There is unfortunately a lack of meaningful price action to report on in terms of XRP’s chart this week, with it continuing to stagnate around the $0.20 mark.
It has now remained in a tight range since May 9 when it slumped to a low of $0.175 before bouncing back to the upside.
The lack of movement in price is reiterated by a relative lack of trade volume across all major exchanges, with just $1.05 billion being traded over the past 24-hours compared to May’s daily high of more than $3 billion.
Levels of support and resistance remain the same for XRP, with $0.2279 remaining a key point of resistance to the upside while $0.183 should prop price up in the event of a sell-off.
However, undoubtedly the most important indicator to keep an eye on is the daily 200 moving average, which is now residing at $0.2137.
XRP has traded above the daily 200MA for just three weeks out of the past 12 months as it continues its seemingly never-ending downtrend, which means a break above this level could indicate a long-awaited bullish reversal.
If a breakout can be achieved XRP is expected to reach upside price targets of both $0.296 and $0.347, the latter of which is important as it remains the yearly high.
From a macro perspective breaking above the yearly high would form a higher lower for the first time in more than one year, which could bring around higher targets of up to $0.50
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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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