Ripple’s XRP token is currently trading at $0.278 after a successful bounce from the four-hour 200 exponential moving average (EMA).
It remains significantly below two levels of resistance at $0.283 and $0.296 although most critically it remains above the daily 200MA which has been a bitter point of resistance over the past 12 months.
On lower time frames XRP seems as though it may move back to initially test the $0.283 level, however from a macro perspective it almost certainly seems as though a local top has been formed at $0.327 and that downside price action is on the cards.
If, however, XRP experiences a surge in volume and begins to take out these levels to the upside, it would negate bearish theories until another rejection.
The fact that XRP failed to form a lower high above February’s high of $0.3475 is telling, it indicates that in spite of a wave of hype and optimism there simply isn’t enough demand to trigger a bullish phase in the market.
This may come as a surprise to those who have been avidly following the Ripple Foundation and its developments this year, with remittance corridors being opened up alongside major banking partnerships.
But the stumbling block with XRP is arguably XRP token sales that are conducted over-the-counter by shareholders of Ripple.
In March Ripple CEO Brad Garlinghouse said that token sales are “vital” to the company’s survival as he knocked back criticism that suggested the company was limiting the growth of the XRP token’s value.
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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:
US Dollar – XRPtoUSD
British Pound Sterling – XRPtoGBP
Japanese Yen – XRPtoJPY
Euro – XRPtoEUR
Australian Dollar – XRPtoAUD
Russian Rouble – XRPtoRUB
Bitcoin – XRPtoBTC
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.
More Ripple news and information
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