It is safe to say the current cryptocurrency market momentum won’t please too many people. After all the hardship endured throughout 2018, this fresh wave seems intent on negating all gains achieved in the past two days. For the XRP price, the setback is not as steep as for other assets. Remaining above $0.35 shouldn’t be a problem.
XRP Price Tries to Stay Afloat
When the going gets tough in the cryptocurrency and digital asset industry, few projects can buck the overall trend. In most cases, one would expect XRP to soar right now, yet the opposite has come true. A net loss in USD and BTC value paints a somewhat bleak picture for those with a short-term vision. Everyone else will acknowledge these losses are perfectly acceptable.
In the past 24 hours, there has been a net 4.5% XRP price decline. There is also a 2.5% decline in the BTC ratio, as the value remains below the 9,000 Satoshi level at this time. It is likely XRP will gain on Bitcoin in the coming hours to offset most of the USD losses.
The positive news is how XRP continues to make inroads in the financial and blockchain sector It would appear a collaboration between SBI and R3 will focus on using XRP moving forward. What that will entail exactly, is difficult to predict, but it is certainly a positive development. That may not necessarily affect the price immediately, though.
— BLUE COIN (@bluecoinxrp) October 31, 2018
There are those among the XRP community who genuinely expect money to pour into this asset over the coming weeks and months. A partnership with a major bank would be a big development, although it is somewhat unlikely at this stage. Then again, stranger things tend to happen in the financial sector, as all markets suffer from increasing bearish pressure right now.
— matthew ⚡️🏴 (@mjdlowrey) November 29, 2018
Depending on which exchange one uses, the value of XRP in the BTC department is just fine. Some platforms show a growing uptrend already, and there has been some decent profit for those who bought at the 8,715 Satoshi level. A return to the 9,000 range shouldn’t take all that long, although it will mainly depend on how bleak things will get.
— $bchsv – Future #money (@after_kornelius) November 29, 2018
Looking at the bigger picture, there is nothing to be concerned about where the XRP price is concerned. Its USD value should easily remain above $0.35, as that has turned out to be a pretty solid support level in general. As such, the focus will automatically shift to the potential involvement of R3 and how that can be beneficial to the ecosystem.
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.