Ripple’s controversial XRP token continues to trade above the psychological level of support of $1.00 as investors anticipate a long-awaited conclusion to Ripple’s ongoing case with the Securities and Exchange Commission.
It is, however, beginning to show signs of fragility on higher time frames having formed a lower high at $1.41 from its all-time high of $1.97.
Relative Strength Index (RSI) is teetering around the 42.6 mark, significantly lower than when it initially broke above $1.00 in August, which indicates weakness.
Daily trade volume is at $3.1 billion, a 6.17% decrease on yesterday’s total as momentum shifts slightly to the downside.
In spite of a series of bearish indicators, if XRP can maintain its level of support above $1.00, it could provide an ideal platform for a surge back to its all-time high over the coming months depending on the verdict of the ongoing lawsuit.
Much of it will also depend on the trajectory of the cryptocurrency market as a whole. If Bitcoin can begin to push back above the local top at $53,000, XRP will likely follow its lead with a move back to around $1.40.
If the $1.00 level breaks, levels of support remain at $0.92 and $0.84 with another key level coming in at $0.77.
Short term points of resistance are at $1.13, $1.19 and $1.33.
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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.
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