The price of Ripple’s XRP token continues to stagnate in a bearish posture in spite of its position as the fourth largest cryptocurrency in circulation.
XRP, which now has a market cap of $8.66 billion, is now trading below the $0.20 level of support, which may now flip to a point of resistance.
It is worth 16.02% less than it was at this point last month, which demonstrates a clear change in behaviour since the rejection from the daily 200 EMA at $0.235.
In order to trigger a bullish reversal from a macro standpoint XRP needs to cycle its way back above the yearly high of $0.346 to form its first lower high since it spiked to an all-time high of $3.28 in January, 2018.
Consistent lower lows coupled with dwindling volume paints a worrying picture for XRP investors, especially as other altcoins have performed better in the past year.
A minority of aggrieved XRP investors believe that the reason for the token’s plunge has been over-the-counter token sales by the Ripple Foundation, prompting a lawsuit against the company.
However, Ripple CEO Brad Garlinghouse has responded by stating that XRP token sales are “vital” to the company’s survival.
Regardless of whether XRP’s bearish trend is caused by token sales or not, downside price targets of $0.175 and $0.13 can be expected before the potential of a capitulation low to single digits.
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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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