Ripple’s XRP token is approaching the crucial $0.26 level of resistance following a 5.14% move to the upside on Friday.
The world’s fourth largest cryptocurrency by market cap has failed to break above $0.26 on four occasions over the past two months during a period of consolidation.
If Friday’s daily candle closes above $0.26, it would confirm a bullish breakout with price targets beginning to emerge at $0.271 and $0.283.
XRP’s recovery can be attributed to the wider market rally this week, with Bitcoin surging to a remarkable yearly high of $16,000 while Ethereum tapped $450.
In the event of another rejection at this point XRP is expected to slump back down to test the $0.2279 level of support.
XRPUSD chart by TradingView
The most intriguing factor behind this recent rally is the fact that retail investors are far less interested than they were in 2017, as detailed by Google search trends.
The lack of retail interest highlights a clear increase in institutional investment into the asset class, which was demonstrated by MicroStrategy and Square’s $475 million and $50 million Bitcoin investments in September.
Ripple CEO Brad Garlinghouse has said that XRP token sales to institutions are “vital to the company’s survival”, in spite of criticism that alleges OTC sales have been behind the demise of the token’s value over the past two years.
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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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