There isn’t much to get overly excited about where cryptocurrencies an digital assets are concerned. The overall bearish pressure remains in place, which means there will be further losses to contend with as well. In the case of XRP, the current trend is not too promising, but there is still stability near the $0.34 level. As such, it seems things will get very interesting over the coming days.
XRP Price Support Remains at $0.34
It has become more than apparent all currencies and assets will face some steep losses in the coming weeks. The market onslaught which began several months ago still leaves an imprint today, as it seems a lot of investors have simply given up on this industry altogether. One notable exception is XRP, a digital asset which can do its own thing on a daily basis without too many problems.
Over the past 24 hours, there has been a notable decrease in XRP’s USD value. Although the price dropped just below $0.35 once again, the stable level at $0.34 – which we identified several days ago – is still in place today. The 1.29% loss in BTC value is somewhat more troubling, although XRP is still well above the 9.000 Satoshi level right now.
That does not necessarily mean things will get any better anytime soon. If the XRP/BTC Strategy can be an official indicator, it is evident there is a somewhat strong signal to sell XRP right now. That seems a bit of adverse advice given the current circumstances, although the score sits at just 46/100, thus there is no real pressure to sell whatsoever.
One particular development within the XRP community has a lot of people puzzled right now. A transaction of 200 million XRP has been recorded earlier today, and it has been moved to an address previously holding nearly no funds. The sender account still holds over 800 million XRP, thus it will be interesting to see what this transaction means exactly.
Cryptography Capital is convinced the bearish pressure will continue for quite some time to come. In fact, they expect Bitcoin to hit $3,000 – which echoes our sentiment from over a week ago -and XRP will hit $0.25. That latter part seems somewhat unlikely at this stage, although one never knows what will happen in the coming days and weeks.
Keeping all of this information, it seems XRP will be able to hold its own above $0.34 for a few more days. What happens afterward, may very well depend on how the Bitcoin price evolves. So far, it is not a positive indicator whatsoever, as the drop to $3,000 is still a very real possibility. Even so, these markets will bounce back eventually. When that happens, interesting things are bound to happen eventually.
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.