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.

A puzzling transaction on the XRP Ledger has the community buzzing!

A recent offer suggests XRP could be valued at $1,000, but experts clarify it's just a trade order that won't actually be filled.#XRP #CryptoMystery

— Crypto News Focus🐋 (@cryptonewsfocus) September 27, 2024

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.

could jump up to $1,000,000 overnight just like XRP!

— Quintumnia (@fromQuintumnia) September 27, 2024

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.

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.