It is safe to say there are a lot of concerns regarding the future price of cryptocurrencies and digital assets alike. Although XRP is usually considered a stable asset in this department, the reality can be somewhat different. More specifically, its value has plummeted alongside Bitcoin, even though the XRP/BTC value doesn’t budge all that much. This is a very odd trend, although it seems unlikely the XRP price will remain above $0.3 for much longer.
XRP Price Trend Grows Very Bearish
Throughout most of 2018, XRP has been a very successful digital asset. Although it too suffers from the breakdown of both Bitcoin and Ethereum, things seemed to be on the mend first and foremost. After all, XRP has maintained its BTC value for most of the year, whereas all other assets and currencies have struggled significantly in this department. Even so, it seems that trend is no longer sufficient to keep the XRP price stable.
In the past 24 hours, there has been an 11.5% decline for the XRP price in USD value. This is despite not losing any ground in the BTC department. Unfortunately for XRP, the current bearish pressure on Bitcoin makes it impossible to sustain US Dollar gains. This will usually result in further price drops accordingly. In the case of XRP, its value dropped from $0.36 to $0.3 in the past week. That may not be the new bottom by any means either.
On social media, it seems there are a lot of discussions pertaining to XRP. As Guruprasad happily points out, a lot of top currencies and assets came a long way from their all-time high in December 2017. XRP Is one of the bigger victims, as it retraced by 82% and is still falling. It is not unlikely a further 5-10% price dip will occur in the coming three to four weeks. That is not something to look forward to, but bucking the overall market trend is pretty difficult right now.
#cryptocurrencies Drop in % from ATH from (December 2017 to As on date)
$BTC – 82%#ETH – 94%#LTC – 93%#XRP – 92%#bitcoin #cryptocurrencynews #cryptomarket #bearcryptomarket #altcoins
— guruprasad (@iamrealguru) December 7, 2018
Magic ArKaiN has an interesting technical analysis for XRP. Although the evening star formation is not something one comes across that often, it is an interesting development regardless. This pattern confirmed the XRP price would drop to $0.3 and may even result in the value dropping to $0.2 in fairly quick succession. Even a dip to $0.2 wouldn’t necessarily be too problematic for XRP, as it will remain ahead of Ethereum in terms of market cap.
Evening Star in formation for #XRP on the weekly chart – if it gets confirmed, we go back to $0.20 that's for sure. pic.twitter.com/7CroyJ8rJI
— Magic^ArKaiN (@fabvernagallo) October 5, 2018
Kin Dotcom paints an interesting picture most cryptocurrency and digital asset speculators need to keep in mind at all times. This is not the biggest dip the markets have seen to date. For XRP, the most recent dip hit $0.24 and the market bounced back strongly pretty quickly. As such, there is no reason to think history will not repeat itself, although one has to wonder if the remainder of 2018 will yield any positive trends first and foremost.
Why is everyone so scared? #XRP went below $0.24 in April and we all survived
— ⚡KIN Dotcom (XRP)™ (@cryptovonripple) December 7, 2018
As is usually the case when bearish momentum presents itself, things will undoubtedly get very interesting in the coming weeks. That doesn’t necessarily mean the situation will improve by any means, but it is still interesting to watch all of these markets evolve and deal with this ongoing price struggle. For XRP, its success in terms of xRapid and RippleNet will be beneficial in the long run and have an impact on the XRP price accordingly.
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.