If you’ve been in the dark about XRP’s true all-time high (ATH) value, you’re not alone!
Ripple CTO David Schwartz has finally provided clarity on the matter, dispelling the long-standing misconception that XRP reached $3.84 on January 4, 2018. According to Schwartz, this figure is inaccurate due to the use of the official Korean won (KRW) exchange rate.
Want to know more about this misleading calculation and its impact on the crypto market? Keep reading to find out.
A Misunderstanding in Calculations
The Ripple CTO took to Twitter to address the issue, stating that the official KRW exchange rate inaccurately reflects the actual value South Koreans could obtain for their currency.
In fact, the value of KRW within South Korea is significantly lower than the value outside the country. Nevertheless, the official exchange rate considered the value outside South Korea, leading to the erroneous XRP price of $3.84.
Related: “Don’t Sell Your XRP Before Ripple v SEC Lawsuit Concludes”, Warns Expert – Coinpedia Fintech News
Ripple’s Expansion in International Markets
In related news, Ripple’s new Quick Guide confirms that XRP on-demand liquidity (ODL) payments are now available in India. The guide also highlights the availability of blockchain technology companies’ payment solutions in complex corridors, such as Brazil, Mexico, India, and Southeast Asia.
Ripple has consistently aimed to provide optimal solutions for international financial transactions, leveraging its RippleNet blockchain network to offer fast, secure, and cost-effective ways to transfer finances globally.
Despite Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC), the company remains a prominent player in the sector.
XRP Price Analysis
XRP’s price has experienced some turbulence recently, with bulls defending the 50-day SMA ($0.45) on April 22 and attempting to push the cryptocurrency above the 20-day EMA ($0.48) on April 24.
However, the long wick on the candlestick indicates that bears are active at higher levels. With the downsloping 20-day EMA and RSI in negative territory, bears currently have the upper hand.
If the 50-day SMA fails, XRP could plummet to $0.43 – a critical level, as a further drop could lead to a decline to $0.36. To avoid this, bulls must quickly push the price back above the 20-day EMA, potentially leading to a rally to the resistance line where bears may mount a strong defense. If overcome, the pair may rally to $0.56.
As of press time, XRP is worth $0.45.
Also Read: Ripple Price Prediction 2023, 2024, 2025: Will XRP Price Reach $1 By The End Of 2023?
