The price of Ripple (XRP) has fallen more than 15% over the last 24 hours, and is currently hovering around $0.41.
Ripple’s price is currently consolidating near new support levels, just above the 20-day EMA between $0.40 and $0.41. XRP had a huge rally last month which saw the price of the banking-themed cryptocurrency rise by more than 60%. However, price has now tanked following the overall market trend.
Daily volume has decreased substantially by about 40% since April 2019, and is now sitting close to $2.59 billion. At its highest, it was close to $4.9 billion.
Looking at the chart above, we can clearly see a couple of interesting things. Firstly, the 20-day EMA has crossed the 50-day EMA, which is a very bullish signal. Price is also trading well above the 200-day EMA – another bullish signal. Trend lines also seem to be moving in an upward direction, and the 50-day EMA just crossed the 100-day EMA – the last push needed for price to trade even higher.
Despite the price rising above all the EMAs, it is now facing resistance closer to the 20-day EMA, which grows stronger each time XRP booms and bursts. I don’t expect price to fall much further, as it is now being held by its resistance levels.
At the moment, Bitcoin is still pushing forward, which is a sign of a healthy bull market. What I believe is happening is traders are going from altcoins into Bitcoin, as they expect it to start pumping towards $12,000 and above. By looking at the total market cap with and without Bitcoin, we see money is being transferred from one side to the other, as altcoins keep losing volume and Bitcoin keeps increasing. At least, that is my current personal theory.
Will XRP follow BTC or will it keep struggling for price growth?
Latest Ripple price
Current live Ripple pricing 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:
US Dollar – XRPtoUSD
British Pound Sterling – XRPtoGBP
Japanese Yen – XRPtoJPY
Euro – XRPtoEUR
Australian Dollar – XRPtoAUD
Russian Rouble – XRPtoRUB
Bitcoin – XRPtoBTC
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.
More Ripple news and information
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