XRP Price Slumps 3% As Ripple Unveils Ethereum Smart Contracts On XRP Ledger And Traders Flock To This GambleFi Crypto For 100X Potential
The XRP price plunged 3% in the last 24 hours to trade at $0.5755 as of 03:39 a.m. EST on trading volume that surged 34% to $1 billion.
This comes as Ripple aims to add Ethereum-compatible smart contracts to its XRP Ledger. The Smart contracts will also play an important role in expanding its overall functionality to support more elaborate applications like decentralized exchanges.
As a result, there may be vital implications for the XRP token, as its overall fundamentals will increase. Could this also have an impact on the XRP price?
XRP Price Bound For A Bullish Trend Reversal
For much of August, the token has struggled along with the cryptocurrency market. Since August 24, the XRP price has been on a downtrend, trading within the falling channel pattern, according to data from GeckoTerminal .
The downtrend has resulted in the price of XRP falling back below both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the slight bearish stance.
Moreover, the Relative Strength Index (RSI) falls below the neutral line, showing that ETH is under some selling pressure.
If the selling pressure continues and the RSI drops to the oversold region, the price of Ethereum could plunge further back to the $0.50 support region in the short term.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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