Ripple’s XRP token goes into the typically low-volume weekend grinding against the $0.2310 level of support after finally breaking below the 200 exponential moving average (EMA).
As stated in Coin Rivet’s XRP analysis last week, breaking below the 200 EMA indicates that a further move to the downside is on the cards in the coming weeks.
When assessing the importance of this moving average, investors should look back to May 2018 to see that XRP has failed to trade above it for a sustained amount of time ever since.
It has broken above the 200 EMA on four occasions since 2018, with the first time lasting for less than one month while the two attempts in 2020 have lasted just three weeks and two months respectively.
What’s more bearish for XRP is that it was in fact rejected from the 200 EMA on its recent re-test, confirming the break down in price.
Crucial levels of support still remain at $0.20 and $0.18254 but at this stage it wouldn’t be a surprise to see XRP slump all the back down to its yearly low of $0.136.
If XRP can trigger some bullish momentum to the upside, it needs to close daily or weekly candles above the 200 EMA as well as the $0.2598 level of resistance, as this was a point of rejection on September 17.
The XRP chart will be a miserable sight for XRP investors who may be feeling bullish in light of the Ripple Foundation’s partnerships and developments this year.
As reported by Coin Rivet, major bank Santander confirmed it had plans to expand Ripple’s payments network in July.
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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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