Ripple suffered a price crash recently which left traders disappointed but not hopeless. Traders were full of optimism this morning as they searched for the silver lining within the current situation. Trading at $0.5875, Ripple has experienced a 2% decline in price since the beginning of the day.
On Sunday, Ripple went as low as $0.5550 but was able to recover almost immediately. The market value for Ripple is around $23.61 and the trading volumes have dipped from $500M to $300M.
Hope Amid Difficulties
The Ripple XRP community isn’t weakened by the price crash over the weekend. The traders and investors continue to support the coin firmly. Ripple community members on social media have made their stance on Ripple clear. Most comments remind the entire cryptocurrency community that ripple is still useful in different aspects of life and the platform is unique. The Ripple platform isn’t like any other cryptocurrency platform. It is not like many other digital assets that are driven by speculative interests.
Some users in Reddit took note of some of the positive parts of Ripple like the effort the company is making to decouple Ripple from Bitcoin.
“Even if our prices have crashed, we are still trading 30% higher than what we traded the last time Bitcoin sold at $6,600.”
On the other end of the continuum, there was a class legal action suit filed against Ripple by angry investors who invested at the wrong time and lost the capital.
Ripple Technical Analysis
The technical analysis for Ripple XRP shows that the XRP/USD Pair is trading safely for now as long as the price holds above $0.5600. This is the support that was formed by the 78.6% Fib retracement level. If this point is broken, the selling pressure for ripple will increase and the coin may go as low as $0.4500.
From the upside, the major recovery sits at $0.6470 which is the 61.8% Fib retracement level. The Bulls need to push hard to take the coin higher if they are to stop the bearish pressure. There are psychological upside targets at $0.6800 and $0.7000.