XRP continues to trade within a bearish range following another gruelling rejection from the daily 200 moving average.
Until it can break above the 200MA a move to the downside seems most likely, with potential targets emerging at $0.175 and $0.148.
At the time of writing XRP is trading at $0.198, just below the psychological level of resistance at $0.20, which has been a bitter point of rejection since the turn of the week.
From a macro perspective there is also a lack of optimism when it comes to XRP’s chart, with it forming three consecutive lower lows from February’s high of $0.348.
February’s short-lived surge was the only time that XRP has traded above the 200MA in more than 12 months.
This, coupled with dwindling trade volume, demonstrates the tell-tale signs of a bear market that suggests XRP could dive far lower in the coming months.
However, it’s worth pointing out that XRP has remained relatively resilient since its capitulation low of $0.135 on March 13 with a rise of 48% in that period.
When considered alongside the impressive news stemming from the Ripple Foundation in recent weeks, XRP may well have established a foundation for an uptick but that would only come into fruition if trade volume returns to its trading pairs.
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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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