Ripple’s controversial XRP token is currently trading above the $0.14791 level of support after bouncing by 15% from its $0.12876 low.
The relief rally comes after a troubling month for XRP with it losing more than 56% of its value since February 15.
The sell-off has been reflected across all cryptocurrency trading pairs, with the likes of Bitcoin also suffering a 50% correction.
XRP is occupying uncharted territory at the moment with it not trading this low since before the 2017 bull market.
It needs to continue trading above $0.13, at the very least, in order to avoid a further plunge below the psychological level of support at $0.10.
From a bullish perspective it needs to rally back above the $0.1691 level of resistance before taking a stab at the $0.20 level, although a spike in volume is required for a hike of that magnitude to come into fruition.
Despite suffering a major sell-off XRP remains the third largest cryptocurrency with a market cap of $6.5 billion with daily trade volume regularly exceeding $2.5 billion.
Much of the upcoming XRP price action will depend on the trajectory of Bitcoin leading up to May’s halving, which has historically been a bullish even for cryptocurrencies.
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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.
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