XRP Price Support at $0.35 is Gone as Bearish Trend Resumes
There is no positivism in the cryptocurrency and digital asset industry right now. That is only to be expected, as there is still plenty of bearish pressure. Bitcoin drags everything else down with it, which continues to create a very unfavorable solution. The bearish pressure is getting tot he XRP price as well, as the
There is no positivism in the cryptocurrency and digital asset industry right now. That is only to be expected, as there is still plenty of bearish pressure. Bitcoin drags everything else down with it, which continues to create a very unfavorable solution. The bearish pressure is getting tot he XRP price as well, as the support level of $0.35 has seemingly evaporated.
XRP Price Slump Becomes a Problem
Although no one will blame XRP for losing value during this extended bear trend, the current developments are a bit surprising. It seemed as if XRP would easily hold its own at $0.35 despite the pressure, but that is no longer the case. It is now up to the $0.34 level to “hold the door”, but it seems unlikely this will be the case.
There is one positive XRP price development to take note of. Unlike other currencies, XRP is effectively gaining on Bitcoin again, as the value surpassed 9,000 Satoshi. That in itself is rather promising first and foremost, although it is far from sufficient to negate the USD losses. A 3.4% deficit remains visible in that regard, although it can continue to grow for quite some time to come.
The big news of the day is how R3 is very much intent n embracing XRP in an official capacity. The company announced a universal settler application, known as Corda Settler, to streamline global cross-border payments. This entire solution will support XRP, which can effectively drive demand for this asset moving forward.
As is usually the case, however, news doesn’t get prices moving in this rather odd industry. Instead, the hype surrounding the R3 partnership had an effect, but the actual release of products usually creates an adverse effect. It seems unlikely that is the case right now, yet no one will try to buy in at a price that may continue to drop over the coming days. A very interesting, albeit also telling trend.
Sky Why has an interesting view on the cryptocurrency and digital asset industry. Amazon, the current global marketplace of the Western world has seen a massive share price decline prior to hitting new levels. A 96% retrace is quite steep, although Bitcoin has seen one of those as well. As such, it will be interesting to see what comes next.
With this most recent price decline in place, things are not looking good for either cryptocurrencies nor digital assets. That can genuinely become a very big problem moving forward, albeit it is evident this trend is far from over at this point. If there is one asset which can rebound quickly, however, it is XRP. Whether or not it can pull off its trick again, is a different matter altogether.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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