Despite surging by 5.26% on Saturday XRP remains in a bearish formation after another weekly candle close below the $0.2275 level of resistance.
It has now failed to trade above $0.2275 since the gruelling capitulation in price during the coronavirus-induced sell-off in early March.
Another concerning factor surrounding XRP from an analytical perspective is the descent of trade volume across all major cryptocurrency exchanges, with just $1.6 billion being reported over the past 24-hours compared to a daily volume of more than $5 billion in March.
The lack of volume demonstrates a lack of interest from retail investors, which is reiterated by the lack of Google searches for ‘XRP’ in 2020 compared to previous years.
As well as this, the Ripple Foundation that issued the XRP token has also attracted intense scrutiny during the ongoing downtrend that has lasted for more than two years.
One of the common points of criticism is the Ripple Foundation’s tactic of selling XRP tokens over-the-counter, although Ripple CEO Brad Garlinghouse revealed that the sales were “vital” to the survival of the company.
Moving back to the chart, while XRP is evidently bearish from a macro perspective it could line itself up for a bounce on lower time frames as it trade marginally above the $0.20 level of support, which was a point of resistance in April.
Being able to establish a key level of support above $0.20 will be key but what’s more important is that XRP can take out the daily 200 moving average, which is coming in at $0.2155 after not being broken since February.
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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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