Ripple’s XRP token has thus far failed to inspire a large amount of investor interest. This is primarily due to the downward price movement it’s been experiencing for two years straight. However, things are seeming to change, with the international settlements token now testing key resistance barrier. This barrier may break this time, and see new highs be reached by the relatively quiet cryptocurrency.
BTC And ETH Moving Markets
These past few days have seen slightly bullish price actions, especially for Bitcoin and Ethereum. Even so, XRP itself has yet to achieve a new monthly high alongside the two most prominent players in the field. As it stands now, the price was capable of surviving up 7.5% since the 21st of July, with almost $20 billion entering the crypto space at once. Even so, the token, specializing on cross-border remittances, has seen a very stiff resistance barrier to keep it checked. The problem is only worsened by way of insiders and Ripple itself flooding the market with tokens.
As it stands now, the 200-day moving average is holding steady, and is preventing the native token of Ripple from achieving its upward potential. This barrier has been stopping any form of upward price movement since April this year. Every time XRP has risen past this barrier, trying to break past the moving range, a steep correction shoves it back in place.
XRP Finding Massive Resistance
But the token has started to move, once more, pushing up against and past the resistance wall once more. The hope now is that this time, things will be different, and XRP can finally manage to get itself past the barrier.
Some of the more prominent analysts within the crypto industry has maintained the belief that a resistance level only gets weaker if tested. As such, the 200-day moving average could start to lease steam, since it’s been three times since XRP tried to push past it, doing so in as many months.
Hard Push To Follow Current Market Trend
Should buying pressure start to spike behind the global remittance cryptocurrency, the bullish outlook can be validated to a degree. Should this happen, XRP could rise up to the next significant resistance, which stands at 50% to 61.8% of the Fibonacci retracement levels. As it stands now, those hurdles respectively sit at $0.23 and $0.26.
There’s a large amount of correlation within the crypto markets. As such, it’s very likely that XRP will stand to follow the trend that was set by both Ethereum and Bitcoin. With this in mind, it’s urged that Investors keep a keen eye for a daily candlestick above or close to the 200-day moving average. This will stand as the only indicator that confirms the optimistic scenario.