Ripple News Today – After falling below several key supports over the last few days, XRP finally managed to move upward above the resistance at $0.35. Moving above the $0.35 was a relief in the market as the cryptocurrency was at risk of falling back to the $0.28 – $0.32 range after moving as low as $0.33 during the last sell-off. Even if the price of XRP was able to move above the $0.35 level in a quick jump, there is still significant upward resistance. If care is not taken, the price of XRP will fall below the $0.35 level again and even lower to $0.32.
Even if the price of XRP has managed to move above the $0.35 level, it must rise above the $0.38 and $0.40 level before we can confirm that the bear market has ended and the power is now in the hands of the bulls. Unfortunately, moving above the $0.40 level isn’t going to be easy. The pace at which the price of XRP moved higher since yesterday is rather slow. Ever since the third largest cryptocurrency per market capitalization fell below the $0.38, thanks to the sell-off ignited by Jerome Powell’s comment, the cryptocurrency has been moving lower and lower against the USD.
XRP (XRP) Price Today – XRP / USD
At one point during the downtrend yesterday, the price of XRP fell as low as $0.3201. The drop below this resistance was discouraging but the bulls were able to pick of the pace from here and the price started to recover higher until it got to the $0.3514 level. This marked a 9.78% rise in price. It was followed by a correction to the $0.3443 level from which point the cryptocurrency declined to $0.3200. Over the last 30 days, the price of XRP is down by 17.96% against the USD. It was trading as high as $0.4113 30 days ago but the selling pressure has driven the price too low.
At the time of writing, the price of XRP was $0.335722. This means that it is down by 2.21% against the USD and down by 0.09% against the price of BTC. The trading volume over a 24 hour period is $1,159,567,136 and the market capitalization is $14,290,551,715. It is imperative that the price of XRP remains above the $0.33 level. Falling below this level again will increase the risk of moving below $0.30.
Ripple has a bright future. In its quest to reinvent the financial sector, the company has made many partnerships and gotten the attention of many public figures in the financial sector and beyond. The short-term price trend of the XRP token, however, isn’t encouraging. If you want to make short-term profits, keep in mind that you may not make a lot of profit from XRP at this time. Long-term, however, the chances are higher. XRP has what it takes to hit $10 when Ripple reaches its goal of global adoption.
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