Ripple’s XRP token has officially broken out above the $0.20 level of resistance as it takes aim at the daily 200MA at $0.22815.
The bullish break for XRP coincides with a significant hike in its market cap, with it now being $9.5 billion after being worth $8.2 billion one week ago.
There has also been an injection of trade volume in light of the rally with $2.75 billion being traded over the past 24 hours compared to $1.7 billion during the previous day.
Astonishingly XRP has now rallied by 94.98% since 13th March devastating low of $0.115 to demonstrate strength ahead of the Bitcoin halving.
What historically happens is Bitcoin will eventually begin to rally after the halving and when it consolidates profits get diversified into altcoins like XRP, resulting in the highly-anticipated ‘altcoin-season’.
XRP is forecast to make up significant ground in the coming months as optimism flows back into the cryptocurrency space.
Breaking above the daily 200MA would bring price targets of $0.3484 and $0.4971 back into the frame, although a rally of that magnitude may take months to come into fruition.
It’s worth noting that XRP is not out of the woods yet, a rejection from the 200MA may well result in a drastic correction that will likely come with a test of the $0.17 level of support.
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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