Ripple’s XRP token has enjoyed a fruitful start to the week with a rally back above the $0.25 level of support.
Prior to the rally, the digital asset had fallen to its lowest point since December 2017, with suggestions that if this level of support was to break, the value of XRP would plummet all the way back down to the $0.15 region.
Interestingly, when XRP was at $0.23 in December 2017, it took less than a month for it to eclipse its all-time high of $3.28.
XRP’s weekly and daily candles closed in a relatively bullish posture. However, more volume is needed to sustain the bounce and drive it back towards the $0.30 level of resistance.
Currently, price has been halted at the 50 EMA on the daily chart, which is coming in at around $0.26.
If XRP retains its value at $0.25, it could well signal a four-hour golden cross, which would see the 50 EMA cross the 200 EMA to the upside for the first time since the bearish cross on September 24.
Aside from Chainlink and Aeternity, which are up 10% and 8% today respectively, XRP is the biggest gainer in the top 100 cryptocurrencies.
The rise in price has seen the market cap of XRP increase by $500 million to $11.5 billion.
Ripple CEO Brad Garlinghouse has been prolific in his defence of the company over the past few weeks, stating adamantly that it “is not a security”.
To see the full story on Garlinghouse’s comments, click here.
By Oliver Knight – October 7, 2019
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