August is gradually coming to an end but things are far worse than they were at the beginning of the year. XRP was well above the $0.3000 level at the beginning of the month but things have taken a negative turn.
Despite the current bearish price action of the XRP token, there is a strong chance that it will experience a 20% to 30% drop from its current level. Analysts have predicted that things will get better for XRP and it might gather the momentum required to double in price. However, they have acknowledged that things will get worse before they get better hence the 30% drop.
With the current price of the XRP token, there is a strong chance that it will correct lower to the $0.2460 support. If this happens, there is a strong chance that the token will decline even lower against the USD. On the other hand, if XRP gathers the momentum required to move above the resistance at $0.2780 and even $0.2850, it might reach higher highs near-term.
XRP might move as high as the $0.329. This is the tokens monthly high and it tested this level twice in the last 30 days.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Ripple XRP Has Been Declining for the Last Three Days and There is a Risk of Lower Declines
- The XRP Token has Lost the Support at $0.2850 and it’s now Struggling to Stay Above the $0.2700 Level
- The Next Key Support for XRP is at the $0.2460 Level With Key Resistance at $0.2850
XRP has been bearish against the USD for the last few days. Even if things were bad a few weeks ago, things seem to have gotten worse recently as Bitcoin BTC faced bearish pressure dragging the rest of the market along. Ripple XRP suffered the most even if it doesn’t move in the same direction as Bitcoin BTC.
At the beginning of trading yesterday, the XRP token had fallen by more than 6.80% against the USD. The token continued to fall. It moved lower today and it will most likely keep falling if care isn’t taking. The entire altcoin market fell by $12 billion and most of the early July gains were lost.
XRP Price Prediction – XRP Hovers Above the $0.2700 Level as Bearish Pressure Increase
At the time of writing, the price of Ripple XRP was $0.2700. This means that it is down by against the USD and down by 3.74% against Bitcoin BTC. The trading volume over a 24 hour period was $1,274,834,677 and the market capitalization was $11,947,189,700.
Bitcoin BTC on the other hand is trading at $11,339.12. It is down by 0.86% against the USD with a trading volume of $22,535,113,789 and a market capitalization of $209,458,977,102. The fall below the support at $11,500 was like the final nail in the figurative bucket.