The XRP (XRP) price is trading above a long-term horizontal support area and ascending support line. Whether it breaks down or bounces will likely determine the direction of the future trend.
The price action from the weekly chart shows that XRP had been decreasing underneath a long-term descending resistance line since April 2021. It made four unsuccessful attempts (red icons) before falling to a low of $0.28.
Afterward, the Ripple price broke out from the line in Sept. 2019. However, it was rejected by the $0.58 resistance area and had been decreasing since.
The most bullish development is currently the fact that the decrease validated the previous resistance line as support (green icon). This is common after breakout.
However, the RSI gives conflicting signs. On the one hand, the bullish divergence trend line is still intact. On the other, the indicator is below 50.
Therefore, whether the XRP coin price breaks out above the $0.58 resistance area or down from the $0.32 support area instead will likely determine the future price prediction.
Bitcoin and Ethereum Get a Boost as CPI Shows Inflation Cooling
The total value of the crypto market rebounded 4.4% over the course of a day but was still short of the $1 trillion mark that it dipped below earlier this week. The total market is now worth $913 billion, according to CoinGecko.
Ethereum (ETH), the world’s second-biggest cryptocurrency, had climbed 6% in value across 24 hours but was still down 16.5% since last Friday, likely due in part to FTX’s meltdown.
Dogecoin (DOGE) experienced a similar boost, climbing 4.7% on the day but still trailing 26.8% behind where it was this time last week.
But Polygon (MATIC) has enjoyed weekly gains of 13.8% and a whopping 16.3% jump in the past day.
Meanwhile, Bitcoin (BTC) inched 3.7% higher and was trading at just over $17,379.
Despite the doom and gloom for the rest of the market, Polygon has had a run of good news this week, announcing a partnership with Meta’s Instagram that will let users mint and sell NFTs.
On Thursday, the company also said it was developing digital collectibles for Disney employees after participating in the entertainment empire’s accelerator program.
What is a Metaverse?
A metaverse is a virtual reality platform that connects multiple devices and can be used for collaborative work. The technology is driven by VR and augmented reality, and has been adopted by many industries. Some cryptocurrency projects have already integrated this concept. But it is important to know what the term means. It is a catch-all term used to describe a virtual environment that is open to the public.
A metaverse is a virtual world that always exists and is populated with avatars and NFTs. Many of these virtual environments are heavily backed by cryptography, which enables a digital economy and legitimate ownership. Today’s metaverses look like the worlds of Roblox, Fortnite, and other videogames. Often, the virtual worlds require clunky VR goggles to access.
Facebook’s metaverse will feel like a blend of real-world and virtual experiences. It will also be able to expand to three dimensions. It is believed that the new technology will create a new virtual economy, with hundreds of billions of dollars of digital commerce and millions of jobs for creators. Facebook’s CEO, Mark Zuckerberg, is a leading proponent of this technology.
The technology behind the metaverse is becoming increasingly common. Blockchain technology is used to secure data and digital assets in the virtual world, and incentivize users to trade and engage in commerce. The Internet of Things (IoT) and 3D technology are also contributing to a more immersive gaming experience.