ipple price rebound today from monthly lows but the bears are in control as we have discussed in our latest Ripple analysis: Ripple Price Bearish Momentum Below the 100-Day SMA.
In this section, you will find important Ripple price news, actionable trading ideas, and a live XRPUSD chart to help you understand the markets better.
What is Ripple?
Ripple or XRP is a digital currency created in 2012 as a standard of exchange on the Ripple payment protocol. XRP was mainly built for corporations to use as it aims to be a fast, secure and cost-efficient cryptocurrency for sending money around the world using blockchain.
Financial institutions and payment providers can use XRP to reduce their transaction costs and enter new markets. XRP exists within the Ripple Payment and Exchange Network and can be used for transactions between traditional currencies such as USD, EUR, GBP, and other cryptocurrencies through the RippleNet payment network. A major difference between Ripple and the other major cryptocurrencies is that the XRP is not mined. There is a fixed stock of 100 billion XRP controlled by Ripple Labs, the company that created XRP.
XRPUSD is a pair that shows how many US dollars it costs to buy one XRP. The XRP price at the time of writing was $0.399672 with a market capitalization at 17 billion dollars which made it the third-largest cryptocurrency after Bitcoin and Ethereum.
Live Ripple Price Chart
Ripple Price News(XRPUSD)
Gains on ripple price continue to be limited. However, technicals suggest that the cryptocurrency could soon rally. Here are the levels to watch out for.
Unlike the major currencies, ripple price has yet to enjoy the bullish effects of a weaker US dollar in today’s Asian session trading.
Ripple price is under selling pressure today mirroring a sharp drop of bitcoin price and a sell-off in global equities on Monday morning. Ripple price looks that ends the recent consolidation phase with a break below the 100-day moving average
The general USD strength we're seeing in today's trading has not spared ripple price. XRPUSD lost 7.40% with technicals suggesting more weakness.
Ripple price (XRPUSD) is still consolidating around 0.200 as traders wait for more clarity. Other cryptocurrencies, like Bitcoin and Ethereum too area also struggling to find direction. Bitcoin in particular has struggled to move above $10,000.
Ripple price flash crashed in Asian session down to 0.1703 but managed to rebound above the 0.20 mark quickly. Ripple is in the most extended consolidation phase the last 12 months as it seesaws around the 50-day moving average
Ripple price has been hovering around the $0.2050 level for the past trading week. With this tight a consolidation, should we brace for a breakout?