Ripple’s XRP token is teetering on the brink of a further corrective move to the downside as it edges along the $0.284 level of support.
The world’s third largest cryptocurrency by market cap remains up by 47% over the past 30 days, but it may well struggled to maintain momentum following a daily double top at at $0.327.
A double top is typically a signal of a reversal, however this theory will be negated if XRP begins to trade back above the psychological level of $0.30, which has been a historical level of resistance.
If XRP suffers a break down in price this weekend it will most likely test $0.2349 before bouncing at $0.2276 as it was a point of rejection in late April.
Much of the weekend price action will depend on if Bitcoin can begin to trade back above $12,000 or if it will continue to consolidate around $11,600.
Bullish traders have clearly had momentum behind them since the turn of the month the wider cryptocurrency market experiencing a tremendous uptick.
Altcoins like OMG token have surged dramatically with it reaching a $9.50 valuation despite being worth just $1.50 at the start of August.
If this trend of altcoin rallies continue, tokens like XRP will react well as it is one of the most notable cryptocurrencies in terms of its overall brand a visibility to new investors.
While in the short term it seems as though XRP may suffer a drop to the downside, the macro remains bullish with price targets emerging at $0.3475 and $0.36907.
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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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Australian Dollar – XRPtoAUD
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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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