Ripple’s controversial XRP token has slumped to its lowest point in more than six weeks with it now testing the $0.1825 level of support.
The move to the downside follows a two-month period of consolidation as XRP struggled to breach the daily 200 moving average.
The 200MA has been a key point of resistance since the 2018 bear market with it only trading above it twice during a six-week period in 2019 and during a three-week period earlier this year.
Breaking above the 200MA would indicate a bullish reversal but for now it remains unlikely with trade volume dropping off significantly.
What’s more likely is a further slide in price down to the yearly low of $0.145, which is also a three-year low.
The chart paints a depressing picture for XRP supporters and investors, with no end in sight for the downtrend dating back to the 2018 all-time high of $3.35.
Shockingly, XRP is more than 94% lower than its all-time high with all of the hype and optimism that surrounded the ICO bubble now having withered away.
The plunge in the price of XRP will come as a surprise to those who are following Ripple and the company’s recent updates, with Coin Rivet reporting this week on how they’re expanding remittance corridors after a successful trial between the United States and Mexico.
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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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