Volatility has returned to Ripple’s XRP token with it trading between an eight percent range on Monday morning.
It initially sprung from the $0.14791 level of support to $0.1626 before suffering a sell-off, with it now trading back down at $0.15623.
The volatile trading session has been attributed to the Federal Reserve’s pledge to support the markets by purchasing assets with “no limits”.
The announcement from the Fed caused a temporary hike in the US stock market, reiterating the positive correlation equity markets have with cryptocurrencies.
From a short-term perspective, XRP needs to continue closing daily candles above the $0.14791 level of support as it aims to push towards a potential breakout.
A confirmed breakout would come into fruition if XRP can rally to above $0.17443, which has become a bitter point of resistance since the gruelling move to the downside earlier this month.
However, the overall trend remains bearish with Ripple’s token trading at around its lowest point for three years, with price declining by more than 95% during that period.
Downside targets remain at $0.13491 and $0.06178 although much of the upcoming price action depends on the trajectory of Bitcoin moving into the halving.
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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:
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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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