Ripple’s XRP token is attempting to break out of the $0.23 level of resistance for the second time in two weeks after rallying by 8% since Thursday.
The current level is proving to be a tough hurdle to overcome, especially as $0.23 provided support on three occasions since August before the eventual breakdown on November 24.
One thing to point out is that the 22 exponential moving average on the daily chart is also currently suppressing a move to the upside. If this can be taken out, it could well provide the fuel for a rally to the next level of resistance at $0.244.
A rejection at this level would be disastrous for XRP given it is already trading at its lowest point in more than two years, with price targets emerging at $0.195, $0.167, and $0.15.
XRP is now shockingly 93% down from its all-time high of $3.40 and 55% down from its yearly high of $0.51.
As previously reported by Coin Rivet, the market cap of XRP is now back below the $10 billion mark – a far cry from the $130 billion high seen in January 2018.
However, one positive is that liquidity on XRP trading pairs is still impressively high, with more than $1.16 billion being traded over the last 24 hours.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.