This is How XRP Staking May Propel the Price Beyond $0.5 Soon!
XRP launched the first-ever staking service and is believed to uplift the price beyond the crucial resistance
XRP may consolidate for longer before undergoing a breakout
Multiple platforms have already entered the world of staking and XRP is the most recent entry to the list. The platform recently launched the first-ever staking trial program. According to Ripple Labs, the investors can stake XRP on the platform and the first 10,000 investors may receive 12% to 27% interest. Presently, the company has around 5.4 billion tokens in reserve which will be used to back the staking to ensure the guarantee and safety of the tokens staked.
The XRP price, however, received no major bullish push with the recent news as it continues to trade within a decisive phase. The price volatility has slashed heavily, compelling it to hover within a very narrow range. Woefully, the market sentiments are bearish and hence, the value of the token is also projected to drop in the next few hours.
- The XRP price is trading within a decisive symmetrical triangle and slowly approaching the edge of the consolidation
- The RSI is in a decremental state and hence, the price may also drop hard but before reaching the lower support of the triangle may trigger a rebound
- The rebound is also expected to be low-key as the bulls continue to remain passive for longer
- Therefore, until the price surges beyond $0.4 and settles beyond these levels, the bulls may not enter and uplift the price to $0.5.
Overall, the XRP price is displaying immense strength in the times when bears continue to hold some dominance over the rally. Therefore, once the sentiments flip, the asset is believed to lead the top gainers lists every new day.