Ripple’s XRP token has been rocked this week by a market-wide sell-off that has seen it lose 17% of its value in three days.
The world’s seventh largest cryptocurrency by market cap, which is currently being investigated by the SEC, is now trading back below the psychological level of support at $0.50 as it edges towards a wider correction to $0.40.
Much of XRP’s trajectory over the coming weeks depends on whether Bitcoin can weather the recent storm and hold above the $50,000 level of support after sliding dramatically from its all-time high of $62,000.
If, however, Bitcoin plunges deeper before this month’s quarterly options expiry, XRP will also likely feel the pain, with downside targets beginning to emerge at the daily 200 exponential moving average, which is currently at $0.38.
The ongoing SEC investigation will also have an impact on the future the the XRP token, although murmurs from the Ripple camp appear confident for the time being.
A positive resolution would dispel fears over XRP’s status as a security, which could cause an influx of investment as the risk profile would become far more favourable.
For more news, guides and cryptocurrency analysis, click here.
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
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.