the altcoin, XRP may be on the brink of breaking free from this range and trending upward. This analysis explains why.

XRP Futures Traders Bet on Upside as Long Positions 

The momentum shift towards the bulls has become evident, particularly within the futures market, where long bets on XRP are now surpassing short positions. This is reflected by the token’s XRP’s long/short ratio, which is currently at 1.07.

XRP Long/Short Ratio
XRP Long/Short Ratio. Source: Coinglass

The long/short ratio measures the proportion of long positions (bets on price increases) to short positions (bets on price declines) in the market. 

When its value is below one, it indicates that the number of short positions outweighs long positions in the market, suggesting bearish sentiment or a lack of confidence in the token’s future price performance. 

As with XRP, when an asset’s long/short ratio is above one, it means there are more long positions than short ones. It indicates that traders are predominantly bullish on XRP and hints at a higher likelihood of an upward breach of its narrow range. 

In addition, XRP’s relative strength index (RSI) has climbed steadily, indicating a gradual rise in demand for the token. The key momentum indicator, at 50.77, currently rests above the neutral line and is in an uptrend. 

XRP RSI
XRP RSI. Source: TradingView

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.

At 50.77, XRP’s RSI signals a shift toward bullish momentum. It indicates that buying pressure is starting to outweigh selling pressure, and the asset may be poised for further price increases.

XRP Eyes $2.18 Resistance as Bulls Look to Push for $2.29

XRP currently trades at $2.13, just 3% away from its next significant resistance level, $2.18. If buying pressure intensifies and the altcoin successfully flips this price point into a support floor, it could trigger further price growth. In this scenario, XRP could potentially climb to $2.29. 

XRP Price Analysis
XRP Price Analysis. Source: TradingView

However, if demand weakens and the bears regain control, XRP may remain range-bound. It could even break below the $2.03 support and fall to $1.99.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Optimism, Aztec, and Huma Finance

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The crypto market is attempting a recovery, with Bitcoin (BTC) nearing the $90,000 milestone. Amidst improving sentiment, several startups are launching enticing airdrops, providing crypto enthusiasts with opportunities to engage with budding platforms without initial financial input.

This week, we discuss airdrop participation opportunities from three projects with financial backing from renowned investors.

Optimism

Layer-2 blockchain Optimism is one of the top three crypto airdrops this week. The Optimism crypto airdrop comes after the network raised $267.50 million from key investors such as Andreessen Horowitz, Coinbase Ventures, Paradigm, and IDEO CoLab Ventures, among others.

The airdrop concerns a SuperStacks Campaign, which opened on April 16 and will remain until June 30.

“With many chains building as one, a new network structure is emerging to solve fragmentation in Ethereum. This network is modular, interoperable, and composable by default. We call it the Superchain: and it changes everything,” Optimism explained.

Rewards are in the form of points, awarded for interacting with the projects. Airdrop farmers also get rewarded for providing liquidity to superchains, scalable blockchains combined into a single ecosystem to solve Ethereum fragmentation.

Actual tasks bring 10 EXP (experience points) per $1 of daily liquidity. In the past, Optimism held five airdrops, giving away over 265 million tokens.

“You may be eligible for the 6th airdrop without realizing it. In the system, we collect badges as you perform operations on Optimism. However, since it counts your previous operations when you log in, you may have opened many badges.,” one airdrop farmer explained.

This means even minimal effort could yield rewards. However, participating in the Optimism airdrop does not guarantee future rewards. Instead, it only provides an opportunity to earn points.

Aztec

Another top crypto airdrop to watch this week is Aztec, bringing forth a privacy-focused Layer-2 zero-knowledge (ZK) rollup on Ethereum.

Aztec is backed by $119.1 million in funding from investors such as Andreessen Horowitz (a16z), Paradigm, Consensys, and Coinbase Ventures.

The project has garnered significant attention, following talks of a native AZTEC token and a confirmed retroactive airdrop for early users.

On April 17, the network announced the Aztec Sequencer Form, front-running a public testnet. Interested participants were asked to fill out the form to gain early access to the testnet.

Historically, blockchain projects reward testnet participants with tokens. Based on this, Aztec’s funding and investor backing increase the probability of an airdrop.

Huma Finance

This week, the watchlist also includes Huma Finance, the first PayFi (Payment Finance) network built on Solana. The project focuses on transforming global payment settlements using blockchain technology.

Huma Finance launched the second version of point farming, which is available only on the Solana network. Participants can deposit USDC tokens and earn Feathers (points). Notably, no KYC is needed in this version, and more pools are available.

Recently, the project announced social and deposit quests on Galxe, allowing users to complete these quests and try to win a share of $2,000. Notably, participants should have at least lvl 2 of Web3 Passport.

“Huma 2.0 is The Next Wave! Now anyone can earn real yield and stack rewards, exclusively on Solana. New quest is LIVE on Galxe Quest. Join the PayFi movement for a chance to grab a share of $2000 USDC,” the network shared.

 The project also launched a point farming program, in which participants can deposit USDC tokens into one of the pools. For this activity, users must pass KYC.

Meanwhile, Huma Finance boasts up to $46.3 million in funds raised from backers such as HashKey Capital, Circle, ParaFi Capital, and Distributed Global.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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