Ripple’s controversial XRP token seems to have formed a gruelling lower high on its daily chart to indicate a potential move to the downside.
It has now failed to break above the $0.20 level of resistance on two occasions following the break down in price on March 12.
In the immediate future XRP needs to avoid breaking back below $0.1696 level of support to prevent the first signs of a bear market.
If it can manage to pick itself up and break out above $0.20 then it will be met with the bitterly stern daily 200 moving average, which is now providing a key hurdle for a number of the top cryptocurrencies.
Bullish XRP supporters will be hoping that the upcoming Bitcoin halving will have the desired effect on the wider cryptocurrency market, although several analysts predict that it could trigger a continuation of the macro downtrend.
It’s undeniable that the Bitcoin halving has historically been a bullish event for all cryptocurrencies, with both of the previous events preceding a series of bull markets.
However, the uptrends didn’t come into fruition until well after the halving, which means that the rest of the year may be a slog before the lack of supply begins to impact price action.
Despite 2020 causing havoc among capital markets XRP has remained relatively unperturbed, opening the year at the exact price it’s at today even though it has suffered dramatic swings in both directions.
While in the short term XRP looks like it may be in store for a correction, the macros continue to present bullish cases as the world becomes more optimistic about the long-term impact of coronavirus.
For more news, guides and cryptocurrency analysis, click here.
Latest Ripple price
Current live Ripple pricing 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:
US Dollar – XRPtoUSD
British Pound Sterling – XRPtoGBP
Japanese Yen – XRPtoJPY
Euro – XRPtoEUR
Australian Dollar – XRPtoAUD
Russian Rouble – XRPtoRUB
Bitcoin – XRPtoBTC
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.
More Ripple news and information
If you want to find out more information about Ripple or cryptocurrencies in general, then use the search box at the top of this page. Here’s a recent article to get you started:
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.