Ripple News Today – Bloody Weekend For XRP As It Crashes By 17% Against the USD Following Bitcoin’s Lead – May 11th, 2020

XRP2
  • Ripple XRP Falls By More Than 17% in Bloody Weekend
  • Bitcoin, Ethereum and other Cryptocurrencies Bleed Out Against the USD
  • The Bears Are Starting to Lose Momentum, Will the Bulls Resume? 

Ripple News Today – The cryptocurrency market was bloody over the weekend as all the tokens on CoinMarketCap were trading in the red. Ripple XRP fell by more than 17%. The drop in price took XRP from $0.22 all the way to the support at $0.175. The $0.175 level is a high demand area for XRP. The good thing is that as the token got to this level, the bearish pressure decreased and the token started to move higher toward the end of trading yesterday. However, the market still belongs to the bears short-term.

Ripple News Today – Ripple XRP Bleeds Over the Weekend

When the price of XRP reached the $0.175 demand area, the XRP/BTC trading pair reached a monthly low of 2130 SAT level. The next support level for XRP would have been $0.163 if the token had not recovered against the USD. The next support after that would have been at $0.146. Thankfully, the token bounced back before it could test that level. The fall in the price of the XRP was directly linked to the fall in the price of Bitcoin and virtually every other cryptocurrency on CoinMarketCap. At press time, Bitcoin was trading at $8,669.42. It is down by 1.32% against the USD. Considering the fact that the token was near $10,000 less than 2 weeks ago.

XRP Price Prediction 2020 – Ripple XRP Price Prediction 2020

It’s not clear why the price of Bitcoin was falling but it’s possible that the Bitcoin halving event might be responsible for the sudden change from bullish price movement to bearish price movement. Price volatility is not uncommon during halving events. Hopefully, things would take a turn for the better before the big day. The good thing is that the drop in the price of Ripple XRP is giving members of the XRP community the perfect opportunity to buy and hold the token.

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$0.246
2.14%

Shortly after the price of XRP reached the support at $0.175, there was a sharp bullish recovery that took it up again allowing it to retest the $0.198 again. However, there was rejection at the level again and the token went back to trading in red. At the time of writing, the token was trading at $0.196501. This means that it is down by 1.10% against the USD and down by 0.40% against the USD. The trading volume over a 24 hour period is $2,325,334,671 and the market capitalization is $8,668,208,196.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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