Ripple’s XRP token is in a perilous position this week as it continues to trade back below the $0.30 level of resistance.
It has now been in a sideways consolidation pattern for more than a week following two consecutive rejections from the four-hour 200 exponential moving average.
Its lack of momentum, especially when altcoins flourished over the weekend, is as a result of the SEC lawsuit that caused it to be delisted from a number of exchanges including Coinbase.
While the Ripple Foundation remain confident that they can “work together” with the new SEC board, exchanges simply aren’t willing to take the risks on a token that could potentially be classed as a security.
From a technical perspective, $0.316 remains the key level of resistance over the next week while $0.267 and $0.215 continue to offer levels of support in case of a downside drive.
In order for XRP to trigger a bullish reversal, it needs to begin closing daily candles above $0.38 as this would print a long-awaited higher low, although it’s worth noting that $0.44 should provide a stubborn point of resistance.
Momentum oscillators also seem to be ticking to the downside with the daily stochs experiencing a bearish cross while the relative strength index stagnates below 45.
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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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