Ripple’s controversial XRP token has slumped to its lowest point in more than six weeks with it now testing the $0.1825 level of support.
The move to the downside follows a two-month period of consolidation as XRP struggled to breach the daily 200 moving average.
The 200MA has been a key point of resistance since the 2018 bear market with it only trading above it twice during a six-week period in 2019 and during a three-week period earlier this year.
Breaking above the 200MA would indicate a bullish reversal but for now it remains unlikely with trade volume dropping off significantly.
What’s more likely is a further slide in price down to the yearly low of $0.145, which is also a three-year low.
The chart paints a depressing picture for XRP supporters and investors, with no end in sight for the downtrend dating back to the 2018 all-time high of $3.35.
Shockingly, XRP is more than 94% lower than its all-time high with all of the hype and optimism that surrounded the ICO bubble now having withered away.
The plunge in the price of XRP will come as a surprise to those who are following Ripple and the company’s recent updates, with Coin Rivet reporting this week on how they’re expanding remittance corridors after a successful trial between the United States and Mexico.
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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:
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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.
More Ripple news and information
If you want to find out more information about Ripple or cryptocurrencies in general, then use the search box at the top of this page. Here’s a recent article to get you started:
https://coinrivet.com/ripple-ceo-brad-garlinghouse-hits-back-at-critics-xrp-is-not-a-security/
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.