Ripple News Today – Ripple XRP Retraces After Minor Bull Rally Against the USD – July 12th, 2020

Ripple XRP Price Prediction
  • Ripple XRP Records 12% Gain Against the USD Along With Other Altcoins 
  • XRP Corrects Lower Against the USD But the Bullish Momentum is Still Gathering 

Ripple News Today – Yesterday was a good trading day for XRP. The token managed to gain ground against the USD as the entire altcoin market surged higher against the USD. Despite the price recovery, many analysts still believe that holding XRP for profit-making purposes is an ineffective strategy. This isn’t a surprise since Ripple XRP has maintained a relatively bearish trend against the USD for more than three years. The bullish rally is more of an anomaly than a significant change in price action and that’s why it is unsustainable.

Ripple News Today – XRP Returns to the Downside Trend After Brief Price Recovery

It’s no news that XRP is one of the worst-performing cryptocurrencies out of the top 10 on CoinMarketCap. Its failure to rise on several occasions despite Ripple’s activities in the financial services sector has proven that. Yesterday, XRP managed to move up by 12% in 7 days and 20% in 2 weeks. Unfortunately, a sell signal showed up on the charts pushing the price of the token lower. The token might be trading in red but it has managed to hold the support at $0.2000.

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$0.694
15.18%

At the time of writing, the price of Ripple XRP was $0.201503. It is up by 0.57% against the USD and down by 0.07% against Bitcoin BTC. The trading volume over a 24 hour period is $826,452,401 and the market capitalization is $8,918,090,474. As XRP joined the rally, it moved up 10% against Bitcoin BTC before the “9” sell setup appeared on the TD Sequential Indicator. Keep in mind that XRP fell by more than 35% against the USD the last time this sell signal appeared in the price chart.

XRP Price Prediction 2020 – Ripple XRP Price Prediction 2020 

For now, the support at $0.2000 is holding steady but there is no way to determine how long this will last. On the one hand, XRP might move higher to the $0.2500 level where it will face smooth sailing to $0.3000. On the other hand, falling below $0.2000 will drag XRP back to the $0.1800 level it only managed to escape from recently. XRP is trading independently of Bitcoin but a significant rise in the price of BTC and other cryptocurrencies will help XRP rise against the USD. Bitcoin is currently holding the $9,280.88 level up by 0.72% against the USD. The trading volume over a 24 hour period is $13,043,097,180 and the market capitalization is $171,052,243,820.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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