Ripple’s XRP token suffered a brutal sell-off back below the $0.30 level of support overnight as it reacted to a wider market correction.
The corrective move to the downside comes after a double top at $0.327 on the daily chart, which is indicative of a trend reversal.
It’s worth noting that XRP has enjoyed one of its best months in terms of price action since 2017, with it rallying from a $0.1692 low at the end of June before rising by 93.13%.
When looking at the chart for XRPUSD it remains in a bullish posture from a macro perspective as long as it doesn’t slump below $0.268 to form a lower high.
If XRP can begin to climb back above the $0.30 level in the coming days it would demonstrate a strong level of support in the $0.282 region, which was a point of resistance in February.
However, arguably the most important indicator for confirmation of a bull market would be if XRP can form a crucial higher low above $0.35 as this would also mark a new yearly high.
The fact that XRP has been rising so confidently in spite of token sales from the Ripple Foundation indicates a notable level of interest from both retail and institutional investors, which has been spurred by Ripple’s partnerships over the past year.
Aside from opening up more remittance corridors, the Ripple Network is being by Banco Santander payment solution One Pay FX, who confirmed it will expand use of the platform to six more countries this year.
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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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