Ripple’s XRP token has endured a turbulent past month with a 33% drawdown since a high of $0.35 on February 14.
It is now trading alongside the $0.231 level of support after experiencing a slight bounce from the $0.223 level only a week ago.
With it now being well below the crucial daily 200 moving average, momentum is undoubtedly forcing pressure to the downside, with a price target emerging at $0.214.
A break above the 200 MA at $0.252 would indicate a bullish move over the coming weeks, with $0.265 and $0.296 becoming likely stopping points.
However, much of the upcoming price action depends on the impact of two major events – coronavirus and the Bitcoin halving.
The coronavirus has already dramatically affected global equity markets with the Dow Jones Industrial Average and the S&P500 sliding significantly.
The downturn in traditional markets has seen volatility return to Bitcoin with a 17.10% decline since last month’s high of $10,500.
Latest Ripple price
Current live Ripple pricing 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
If you want to find out more information about Ripple or cryptocurrencies in general, then use the search box at the top of this page. Here’s a recent article to get you started:
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.