It’s been a terrible week for Ripple’s XRP. While it remains the third cryptocurrency by market capitalization, it’s lost 21% of its value over the previous seven days. That means that XRP has tested several support levels over the last few days, and it’s broken them on its way down.
After losing quite a bit of ground, it finally found support, started to go back up and get over the USD 0,35 resistance level, which was a breath of fresh air for the market but then it started to go back down. The market’s fear was for Ripple (XRP) to fall below 0,32, which is already ready as today, on Monday (July 15, 2019), the current price is at USD 0,313627. Even if XRP manages to get back to 0,35, it will find resistance, and it could go back down to the current price, and even lower to 0,32.
If the Ripple coin price finds its way to USD 0,35, it will be a good thing for sure, but before we can confidently say that the XRP bearish market has ended and is now bullish, we need to see the price reach the 0,38 and/or 0,40 levels over the next few hours or days. The 0,40 level has been a critical psychological barrier for XRP. It’s been dancing around it for about a year already so reaching it and going over it is not going to be easy.
Ripple (XRP) has been moving very slowly over the last few days. Jerome’s Powell comment about the asset losing value against the USD didn’t help things along for sure.
Yesterday’s trading session saw the XRP price fall all the way down to USD 0,3201. It was bad news for traders, but the bulls managed to pick the market up and bring the price up to USD 0,3514. That was a remarkable 9,78% increase in price. Then the market corrected the price to 0,3443, and it kept going down from there until it reached 0,3200.
XRP has lost 22.8% of its value against the USD in the previous 30 days. It was at 0,4113 a month ago (again we see the 0,40 psychological barrier) but the bears are hugging the market, and they’ve brought the price down.
XRP is at 0,31 as we write this. That represents a loss of 5.10% against the USD and of 0,09% against Bitcoin. The daily trading volume is of $1.7 billion, and the total capitalization for the coin is of USD 14,290 billion. Whatever else happens, the market must find a way to keep Ripple coin above the 0,33 level, or we could see it fall below 0,30.
Ripple’s fundamentals are excellent as it tries to disrupt the traditional financial industry by solving the global payments problem. But the coin has not been able to translate those solid fundamentals and use cases into market performance. XRP is not the coin that will make you a profit this weekend. But it could be the one that does it for you in the long term.
Let’s not forget that during both 2017 and 2018, Ripple’s XRP was the best performer in the market by far. It’s not been doing so well lately, but there’s no reason to believe that it can’t be the digital asset of the year yet again.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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