Ripple’s XRP token moves into the typically low-volume weekend on the back of a week that has seen it plummet by 11.21% to the $0.235 level.
The lack of bullish momentum will be a major cause for concern for XRP investors, especially following Bitcoin’s rally above $13,000 this week.
For the time being, XRP remains trapped in a relatively tight trading range with the $0.225 level of support propping up price since early September.
Despite showing signs of a break out above the $0.26 level of resistance on October 22, XRP was dealt a swift rejection for the fourth time in five weeks.
Much of its trajectory over the coming months will depend on if Bitcoin can break 2019’s high of $14,000 and go on to set a new all-time high, as profits would eventually get liquidated into more speculative assets like XRP.
This was what happened during the ICO bubble and subsequent bull market in 2017, with Bitcoin clearly leading the way only for altcoins to surge when BTC consolidated.
However, according to Google search trends, the lack of retail interest in the cryptocurrency market today compared to 2017 indicates that institutional investment is behind the recent rally.
The Ripple Foundation currently facilitates a number of OTC token sales of the XRP token to institutions, with CEO Brad Garlinghouse stating that token sales “are vital” to the company’s survival.
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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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