The Ripple Foundation’s controversial XRP token continues to be in the bearish control zone as it struggles to break above the $0.20 level of support turned resistance.
To its credit, it has bounced by more than 13% in the past three days as it attempts to recover from the gruelling sell-off on Sunday, but its lack of momentum paints a desperate picture over the coming weeks.
XRP is now trading back below the daily 50 exponential moving average as it did consistently throughout April, which is another bearish signal.
If it can manage to break out above $0.20 it still faces a stern level of resistance at $0.2279, which is also in confluence with the influential daily 200EMA.
Analysis like this will be painful reading for XRP supporters who continue to tout the cryptocurrency as a potential game changer across social media.
In order for the token to truly vindicate its supporters, it needs to begin macro reversal by taking out the yearly high at $0.348 as well as the 2019 high of $0.516 to print its first lower high since it topped out at $3.27 in January, 2018.
A more likely scenario over the coming weeks and months is a slow and painful correction back down towards the $0.14791 level of support, which should provide a slight bounce and relief rally.
Ripple CEO, Brad Garlinghouse, has adamantly defended the company over its alleged XRP token sales over the past two years, with an aggrieved set of investors filing a lawsuit against Ripple over the sales that they claim to be ‘dumping’ the price.
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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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