Ripple’s XRP token is currently consolidating at $0.2364 after falling by 22.36% since this time last week.
It has dropped by a further 11.53% since Coin Rivet’s most recent XRP analysis on September 3, when it began to test the critical level of support at $0.2598.
While short-term price action almost certainly seems to be heading to the downside, XRP is currently using a very important moving average as support.
The daily 200 exponential moving average (EMA) is residing at $0.23441, if XRP breaks below this level with a daily candle close it will almost certainly head back to the psychological level of support at $0.20.
The 200 EMA has been a point of resistance dating back to the 2018 bear market. Earlier this year XRP was rejected from the moving average on three occasions in April, June and July.
The fact that XRP is now trading above the 200 EMA means that it may well have become a level of support, which actually leads towards a bullish scenario on both low and high time frames.
Being able to bounce off the 200 EMA would form a clear higher low while providing a platform for a move back to the upside.
Key price targets for XRP remain at $0.2598 and $0.2839, although the local high at $0.3162 may also be tested if there is sufficient demand among investors.
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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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