XRP Crosses April 30th Highs Amid Bitcoins Rally. If you took note of the cryptocurrency market yesterday, you must have noticed that the price of bitcoin and other altcoins was bullish against the USD.
While the XRP token may not have surged at the same pace as others, it managed to successfully move above a key resistance level that it has failed to test in months. For the first time since the 30th of April, XRP managed to cross the resistance at $0.2200. The token surge in response to the rise in the price of bitcoin and the market-wide rally.
While the surge above $0.2200 might be impressive, it is still vital to note that XRP is still one of the worst-performing tokens in the market. With tokens like Cardano ADA and Stella XML reaching new yearly highs, the panic in the XRP community is understandable.
This brings us to the big question; will XRP hold recent gains or will it slide back into the $0.19 level during the inevitable price pullback?
XRP is currently trading at $0.2212. it is up by 1.89% against the USD and down by over 3.93% against Bitcoin BTC. The trading volume over a 24-hour period is $1,766,958,949 and the market capitalization is $9,923,510,512. The token must find a way to move above the support at $0.2280 if it is to move higher or avoid a major pullback near-term.
if XRP faces rejection at this resistance level, there is a strong chance that it will lose all its recent gains and fall all the way down to the support at $0.21.73. The strongest support near-term is at this level because a rising trendline has formed just above it. If this immediate support fails to hold, the token might slide back to the $0.2097 level.
On the other hand, if the bulls can maintain the momentum and take the token above the all-important support at $0.2280, there will be no resistance to the $0.2294 level. After this, the next target for XRP will be $0.2361.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
- Ripple XRP Makes Progress, Moves Above the $0.2200 Level for the First Time Since April
- A Surge Above the Key Resitance at $0.2280 is Needed to Confirm the Bull Run
XRP is no longer the third-best cryptocurrency in the world but it is still one of the most popular thanks to all the noise Ripple and the XRP army have been making over time. XRP might be Ripple’s flagship product but there are still many other products by the company that has real-world use cases.
The more popular these products get; the more people learn about the XRP token. Unfortunately, the price of the XRP token has not done well in terms of price. It has been on a downward slope for the last 900 days. Thankfully, the token was able to move above key resistance levels yesterday due to the market-wide bull rally.
