XRP Transaction Sparks $1,000 Valuation Confusion—Clarification from XRPL Validator

A peculiar transaction on the XRP Ledger caught the attention of eagle-eyed community members recently. The transaction displayed a value of 5.911292 XRP being equivalent to 5,911 Ripple USD (RLUSD) tokens, suggesting an XRP valuation of $1,000.

This led to speculation among XRP enthusiasts, questioning whether the cryptocurrency’s price had skyrocketed. However, XRPL validator Vet quickly provided clarification on social media.

In a post on X, Vet explained, “RLUSD will not put XRP at $1,000, folks.” He emphasized that the transaction was simply an offer on the decentralized exchange (DEX) of the XRP Ledger. The use of “offer” here refers to a trade order.

It’s highly unlikely that such an order will be filled, as no one would exchange 6,000 RLUSD for just 6 XRP tokens. Ripple recently launched a private beta testing phase for its stablecoin, but Vet reassured the community that this transaction is unrelated to the minting of RLUSD.

XRP’s Technical Outlook: Support and Resistance Levels

Currently, XRP/USD is trading at $0.58633, down 0.52% over the last 24 hours. The cryptocurrency is experiencing a narrow range as traders remain cautious. The immediate resistance stands at $0.59300, with subsequent levels at $0.60040 and $0.60511. On the downside, immediate support is at $0.58274, with further safety nets at $0.57848 and $0.57445.

The Relative Strength Index (RSI) is at 43.89, signaling a bearish momentum below the neutral 50 level. Meanwhile, the 50-day Exponential Moving Average (EMA) at $0.58833 is acting as crucial resistance. The longer-term 200-day EMA at $0.59560 also points to a bearish trend.

XRP Price Chart - Source: Tradingview

Key Insights for XRP Traders

  • Immediate Resistance: $0.59300; clearing this level could indicate short-term bullish momentum.
  • Support Levels: $0.58274; a break below may extend losses to $0.57445.
  • Bearish Bias: RSI below 50 and price below the 50-EMA suggest continued caution.

XRP/USD’s outlook remains cautious until it breaks above the 50-EMA. A move beyond $0.59300 could re-ignite bullish sentiment, while a drop below $0.58274 might lead to further declines.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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