Ripple’s XRP token continues to present a bullish case moving forwards as it consolidates above the $0.1692 level of support.
XRP was one of the cryptocurrencies that was hardest struck by the coronavirus-related sell-off earlier this month, as it fell by more than 47% within 24 hours.
However, it has since shown signs of strength with a 57% bounce to the upside as it recovered from a three-year low of $0.1099.
The next logical step for XRP would be taking out levels of resistance at both $0.1855 and $0.1977, although as previously stated in Coin Rivet’s analysis an injection of volume will be needed for a clear break out.
The lack of volume is certainly a cause for concern for cryptocurrency investors, as it demonstrates a lack of interest at this price range.
This, coupled with Bitcoin’s hash rate dropping at an alarming rate, helps decipher a far more bearish perspective than what the chart initially presents.
A reduction in hash rate and difficulty is an example of miners shutting up shop and cutting any potential losses before the halving in May.
This could be devastating for the asset class as a lack of competition between miners makes the entire network more vulnerable to 51% attacks.
While XRP looks bullish in the short-term, it remains in a long-term downtrend and would need a significant catalyst to lift itself out of the current price range.
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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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