In the world of cryptocurrencies and digital assets, adversity is nothing new whatsoever. Every year, we see the cryptocurrency market go through a very bearish period before it rebounds slowly. In the face of this current adversity, many people expected the XRP price to drop back to below US$1. So far, that has not happened just yet. Although it is only hanging on by a thread, the XRP price refuses to give in for the time being.
XRP Price Refuses to Budge
It is evident the XRP price has appreciated in value by quite a margin over the past six months. Although we are miles away from surpassing US$3 or even higher values, the current momentum should not be dismissed either. It seems the entire cryptocurrency market wants to push the XRP price below US$1 again because it’s a “bankercoin”, but so far, those efforts have not had much success. There is enough bearish momentum in the market to keep chipping away at the XRP price support near US$1, though.
More specifically, the XRP price has been on a slow and steady decline over the past week. This is also true for all other cryptocurrencies and digital assets in the world today. It seemed the XRP price would successfully resist the downtrend at US$1.80, but that support eventually had to give way. After breaking US$1.20 as well, it became evident this situation could go from bad to worse rather quickly. At that time, a future XRP price of US$1 or far lower seemed to loom overhead.
So far, the XRP price seems to be holding its own above US$1. At one point this morning, the XRP price broke the US$1 support, but it was pushed up again rather quickly. There is a very real battle for control taking place behind the scenes, but no one knows for sure if these efforts will be in vain when everything is said and done. So far, it seems this is a pointless battle, but one never knows how things will unfold.
With over US$5.5 billion in 24-hour trading volume, Ripple’s XRP remains one of the hottest commodities across all crypto markets. No one can deny that they are paying attention to the XRP price, even if it’s just to gloat over how the “bank’s attempt to destroy cryptocurrency from within” is failing. Such claims are absolutely ridiculous, but they do reflect the overall sentiment among crypto enthusiasts right now. Everything is dropping in value and most people want to drag the XRP price down with it.
Nearly 34% of the current XRP trading volume originates from Bithumb, where the XRP price is still above the US$1.20 support line. Upbit is in second place, and Bitfinex is the surprising third exchange on this list. Few people expected the XRP/USD trading market to have generated over US$420 million in 24-hour volume, but that is what makes this market so interesting. One should always expect the unexpected and make the best of their situation.
For now, it remains to be seen what will happen to the XRP price. As unfortunate as it may sound to some, it may not dip below US$1 this round. That will heavily depend on how all other markets evolve in the coming days, though. With slightly more bearish pressure, we will see the Bitcoin price dip below US$10,000 before XRP hits US$1 or lower. It is not a fun scenario to think about, but this market is in full-on panic mode right now.