Will Ripple (XRP) Bow Down Completely Under Bear Pressure?
XRP was one of the major cryptocurrencies in the crypto market. The coin had shown great momentum till June, but when the bears stuck in July, Ripple price went on a continual downward swing. If we look at the YTD price chart, it shows that the price of XRP coin trading in the range between $0.20 – $0.43.
XRP Price Comparison
Ripple cryptocurrency had managed to move at a stable upward momentum till June when the crypto market was in a bull phase. However, the bearish sentiment in the crypto market since July set the price of XRP rolling in the downward direction. The price was at $0.2838 on January 28. Ripple price moved in the upward direction and reached a high of $0.4384 on May 15; the upward rally was to the tune of 55.89%. The bears got stronger since July and the price of XRP went on a downhill and fell to $0.2371 on September 24 showing a downward movement of 45.92%. The coin price picked up and reached $0.3039 on November 07. But the bears got the better of Ripple and pushed the price downwards to $0.2000 on December 18. Today, the price of XRP has fallen further to $0.1879.
Ripple price currently seems to be fully under bear pressure as the price has been continually moving in the lower range. The trend is expected to continue for the short-term. Analysts, however, are confident about the future potential of the XRP coin and expect it to show a stable upward momentum by early 2020.
Investors need not worry about the short-term bearish trend as the coin has been a great performer in the past. Day traders can continue to trade with a cautious approach.