Will XRP Price Rally Above $1.40 as XRPL Version 3.1.3 Goes Live?

Frank bevah
Frankbevah is a senior crypto market analyst and stock Journalist with four years of industry experience. He focuses on in-depth market analysis, emerging trends, and real-time developments across cryptocurrency and equity markets.
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Will XRP Price Rally Above $1.40 as XRPL Version 3.1.3 Goes Live?

Highlights

  • XRPL version 3.1.3 enhances the stability and efficiency of the network.
  • Despite the broader market weakness, XRP price remains above $1.30.
  • CME futures launch may boost institutional XRP trading demand.

XRP price remained under pressure on Wednesday, slipping 0.9% to trade near $1.33. However, the token continued holding above the important $1.30 support level. Traders now expect a possible recovery toward $1.40 as the XRP Ledger completed its latest network upgrade.

The overall crypto market continued to remain flat throughout the mid-week trading sessions. Bitcoin price pushed towards the $75k support area and Ethereum remained near $2,079. 

The majority of digital assets were trading sideways as investor confidence has been lost due to geopolitical issues and uncertainty from macro-economic factors.

XRP also mirrored Bitcoin’s weakness during the recent market correction. The reported US-Iran peace talks continued to increase the pressure on risk assets. However, the price of XRP has stayed relatively stable above key support zones.

XRPL Version 3.1.3 Goes Live

The XRP Ledger has officially upgraded to version 3.1.3 and deployed it to the mainnet at ledger index 104,507,137. The upgrade went live at 03:51:20 UTC on May 27. The fixCleanup3_1_3 amendment has been completely activated throughout the network, according to developers.

The most recent update added some major fixes for the NFTs, Permissioned Domains, Vaults and the Lending Protocol. The upgrade, according to XRPL contributor and dUNL validator Vet, is a crucial measure to enhance the long-term efficiency and stability of the network.

The rollout of the network had no impact on performance. Data showed that around 67% of XRPL nodes had already upgraded to the latest software version. 

Investors’ interest in XRP also remained strong as they look forward to CME Group’s launch of XRP futures. CME will launch its 24×7 trading of XRP futures on May 29. The transition may boost the token’s institutional hedging and risk management activities.

XRP Forms TD Sequential Buy Signal on 4H Chart

XRP flashed a TD Sequential buy signal on the four-hour chart, according to analyst Ali Charts. The XRP price came into existence after it hit the support level of $1.32 during the last market correction. 

XRP might rally back to $1.35 before the larger trend to the downside takes place again, according to Ali Charts. 

As traders focused on short-term momentum trends in the crypto market, the signal came through. Bitcoin and Ethereum also continued to be under pressure due to the ongoing macro and geopolitical uncertainty.

Is XRP Price Preparing for a 4% Rally Toward the $1.40 Zone?

The price of XRP traded at $1.33 at the time of the report, following a renewed sell-off across the crypto market in general. 

The MACD indicator is still in bearish mode, with the signal lines showing a downward trend. The histogram, however, revealed a declining selling pressure, suggesting that bearish pressure may gradually ease off.

Meanwhile, the Chaikin Money Flow indicator stayed negative at -0.23. This read suggested that the capital outflows continued to lead the XRP trading on the recent trading sessions.

If bulls gain more momentum, XRP price may first break resistance at $1.345 before continuing higher. A breakout attempt above this level could lead to the next big target at $1.40.

The chart projection also indicated a potential 4.48% pullback from current levels if buyers should take the lead.

Will XRP Price Rally Above $1.40 as XRPL Version 3.1.3 Goes Live?
Source: Tradingview

But if the $1.30 support zone fails to get defended, another correction phase may be triggered. If that is the case, XRP may approach its lower support levels around $1.28 again for buy activity.

Investment disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Frequently Asked Questions (FAQs)

1. What is XRPL Version 3.1.3?

XRPL Version 3.1.3 is the latest XRP Ledger software upgrade improving network performance and stability

2. What changes came with the latest XRPL upgrade?

The update introduced fixes for NFTs, Vaults, Permissioned Domains, and the Lending Protocol.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

XRP

XRP

$1.45473040 0.310000002384% (24h)

24 Hours volume

$2.05B

Market Cap

$89.9B

Max Supply

100B

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About Author
About Author
Frankbevah is a senior crypto market analyst and stock Journalist with four years of industry experience. He focuses on in-depth market analysis, emerging trends, and real-time developments across cryptocurrency and equity markets.