Ripple’s XRP token is currently grinding along the $0.26 level of resistance following a bullish cross of the 50 and 200 exponential moving averages on the four-hour chart.
XRP has failed to trade above $0.26 since the break down in price on September 3, facing subsequent rejections on September 15 and October 5.
The two previous touches of this level were met with a swift sell-off, while this time around XRP has absorbed sell pressure as it begins to show signs of strength.
A breakout above this level would indicate a continued move to the upside with $0.283 emerging as a potential target.
However, if XRP gets dealt another brutal rejection from $0.26, it will most likely slide back down to $0.237 as this lines up with the daily 200 EMA.
Considering the fact that XRP has been in a consistent downtrend since its all-time high in early 2018, its recovery since March has been remarkable with it forming clear higher lows.
While it almost certainly seems as though a reversal has commenced on a macro scale, XRP needs to break above $0.32 before it can look towards other key levels like $0.36 and $0.50.
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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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