Ripple is currently running in the red and feeling the resistance to cross the $0.50 price level. However, its price is up over 70 percent since last year.
Ripple [XRP] price analysis
The world’s third-largest cryptocurrency by market cap, Ripple (XRP) is currently running in the red. At the time of writing, it has been holding the fort at $0.462951. Currently, Ripple (XRP) is down by 2.66 percent in the last 24 hours. It is most actively traded against BTC which is also feeling the red as it is in the negative by 1.02 percent.
With a market cap of over $18 billion, Ripple (XRP) manages the daily trading volume of more than $216 million.
If we take a look at the past 7 days, Ripple has been on a downward spiral. As we can see in the chart, a week back, XRP/USD has been at $0.541 that dropped down to $0.453 price level. But at the end of the week, Ripple’s 7-day price movement started going on a straight line and even a slight upward shift.
One of the most popular cryptocurrencies, Ripple is also the most talked about and discussed crypto on Twitter with a strongly supportive community. However, this doesn’t guarantee price gains, of course as we can see here.
However, if we take a look at the one year price movement of XRP/USD, it has risen over 73 percent in the past year. As the chart shows, a year back, Ripple was sitting at $0.265975. With today’s $0.461955, XRP is up by about 73.68 percent which talks about its development.
What about the $0.50 resistance level?
The price of XRP/USD is currently capped at $0.50 as it struggles to touch this mark and rise above. As long as Ripple stays below this price level, the picture reflected is bearish. This is a strong resistance level which it needs to break above in order to continue its upward momentum. However, to go to that price level, XRP/USD will be faced with resistance at $0.48.
Despite several positive scenarios surrounding Ripple, with lost of partnerships, potential Coinbase posting discussions and constant conferences to keep Ripple active and in the limelight, it is registering the loss in value. However, right now the majority of the crypto market is feeling similar dips as around the world like South Korea and Japan, crypto gets more scrutinized.
With the nature of the Ripple (XRP) still not clear, once SEC makes the things clear, investors will feel more confident and secure going this route.
What do you think of Ripple (XRP)’s current price value and being over 70 percent up from last year? Share your thoughts with us!
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Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com