The price of Ripple (XRP) has fallen over 40% since the beginning of November and is currently hovering around $0.21.
XRP gained 3% at the start of December, but those gains have now evaporated with this week’s bearish trend.
Over the past 24 hours, XRP is down around 1%.
Since late June, Ripple has been bouncing between lower highs and lower lows – a clear sign the cryptocurrency could be in trouble.
Not only that, price is now below all its EMAs and XRP is currently trading around its yearly low.
Will the altcoin recover soon? Or will it fall further?
Let’s take a look at the XRP chart, courtesy of TradingView.
As you can see from the chart above, the price of XRP recovered during late October before crashing over 40% as we moved through November.
The October gains were lost and the price came crawling back down to below $0.28 as the huge market-wide meltdown hit the coin hard. At its lowest point in the last two weeks, XRP touched $0.20 before recovering almost immediately.
A few weeks back I claimed it was probable that XRP would start seeing some positive momentum as its price was recording higher lows. However, even though XRP increased to almost $0.24, the altcoin fell back down to near its support level around $0.22.
If we do see XRP start to recover, I need confidence the coin can hold on to its gains. As such, I’m waiting until it breaks the major resistance levels around $0.26 and near $0.30 to make new entries.
For the time being, I expect XRP to trade below its EMAs for a while and to attempt to recover towards the 200-day EMA.
Right now, volume is sitting at just above $1.2 billion – around half of what it was last month.
Latest Ripple price
Current live Ripple pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Ripple price. Pricing is also available in a range of different currency equivalents:
US Dollar – XRPtoUSD
British Pound Sterling – XRPtoGBP
Japanese Yen – XRPtoJPY
Euro – XRPtoEUR
Australian Dollar – XRPtoAUD
Russian Rouble – XRPtoRUB
Bitcoin – XRPtoBTC
Ripple is a real-time gross settlement system (RTGS) developed by the Ripple company. It is also referred to as the Ripple Transaction Protocol (RTXP) or Ripple protocol. It can trace its roots to 2004 when a web developer called Ryan Fugger had the idea to create a monetary system that was decentralised and could effectively allow individuals to create their own money.
Ripple is one of the largest cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.
More Ripple news and information
If you want to find out more information about Ripple or cryptocurrencies in general, then use the search box at the top of this page. Here’s a recent article to get you started:
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.