Ripple’s XRP token remains in a bullish posture from a macro perspective having rallied by 191.46% since the turn of the month.
If this monthly candle closes here at $ 0.6916, it would mark XRP’s best monthly performance since December 2017, which paved the way for its $ 3.25 all-time high.
The massive move to the upside comes after a two-and-a-half year bear market that saw XRP lose more than 95% of its value by March this year.
With an incredibly strong reversal now being confirmed, XRP is on the brink of taking out the psychological level of resistance at $ 1.00 for the first time since early 2018.
The recent rally will come as a surprise to many as XRP is a token that has its staunch critics within the industry, mainly due to its centralised nature that stems from the Ripple Foundation.
Ripple CEO Brad Garlinghouse has been at the centre of scepticism over the past couple of years, with aggrieved investors going so far as to file a lawsuit against the Ripple Foundation over OTC XRP token sales.
However, Garlinghouse hit back at his critics earlier this year when he revealed that token sales were “vital” to the survival of the company.
In the short term, XRP needs to take aim at the $ 0.79 level of resistance while ensuring that it continues to trade above the $ 0.57 level of support.
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About Ripple (XRP)
Ripple is a real-time gross settlement system (RTGS) developed by the Ripple company. It is also referred to as the Ripple Transaction Protocol (RTXP) or Ripple protocol. It can trace its roots to 2004 when a web developer called Ryan Fugger had the idea to create a monetary system that was decentralised and could effectively allow individuals to create their own money.
Ripple is one of the largest cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.
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