Ripple’s XRP token has enjoyed a positive start to the week with 2.3% surge to the upside on Monday morning as it moves back towards the $0.26 level of resistance.
With a market capitalisation of more than $11 billion, XRP is currently the fourth largest cryptocurrency behind Bitcoin, Ethereum and Tether.
This morning’s bounce demonstrates how the daily 200 exponential moving average has become a level of support after being a point of resistance on numerous occasions this year.
Aside from a momentary sell-off on September 22, XRP has traded above the 200 EMA since it broke above it on July 25, which preceded an EMA golden cross.
However, the 50 EMA is now sloping back down towards the 200 EMA, which indicates how short-term momentum is poised to the downside in spite of today’s rally.
The key hurdle for XRP remains the $0.26 level of resistance as it has not traded above this level since the start of September.
Breaking above it while Bitcoin establishes support above $11,000 could pave the way for a bullish end to what has been a turbulent year of price action.
XRP is currently 94.44% hower than its yearly low of $0.13 while being 28.53% lower than February’s yearly high of $0.3475.
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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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