Ripple’s XRP token enjoyed a fruitful weekend of price action with it now trading at a three-week high of $0.18825.
The 6.8% move to the upside on Monday morning comes after a period of consolidation around the $0.1692 level of support, which has now become a platform for a potential rally.
The next point of resistance to look out for is $0.19766 as it was a point of support before the eventual break down in price during the beginning of March.
A break above that level will see XRP re-enter the familiar territory of $0.22, which has been a historical point of support over the past 12-months.
Remarkably, XRP is now 73.58% up from its low of $0.1099 on March 13. This clear indication of strength bodes well for the next market uptick as investors view XRP with far more confidence.
As long as XRP can continue trading up towards the $0.20 level it will remain in a more bullish posture leading up to the Bitcoin halving event in May.
While the halving relates to block rewards for Bitcoin miners, it typically has a notable effect on the altcoin market, with altcoins tending to rally in the days following a Bitcoin surge as traders diversify profits.
One crucial upside price target for XRP remains at $0.236 as it is also in confluence with the daily 200 moving average, which has only been traded above for three weeks since July 2019.
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Latest Ripple price
Current live Ripple pricing 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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