Ripple (XRP) has been one of the most volatile names when it comes to the world of cryptocurrencies. When the markets were booming, Ripple was one of the biggest gainers – amassing a profit of an incredible 36,000% in 2017. However, the currency has since been on a downward spiral and has been losing value with almost every passing day. Ripple currently stands in at $0.71 – which is a fall of 32% in just 24 hours day.
Ripple started the day with a price of $1.06 today and has since been on a slow fall. The current price of $0.71 is an all-time low for Ripple in 2018. Given the markets are going through a major slowdown and that there is no sign of a positive growth so far, it appears that this fall will continue.
If this free fall continues, it looks like the bullish investors will finally find an entry point and will start entering the markets in big numbers. Ripple is expected to get a good support at the $0.7 levels because this is where the currency stabilized before the mega growth rally began in December.
Ripple’s growth was sudden as the currency shot to $3.75 when it clocked in its all-time high record. The last week of December and the first week of January were good for Ripple as the cryptocurrency reached new heights and even crept up to the no. 2 position in the markets by displacing Ethereum and Bitcoin Cash at #2 and #3 respectively. Ripple also became the first altcoin to cross the $100 Billion market cap.
However, Ripple’s market cap has since fallen and reached $27.8 Billion, which means it is down by at least 72% since the all-time high. For the currency to now bounce back, it must remain at the $0.7 levels and not fall below that. The next line of support comes at $0.2 levels which would set the currency’s recovery back by months.
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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 advise.