XRPL Version 3.1.3 Upgrade Sees XRP Price Stay Above $1.30
XRP prices continued to stay under pressure on Wednesday as there were declining opportunities across the entire cryptocurrency ecosystem. The token slipped nearly 0.9% in mid-week trading to nearly drop to $1.33. Price trends aside, XRP managed to stay above the crucial $1.30 zone which kept hopes alive to allow XRP to reach the $1.40 resistance level.
As evidenced across the broader crypto ecosystem, bullish trends were fading. Bitcoin continued to near the important $75,000 support level while Ethereum moved in the $2,079 area. Major digital assets traded sideways as investor confidence began to fade due to concerns regarding geopolitical tensions compounded by uncertainty across the global financial markets.
XRP Reflects Weakness in the Broader Market
XRP’s price action has been frustrating, particularly as it reflects Bitcoin’s price action as risk assets are already under pressure. Market sentiment continues to weaken due to reports regarding the US-Iran peace talks which have introduced uncertainty to the financial markets thus pushing traders to safer strategies.
Despite the overall crypto ecosystem being more volatile, XRP has managed to stay relatively safe above key support levels. The support area around $1.30 will be a key price level to watch to trend XRP towards the greater $1.40 resistance level.
Price structures indicate bearish market structures in the greater crypto market while buyers are still protecting lower price levels.
XRPL Version 3.1.3 Successfully Launches on the Mainnet
One of the major developments fueling XRP sentiments has been the successful deployment of XRP Ledger Version 3.1.3 on the Mainnet.
Live upgrades at the ledger on May 27 at 03:51:20 UTC with index 104,507,137.
The most current network update has implemented important changes including: NFT’s, Permissioned Domains, Vaults, and the XRPL Lending Protocol. Developers state that the “fixCleanup3_1_3” changes are now fully being used on the network.
In the eyes of XRPL contributor and dUNL validator Vet, the upgrading of the network creates improved long-term efficiencies, scalability, and stability of the ecosystem as a whole.
Data analysis indicated that nearly 67% of XRPL nodes migrated to the latest software version demonstrating strong network participation and a seamless upgrade throughout the ecosystem.
The rollout occurred without interruptions to network performance, fuelling XRPL’s reliability and the infrastructure confidence of speculative investors.
CME XRP Futures Launch Boosts Institutional Interest
XRP market sentiment is also driven by the opening of CME Group’s XRP futures trading as their 24 x 7 integration of the XRP ecosystem occurred on May 29.
With more futures-based products, institutional investors are expected to have more sophisticated hedging and risk management. Analysts believe that The XRP Futures may boost market liquidity, and thus further developers’ inflows.
A mature market is built on the availability of institutional products and the impact of the CME integration is expected to be observed within the next few weeks based on increased trading of the XRP token.
XRP Flashes TD Sequential Buy Signal
The market is reacting positively to the trading of futures and is expected to undergo a recovery based on the current array of indicators.
XRP has displayed a buy signal on the TD Sequential chart after hitting the $1.32 support level. This comes from analyst Ali Charts, who seems to think the cryptocurrency may be able to break the $1.35 resistance after the support level was tested.
There currently seems to be a bearish sentiment, even with XRP attempting to hit the $1.35 resistance level, as the MACD is bearish with its signal line crossing downward. There is some room to speculate a weakening of the bearish sentiment as the sell pressure is decreasing.
There have been capital outflows from XRP, as shown by the -0.23 measurement on the Chaikin Money Flow indicator.
Many within the crypto community are wondering if XRP may make its way to the $1.40 resistance level. This would require XRP to break the $1.345 level first; conquering this would be a bullish statement by the coin and a precursor to another major resistance level.
Due to the current issues within the crypto markets, there is still a wariness to BTS. If $1.30 is lost as support, it would likely drop to $1.28 until buying reoccurs.
XRP traders will continue to look at major developments, specifically on the XRPL and CME derivatives, to help forecast the next major price move as they have been struggling to find bullish sentiment.
