Ripple’s XRP token has endured a relatively calm weekend of price action after its 25.43% descent from August’s high of $0.327.
At the time of writing XRP is trading at $0.2437, which is crucially below the daily 50 EMA and above the 200 EMA.
The 200 EMA is vital as this has been a key point of resistance since the 2018 bear market, with XRP trading above it for just three weeks between July 2019 and July 2020.
Being able to use it as support would likely trigger a move back to the upside, with $0.2598 being a notable level to keep an eye on.
However, while a short-term relief rally to as high as $0.283 would be welcomed by XRP investors, it needs to form a high above $0.305, as this was a point of rejection on September 2.
The sheer fact that XRP is trading above the $0.20 level of support after months of slow and indecisive price action bodes well, especially considering the amount of token sales that have been taking place in over-the-counter deals conducted by the Ripple Foundation.
Ripple CEO Brad Garlinghouse came out recently and 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.
Aggrieved investors are lamenting Ripple for XRP’s lack of growth in 2020, which comes as a surprise considering the amount of business relationships Ripple has formed this year.
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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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