Ripple’s XRP token has continued to suffer following another gruelling rejection from the daily 200 moving average.
The world’s fourth largest cryptocurrency by market cap is currently trading back below the $0.20 level of support turned resistance after plunging by 9.68% in the past eight days.
From a technical perspective XRP is bearish on both low and high time frames following three consecutive lower lows from February’s high of $0.34.
It will remain in a bearish posture until it breaks the daily 200MA at $0.21 to the upside while forming a higher low above $0.217.
The $0.181 level of support is the most likely stopping point for XRP over the coming week, although a drop in the price of Bitcoin could push it down to as far as $0.169.
The dreary chart will come as a surprise to those who have followed recent developments from the Ripple Foundation, with new remittance corridors being established at a rate of knots.
There was also news that Santander’s payment solution, One Pay FX, has plans to expand its use of Ripple payments to a further six countries.
But in spite of the positive news, the value of XRP remains stagnant which is commonly attributed to he Ripple Foundation’s over-the-counter token sales.
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Latest Ripple price
Current live XRP price information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Ripple price. Pricing is also available in a range of different currency equivalents:
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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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