Ripple’s XRP token seems to be eyeing up a potential move to the upside after maintaining the level of support at $0.1814 over the weekend.
It is currently trading at $0.1871, which is remarkably 71.1% higher than when it was $0.109 this time last month.
However, over the past week XRP has struggled to gather momentum as it has fallen by 7.25% from the $0.2044 level of resistance.
As long as it continues to trade above the four-hour 200 moving average and the $0.1692 level of support XRP remains in a more bullish posture, although a break below the moving average could signal continuation of the macro downtrend.
Moving forward the psychological level of $0.20 will be key for XRP, as it was in 2017 when it acted as a determined level of support before the eventual bull market and all-time high of $3.37.
A similar picture was painted in the latter stages of 2018 when XRP slumped to a gruelling $0.24 low before rallying significantly to the $0.79 level of resistance.
Key levels to look out for from a short term perspective remain at $0.1691, $0.2279 and $0.24452.
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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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