Ripple’s XRP token has once again tested the $0.44 level of resistance overnight, rallying 3% in the process.
This marked the third test of this level in the past month, with price falling 25% on both previous rejections.
The 200 exponential moving average (EMA) has acted as support on both moves to the downside, with price bouncing off that level twice.
One key difference in today’s rally has been the confluence of the 100 and 200 EMAs, which look close to completing a golden cross on the daily chart.
This cross would indicate a switch in momentum to the upside, meaning that price could well break out of $0.44 and test the psychological $0.50 level of resistance.
— Galaxy (@galaxyBTC) June 16, 2019
It all also depends on whether Bitcoin can continue its trajectory to $10,000. Historically, altcoins have performed poorly during periods of Bitcoin volatility, with BTC often leading the way in terms of price action.
XRP has remained one of the most resilient altcoins during Bitcoin’s breakout above $9,000, rallying 3% against Bitcoin over the past 24 hours.
If a third rejection of the $0.44 level happens, XRP is expected to drop to around $0.40, or 4680 satoshis, before finding support.
Ripple’s XRP token is the third-largest cryptocurrency in terms of market cap with $18.3 billion worth of tokens currently in circulation, while the volume regularly exceeds $1.75 billion over a 24-hour period.
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