As previously noted in Coin Rivet’s analysis XRP remains in bearish territory following a relatively dismal performance over the past six weeks.
It is now trading back below the $0.20 level of psychological resistance while $0.1825 remains an important level of support to the downside.
In order for XRP to trigger a bullish reversal it needs to break above not only the $0.20 level but also the daily 200 moving average, which is at $0.2125 after sloping to the downside for more than two years.
In the past 12 months XRP has spent just three weeks above the 200MA as it continues to struggle due to a lack of bullish momentum.
If the $0.1825 level of support eventually falls XRP can be expected to drop to as low as $0.1475, which is around the point it bounced in March.
XRP’s notably bearish chart is baffling considering the amount of work the Ripple Foundation has been putting in on a global level, with increasing numbers of significant partnerships being secured.
However, one of the main issues that keeps rearing its ugly head in terms of XRP’s price is the over-the-counter token sales that have been commencing.
A group of aggrieved XRP investors filed a lawsuit against Ripple over the token sales, although Ripple CEO Brad Garlinghouse replied by claiming that the sales were “vital to the survival of the company”.
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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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