Ripple’s XRP token is currently trading at $0.241 after bouncing by 5.92% off the $0.227 level of support this morning.
As noted in last week’s XRP analysis, the world’s fourth largest cryptocurrency by market cap remains confined in a relatively tight trading range, with $0.26 providing a stubborn level of resistance.
XRP has now been trading within the range since early September following a breakdown in price from a local high of $0.33.
It’s also worth pointing out that the daily 200 exponential moving average (EMA) appears to be another level of support despite being resistance since the bear market reversal at the start of 2018.
XRPUSD chart by TradingView
Moving forwards, volatility is expected this week in light of the US presidential election and Bitcoin’s impending push above $14,000.
While altcoins like XRP will initially sell-off in the event of a Bitcoin breakout, they will most likely rally into a new bullish phase when Bitcoin begins to consolidate at a higher price.
In terms of XRP, its price action will not only depend on retail participation but also investment from institutional clients, many of whom typically buy XRP tokens over-the-counter from the Ripple Foundation.
Although token sales have been lamented by XRP supporters, Ripple CEO Brad Garlinghouse revealed that token sales are “vital” to the company’s survival.
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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
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