Ripple’s XRP token is enjoying a momentary relief rally from its gruelling $0.17 low with it surging by 28.2% over the past 24-hours.
The rally follows a devastating sell-off that saw XRP lose 74% of its value within a two-week period.
The dive in price came after the SEC filed a $1.3 billion complaint against Ripple’s founders over XRP token sales, which they allege to be unregistered securities.
Cryptocurrency exchanges responded by delisting XRP, causing further panic and uncertainty among investors.
At the time of writing XRP is trading at $0.218 having been given a glimmer of hope by Ripple founders, who indicated their aim to “work with the SEC” over the coming weeks.
From a technical perspective, the $0.21 level is a historic level of support and as short positions continue to pile on, a short squeeze back to around $0.26 may be on the cards in the coming days.
To trigger a bullish reversal in the short term it needs to rally and take out the 21 exponential moving average on the four-hour chart, which is currently at around $0.25.
However, XRP remains bearish on all macro perspectives against both Bitcoin and the US Dollar, with downside price targets emerging at $0.12 depending on the outcome of the SEC’s complaint.
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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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