Ripple’s XRP tokens has now surged by more than 25% since Coin Rivet reported on a key indicator turning bullish on July 28.
The world’s third largest cryptocurrency, which has a market cap of $12.6 billion, is currently trading at $0.278 following a fairly swift rejection from the $0.325 level of resistance.
It is, however, trading above the $0.27 level of support which indicates that continuation to the upside may be on the cards in the coming days.
XRP is now trading above the daily 200 moving average for the first time since February, at which time it only lasted for three weeks before falling back below.
If XRP wants to sustain a meaningful rally to the upside it needs to print a higher from a macro sense following four consecutive lower lows over the past three years.
This would be achieved with a daily candle close above February’s high of $0.342, although $0.37 will also pose a bitter point of resistance.
The fact that XRP’s value is continuing to rise in spite of reported token sales from the Ripple Foundation, indicates that demand from investors is currently outweighing the supply being sold onto the market.
Needless to say this is a bullish scenario for XRP, whose investors have been waiting for almost three years for a rally like the one in Q4 of 2017 when it surged to more than $3.45 in a matter of weeks.
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Latest Ripple price
Current live XRP price information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Ripple price. Pricing is also available in a range of different currency equivalents:
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About Ripple (XRP)
Ripple is a real-time gross settlement system (RTGS) developed by the Ripple company. It is also referred to as the Ripple Transaction Protocol (RTXP) or Ripple protocol. It can trace its roots to 2004 when a web developer called Ryan Fugger had the idea to create a monetary system that was decentralised and could effectively allow individuals to create their own money.
Ripple is one of the largest cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.
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