XRP Price Dips 3% as Peersyst Introduces XRPL to Millions of MetaMask Users

Highlights:

• XRP price has plunged 3% today, with the token trading at $0.53.
• Peersyst Technology has introduced the XRP Ledger Snap, earning a place on Metamask’s Snap Directory.
• The XRP co-founder has shown immense support for Kamala Harris in the upcoming elections after another $10 million XRP donation.

Major cryptos like Bitcoin (BTC) and Ethereum (ETH) have wobbled today, as the XRP price has notably joined the trend. The XRP price is down 3%, with the Ripple token trading at $0.53 at press time. Its trading volume has notably plummeted 5% to $1.12 billion in the past 24 hours. XRP is now down 1.09% in a week and 10% in a month, despite a slight rise of 3% in a year. 

Meanwhile, Peersyst Technology has introduced the XRP Ledger Snap, earning a place on Metamask’s Snap Directory. This allows Metamask’s millions of users to enjoy the benefits of XRPL and a more interconnected and accessible blockchain environment.

📢 We are excited to announce the launch of the #XRPLedger Snap for @MetaMask! 🦊

Today, 30 million monthly active users of #Metamask are now just one click away from having an account on the #XRP Ledger, creating a unique opportunity for the adoption and management of #XRPL… pic.twitter.com/X5XMwzyNLx

— Peersyst Technology (@Peersyst) October 21, 2024

Elsewhere, XRP co-founder Chris-Larsen is showing his immense support for Kamala Harris in the upcoming elections after another $10 million in XRP donation. Other contributors include Dustin Moskovitz, with $10 million, JB Pritzker, with $5 million, and a $9 million donation from a non-profit organization labeled “Evidence for Impact.”

NEW —

The big-money super PAC Future Forward raised over $100 million just last month.

$10 million from Dustin Moskovitz

$10 million from Chris Larsen

$9 million from a nonprofit called Evidence for Impact

$5 million from JB Pritzker

— Teddy Schleifer (@teddyschleifer) October 21, 2024

XRP Statistical Data

Based on CoinmarketCap data:

• XRP price now – $0.5349
• Trading volume (24h) – $1.12 billion
• Market cap – $30.33 billion
• Total supply – 99.99 billion
• Circulating supply – 56.71 billion 
• XRP ranking – #7

XRP Price Aims for a Breakout Above a Rectangle Pattern

After hitting a high of $0.66 on September 29, the Ripple token fell like a dead weight with no strings to keep the bearish sentiments in check. The early-profit bookings commenced resulting in a rug pull-like selloff retesting $0.5115. The Ripple token settled in a narrow range between $0.51 and $0.56. 

This push and pull have formed a rectangle pattern. It marks a consolidation period, or indecision, between bulls and bears as they wrestle, with neither giving in. A rectangle pattern is neutral, which implies it has no bullish or bearish biases as the price hits support and resistance several times.

The XRP price trades below major bullish technical indicators, including the 50-day and 200-day SMA. To be safe, the bulls must bring down the immediate resistance barriers at $0.53 and $0.55 to resume a meaningful uptrend. 

Based on the Relative Strength Index (RSI), it sits below the 50-mean level, currently at 42.94. This suggests that the bears are in control of the market. At this level, increased selling pressure will see the RSI hurtle to the 30-oversold region if the bulls don’t gain momentum.

On the other hand, the Moving Average Convergence Divergence introduces a new bullish outlook. This is evident as the MACD in blue has crossed above the orange signal line, suggesting a buy signal. Traders are inclined to buy XRP unless the MACD changes. Moreover, as the momentum indicator hurtles towards the positive territory above the neutral level, the part with the least resistance stays on the upside. 

Will the XRP Bulls Gain Momentum?

As per the one-day chart timeframe above, there is a tug-of-war between the bulls and the bears; however, the odds tend to lean toward the bears. On the downside, if the selling pressure surges and the bears capitalize on the moving averages, which show some bearish prospects, the XRP price will drop. In such a case, the $0.51 support zone could cushion against further losses.

On the upside, if the bulls capitalize on the MACD, which shows a buy signal, the XRP price would surge. If a strong tailwind builds behind the Ripple token, the bulls could flip the $0.53 and $0.55 into the immediate support zone, targeting the $0.60 in the short term.