May 14, 2019 11:00 UTC
May 14, 2019 at 11:00 UTC
Ripple’s XRP Finally Breaks Past $0.40
XRP is the native token on the Ripple blockchain which is mainly used as a fuel to provide liquidity to the platform. While Ripple has made significant progress with over 200 clients for its various banking payment solution, the progress of the mainnet was not really reflected on the prices of XRP.
Even during the recent bullish trends, where Bitcoin and major altcoins saw a surge of the green movement, making double-digit gains, XRP failed to rise above the $0.30, facing heavy resistance. However, the token has finally able to break past that resistance and narrowly crossed the $0.40 price point, before settling back at around $0.389.
The current price of XRP is highest since December 2018, the surge is being attributed to its recent listing on the German Börse Stuttgart Group, which has listed the token against two Exchange Traded Notes (ETNs). The token touched its highest price since December last year when it peaked a price of $0.403 today.
Analysts suggest that the price might fall back to $0.35 in the next wave of price correction, but the fact that it finally broke the key market resistance of $0.30 surely make the coin bullish. If we look at the price movement from a technical point of view, XRP/USD broke above SMA50 weekly which is a great sign for the long term bulls.
Although, the move above $0.40 is quite rigorous at the moment, however, if the token is able to smash past that price point, the move from there would definitely be smoother than the current standing.
On the 24-hour price chart, XRP token has made significant growth of 23.03 percent, the highest in the list of top 10 cryptocurrencies. XRP has maintained its position at the third place behind Ethereum. The update of its famous xCurrent banking solution also seems to have played a part in pegging the token to get past the $0.30 price bracket.