Ripple has been among one of the most popular names in the world of cryptocurrencies. Especially since the currency overtook Ethereum as the #2 name in the markets, crossed the $100 Billion landmark – and managed to register a profit of 36,000% in a year – Ripple has become an industry giant. Ripple prices peaked earlier this year – but have since been on a landslide fall.
Ripple, which fell from $4 to $0.4 in a matter of months – is struggling in the markets of late. The last couple of months have been a downhill ride for the currency but the last couple of weeks have brought relative stability. The currency’s price, over the past 24 hours as well as the past 7 days – has slowly begun to look positive. Let us take a closer look at the recent performance of Ripple price, as well as a quick look at where the currency is heading.
Ripple’s price over the past 24 hours has actually risen by 3.8%. The currency started the day at a price of $0.476 and then dipped to the day’s low of $0.465. However, from there the currency gained some momentum to reach a high of $0.493 – before concluding the day at a price of $0.491. Ripple’s market cap at the close of the day was $19.1 Billion – up by $500 Million from the start of the day. The currency, over the week – went from $0.50 to $0.49 – a very feeble drop. However, over the week, Ripple price reached a high of $0.56 when the market cap reached $21.9 Billion momentarily.
As seen in the graph above, Ripple prices continue to be hammered down by the lines of resistance. Currently at $0.49 – Ripple can go as far as $0.7 before it gets stopped by resistance. If the prices do manage to go beyond that price-point, we expect Ripple to surge to about $1.08 – $1.1 before it dips slightly again. However, a bull-run can only begin after the currency gets stable over the $0.7 mark. Short-term investors are advised to stay away for now.
The currency’s recent performance has been far from impressive. However, we do know as a matter of fact that Ripple has the potential to be one of the biggest names in the markets given it gets the right kind of support from the investors.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.