So far this month, Ripple
has not been performing well at all. It is trading at approximately $0.6893, but could fall to as low as $0.5620. The next couple of days are set to be crucial for Ripple, and if the price manages to stay the same price over these days, they may have a chance to grow.
When you look at why the price has dropped, there are some interesting indicators. The MACD is in the negatives; and whilst the sell signal is here to stay, it does not actually get any stronger. The Stochastic is trying to move away from negative territory, so there is hope that this signals some local buys that might occur soon.
The price is very affected by those who are investing in startup companies that use Ripple. It is fundamentally a legal way to raise the demand for Ripple. If the demand grows, the company will get a good reason to rely on developer support.
Just like a lot of other cryptocurrencies, Ripple suffered negatively after Google
banned cryptocurrency and ICO ads. This has seen most cryptocurrencies
drop in value, and whilst some have recovered, others are really struggling, as the awareness of the virtual currencies just simply is not there anymore, as Google ads had a great reach in audience.
There is a lot of hope that Ripple will recover from this dip, and will see an improvement over the next couple of days. It is currently the third most popular digital currency and has a market capital of $30 billion. However, the application is very narrow compared to the competition. Ripple caters to quite a niche market and is mostly used for making overseas payments, which means that the clients are mostly companies that service such transactions. Only time will tell what is in store for Ripple.