XRP is currently testing its critical level at $0.45 which on a downward slide can break the $0.42 and even $0.33 level while in order to move upwards it needs to lever itself above $0.56 mark. This week saw a multitude of events that add to XRP’s adoption and value that still makes it preferable among investors.
XRP stuck at $0.45, experiencing flecks of green
This week has been a good one for the XRP community as was for the entire crypto market investors. As the 3-day bull run came, XRP price went from $0.43 at weekend to well above $0.50 price level. However, on Thursday, this short bull run took a break and prices of altcoins took a hit.
XRP went on a downward slide as it fell down to $0.43. At the time of writing, XRP is maintaining a critical position at $0.45 with a profit of 1.03 percent in the last 24 hours. Also, it is running in the green by 0.63 percent in the BTC market.
If the price breaks down below this critical level, it is a possibility XRP will test the $0.42 level. Furthermore, if the slide continues and even this support is broken, the price might take a serious hit at $0.33 mark. However, if an upward trend does show up, it will be able to sustain if the price reaches $0.56.
The world’s 3rd largest cryptocurrency has a market cap of $17.8 billion while managing the daily trading volume of $247 million.
The bigger view: XRP highlights
In the past few days, XRP’s price is not the only one that had quite a rough ride. One of the most controversial topics in this space is if it is a security or a currency. Experts have their own opinion which is more often than not at loggerheads.
Recently, Anatoly Castella, CEO of Elpis Investments expressed his views on XRP, sharing, it is neither a “Digital Fiat” nor a “real” cryptocurrency. According to him,
“Ripple resembles a fintech platform combining the best elements of fiat money and Blockchain cryptocurrency.”
Moving onto global-ness of XRP, it got listed on a Romanian exchange. This week itself, Ripple’s partner SBI Holdings’ first bank-backed crypto platform that exclusively listed XRP on its launch went public in Japan. Also, Wirex Wallet is potentially looking into adding XRP to its list of offered cryptocurrencies that is tied to Mastercard and Visa services as well.
If we take a look at the recent “Fortune Brainstorm Tech” event, Asheesh Birla, the Senior Vice President of Product at Ripple shared,
“banks are not the first adopters of the digital asset product (xRapid); but upstart financial institutions are really adopting that product and moving a lot quicker – especially in the emerging markets.”
With the number of XRP’s Twitter followers continually rising, approaching 1 million, it’s not only the product that is developing but the community as well. Currently, the entire crypto market is on a downward trend as XRP. However, through adoption, partnerships, and products, Ripple has big things in store for XRP that makes it a preferable and secured option in the investors’ portfolio.