Ripple’s controversial XRP token has surged significantly over the past month, bouncing by 30% from December’s low of $0.18.
XRP is currently trading at around $0.24, with its sights set firmly on breaking out above the gruelling $0.25 level of resistance.
However, XRP has been met with constant rejections from this level over the past week as it attempts to keep up with Bitcoin’s recent charge to the upside.
A break to the upside would see price targets emerge at $0.26 and $0.29, but it’s also worth keeping a watchful eye on the 200 moving average and exponential moving average – both of which are hovering around the $0.26 mark.
A clear breakout would also undoubtedly see Ripple CEO Brad Garlinghouse breathe a huge sigh of relief following criticism from a large section of XRP’s followers.
XRP investors have gone so far as to file a lawsuit against Garlinghouse over ongoing XRP token sales, which they claim to be the catalyst behind the two-year decline in price since 2017.
But Garlinghouse was quick to dismiss the case, labelling it as “outrageous” before going on to confirm that XRP “is not a security” despite mounting concern over its regulatory status from investors.
It’s worth noting that XRP is 92% down from its 2017 all-time high of $3.30, with much of the top cryptocurrencies suffering similar declines.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.