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Ripple’s XRP token is approaching the crucial resistance level of $ 0.26 after an upward move of 5.14% on Friday.
The fourth largest cryptocurrency in the world by market cap has failed to rise above $ 0.26 on four occasions in the past two months during a period of consolidation.
If Friday’s daily candle closes above $ 0.26, it would confirm a bullish breakout with price targets starting to emerge at $ 0.271 and $ 0.283.
XRP’s recovery can be attributed to the broader market rally this week, with Bitcoin hitting a remarkable annual high of $ 16,000 while Ethereum hitting $ 450.
In the event of another rejection at this point, XRP is expected to collapse again to test the $ 0.2279 support level.
TradingView XRPUSD chart
The most intriguing factor behind this recent rally is the fact that retail investors are far less interested than they were in 2017, as detailed by Google’s search trends.
The lack of interest in retail highlights a clear increase in institutional investment in the asset class, as demonstrated by MicroStrategy and Square’s $ 475 million and $ 50 million Bitcoin investments in September.
Ripple CEO Brad Garlinghouse said XRP token sales to institutions are “vital to the company’s survival,” despite criticism that OTC sales have been behind the disappearance of the token’s value over the past two years.
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Ripple’s latest price
Current real-time XRP pricing information and interactive charts are available on our site 24 hours a day. The scroll bar at the bottom of every page on our site has the latest Ripple price. Prices are also available in a range of different currency equivalents:
US Dollar – XRPtoUSD
British pound – XRPtoGBP
JPY – XRPtoJPY
EUR – XRPtoEUR
Australian dollar – XRPtoAUD
Russian ruble – XRPtoRUB
Bitcoin – XRPtoBTC
About Ripple (XRP)
Ripple is a real-time gross settlement system (RTGS) developed by the Ripple company. It is also referred to as Ripple Transaction Protocol (RTXP) or Ripple protocol. It can trace its roots back to 2004 when a web developer named Ryan Fugger came up with the idea of creating a decentralized monetary system that could actually allow people to create their own money.
Ripple is one of the largest cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalization.
More news and information about Ripple
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