- XRP has recently been caught up in a strong downtrend this past few weeks.
- Such a downtrend led the cryptocurrency to float around its yearly lows and a failure to muster up some upwards power.
Ripples flagship token, XRP has recently been caught up in a strong downtrend this past few weeks. This week, in particular, has seen the price action as being very much controlled by the bears.
Such a downtrend has led the cryptocurrency to float around its recently found yearly lows and a failure to muster up some upwards power that could end up seeing Ripples XRP significantly further its losses.
The Bears Grip
Bearishness of this level is coming as the use of the XRP network was able to meet an all-time-high. That being said, it is still not clear as to whether or not this bullish fact will be enough to see the crypto’s near-term price action rise up in green.
As per Ethereum World News:
“XRP’s recent bearishness has come about as a result of the aggregated crypto markets seeing heightened selling pressure, with Bitcoin hovering within the lower-$7,000 region after it failed to find any support above $10,000 in late-October.”
Before we go any further, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
In terms of price, Ripple’s XRP token is currently valued at $0.21. This comes following the token being in the red over the past 24 hours while experiencing a 0.18% loss in value this past day. Still, the flagship token is the third biggest cryptocurrency in the market but we’re sure that many in the community are hoping to see bigger gains rather than bigger losses...
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!