Ripple’s controversial XRP token has momentously broken above its daily 200 moving average for the first time since February as it begins to coil up ahead of a major move to the upside.
XRP’s market cap is now just shy of $10 billion with each token being valued at $0.221. There is still a level of resistance at $0.2279, which is the local high from April.
If it can piggyback off the momentum from Bitcoin’s recent rally and break above $0.2279 it is expected to reach $0.2469 in the short term.
However, it’s worth noting that XRP has only traded above the daily 200MA for just three weeks out of the past 55, which means that a break down in price may also be on the cards unless the surge is sustained by consistent trade volume.
Breaking back below the 200MA would indicate a lack of maturity in the current market structure, which would bring downside price targets of $0.200 and $0.172 back into the realms of possibility.
Much of XRP’s upcoming trajectory will depend on that of Bitcoin, which is in the midst of a jaw-dropping rally from $9,150 to more than $11,000 within the space of a volatile week.
If Bitcoin can begin to make ground towards the $12,400 level of resistance, tokens like XRP could well follow in the coming weeks if the world’s largest cryptocurrency enters a period of consolidation.
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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:
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.
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