XRP made the headlines this year for all the right as well as the wrong reasons. Ripple’s fallout with the United States Securities and Exchange Commission [SEC] left XRP thrown out of several prominent cryptocurrency exchanges. This being done amidst the crypto rally caused the altcoin’s investors’ a lot of loss. This downtrend didn’t last for long.
XRP emerged as a prominent coin despite the hardships it faced during the beginning of the year. The altcoin soared over $1 and was even making its way on to $2. This significant journey was, however, disrupted by the bears. Similar to all the cryptocurrencies in the market, XRP succumbed to the bear.
At the time of writing, the altcoin was trading for $0.67, with a 1.85% drop in the last 24-hours. This dip was comparably dainty as all the other coins were enduring a much more significant loss. The asset managed to bag profits of about 6% over the previous couple of days when the entire market was painted green.
In addition to its price, the market cap of the coin was $31 billion. Even though the altcoin dropped down from the 3rd rank all the way to the 7th rank, it remained in the top ten.
XRP one-hour price chart on Binance
The short-term price chart of XRP reflected a solid bearish momentum. The Bollinger Bands indicator was seen wide apart, noting a slight surge in volatility. This sentiment wouldn’t be considered favorable for the altcoin considering the infiltration of bears. The Awesome Oscillator indicator laid out red closing bars, further confirming the presence of the bear.
The Relative Strength Index [RSI] indicator inclined towards a sellers’ market as the marker was below the 50 median.
In other news, Ripple had onboard Sendi Young as the Managing Director of European Operations. Previously an employee of the Mastercard and a Harvard Business School alumnus, Young was ready to venture into the crypto-verse with Ripple.
Speaking about her latest role, Young stated,
“These technologies can make the global financial system fairer, more inclusive and more transparent – this is just the beginning of what’s possible and I’m excited to be joining such a talented and passionate team and a company that is at the forefront of this step-change.”