XRP Drops Back to $0.29 Despite Positive News, What to Expect Now?

XRP went back to $0.29 price level after seeing slight gains and reaching $0.30 briefly. Despite the good news in the forms of Kuwait Finance House successfully testing Ripple technology and the lawsuit against them being denied, the bulls seem to be the rulers for now.

XRP price in the tight grasp of bears

XRP has been one of the few coins that suffered the worst during the bears’ onslaught last week. The prices started at $0.42 before dropping down to the $0.293 level. Though the prices went to $0.312 at the weekend, it wasn’t able to sustain the gains and remained between the range of $0.30 and $0.29.

Today, a majority of the cryptocurrencies registered gains as bitcoin surged upwards. However, XRP was one of the few ones that to the most part remained in the red. Though it saw $0.30 briefly, at the time of writing XRP has been changing hands at $0.296 with a loss of 2.61 percent in the past 24 hours. As for, in the BTC market, it’s in the loss here as well by 1.41 percent.

The world’s 3rd largest cryptocurrency with a market cap of $11 billion has been managing the daily trading volume of about $207 million. For now, the bears seem to have a stronghold of the XRP prices making it difficult for the bulls to make a comeback.

XRP has lost the support at $0.300 level, though it has support at $0.2925 mark, if the bears keep on charging through, XRP will plunge to its August low at $0.288.

Ripple successfully tested by Kuwait finance house

The company behind XRP, Ripple had a successful financial transaction testing by the Kuwait Financial House Bank. A video has been uploaded on the internet, whose loose translation shared by a Redditor states,

“Your house (Kuwait Finance House) has successfully conducted the first blockchain financial transaction in Kuwait using the Ripple platform. The transaction was completed with an Al Rajhi (KSA bank) beneficiary as part of a successful trial and testing (Maybe talking about successful UAT?)

It was also the 1st successful blockchain financial transaction in the kingdom (KSA) conducted through the testing environment of the Saudi Funding House platform in collaboration with Ripple.

The live version of the service will be deployed after the successful testing and upon final approval from the Central Bank of Kuwait, that confirms the need for high security and technical measures related to such services”

However, some were quick to point out that they are not using XRP and just the Ripple.

Another positive news came into the form of the lawsuit against Ripple being rejected by the court. The order read:

“Having read the papers filed by the parties and carefully considered their arguments and the relevant legal authority, and good cause appearing, the court hereby DENIES plaintiff’s motion.”

Though it might get to see the glimpses of green, XRP has red days ahead for now. So, we can only now wait and watch as of where the price movement goes.

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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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