Ripple’s XRP token has remained in a bearish position over the weekend after facing a clear rejection from a crucial moving average.
In spite of its impressive performance over the past six weeks, which has seen it recover by 64%, XRP has failed to break above the daily 200MA on four occasions over the past week.
The 200MA has been an important point of support and during XRP’s historic price action, with it causing significant downtrends following rejections in September and December in 2018 as well as in April and November in 2019.
A rejection from here would indicate a period of downside price action over the coming months, which will likely cause a retest of the March 16 low of $0.1265.
At the time of writing XRP is trading at $0.2115 after falling by more than 10% from Thursday’s high of $0.2354.
In order for a bullish reversal to come into fruition it desperately needs to break above the $0.2279 level of resistance, which is also in confluence with the stubborn daily 200MA.
Failure to do so in the next few days will undeniably cause a move to the downside with an initial target emerging at $0.20.
It’s also worth noting that XRP may follow the trajectory of Bitcoin, which will undergo its long-awaited block reward halving next week.
This has historically been a catalyst for a cryptocurrency bull market with altcoins like XRP ultimately following Bitcoin’s lead.
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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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