Cryptocurrency analyst Jacob Canfield says XRP, the third-largest cryptocurrency by market cap, is dangerously close to a crucial level of support.
Canfield is a longtime XRP investor and says he first purchased the digital asset when it was trading at $0.009. He tells his 45,000 followers on Twitter that right now, XRP remains locked in a descending triangle that dates back to October of last year. He says the digital asset must push well above the $0.2300 mark in order to avoid a new breakdown.
“Ripple is just getting painful to look at when many other majors and Bitcoin itself is breaking out. Needs to push up soon or we could see another low incoming.”
So far this year, XRP has gained 22%, moving from $0.1921 to $0.2344 at time of publishing, according to the latest data on CoinMarketCap. Meanwhile, Bitcoin (BTC) is up 29% in the same time frame, from $7,176 to $9,324.
Ripple, which owns more than half of the total supply of XRP, ceased all sales of its holdings on crypto exchanges in the fourth quarter of last year after receiving criticism from a number of crypto influencers.
The company says it is now focused “solely on our over-the-counter (OTC) sales with a few strategic partners, who are building XRP utility and liquidity in strategic regions including Europe, the Middle East and Africa, and Asia.”
Ripple is also pushing to grow its XRP-based remittance platform and says it plans to launch additional corridors in Asia-Pacific, Europe, Africa, Latin America and the Middle East this year.
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