Ripple’s XRP token has started the week in spectacular style with a tremendous 10% rally towards the $0.21 level of resistance.
The rally came hours after an announcement from cryptocurrency exchange Binance, which revealed the launch of XRP futures with up to 75x leverage.
It’s worth noting that the $0.21 level is a crucial level of resistance as it was a stern level of support on three occasions before the eventual breakdown on December 17.
The level is also in confluence with the 50 exponential moving average (EMA) on the daily chart, which is a level that XRP has not traded above since November 8.
The relief rally comes after a desperate descent to a two-year low of $0.17, which came after a 65% decline between June and December.
Ripple CEO Brad Garlinghouse has come under intense scrutiny over the past year over alleged XRP token sales and the token’s status as a potential security.
However, the 48-year-old has adamantly refuted the claims on numerous occasions, going so far as to publish a blog post on the increasing amount of ‘FUD’ surrounding the project.
Garlinghouse also claimed that 99% of all cryptocurrencies will “probably go to zero“, with the remaining 1% of projects only surviving if they can solve real-world problems.