Ripple’s polarising XRP token has enjoyed a surprising relief rally over the past week as it surged back to test the daily 200 moving average at $0.209.
At the time of writing it is trading slightly lower at $0.204, although as long as it holds above the psychological level at $0.20 it remains in a more bullish posture on lower time frames.
On higher time frames, however, XRP continues to to paint a bearish picture following consecutive lower lows coupled with its inability to trade above the daily 200MA.
In the past 12 months XRP has trade above the 200MA for just three weeks, which came earlier this year in February as it momentarily rallied to $0.34 before plunging back to the downside.
As reported by Coin Rivet earlier today, eToro analyst Simon Peters believes an ‘alt-season’ looks set to return in Q4 of this year, which could bode well for XRP in light of the Ripple Foundation’s drive into the mainstream this year.
Last week Banco Santander revealed that Ripple’s payments network could process half of its annual international payments.
While XRP didn’t respond to the news event in terms of price action, it increases global knowledge of the product which will be vital if an alt-season is to come into fruition later this year.
Immediate levels of support remain at $0.20 and $0.1845, while a level of resistance above the 200MA remains at $0.2279.
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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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