- Yesterday, XRP’s Price Crashed Below the All-important 50-day Moving Average
- Analysts Suggest That the Crash in Price is due to Ripple’s Liquidation of their XRP Holdings
- XRP Has Started Recovering Against the USD Regaining Support At $0.1920
Ripple News Today – Since the beginning of the year, the altcoin market has been making gains against the USD. With Cardano taking the lead, Stellar Lumens, and almost every other altcoin moved higher as they recovered from March lows. Unfortunately, XRP was slacking while every other token was progressing. The crash isn’t new but investors will never get tired of complaining about XRP’s poor performance and how it influences their trading decisions.
XRP (XRP) Price Today – XRP / USD
As usual, Ripple is being accused of influencing the price of the XRP token by dumping too many tokens into the open market. While Ripple claims that it isn’t directly dumping these funds and is rather selling to institutional investors, the retail and institutional demand for the token is currently on a decline. So, the market is over-flooded and the token can’t make any significant progress until the demand is more than supply or there is an equilibrium.
Ripple News Today – Ripple is Responsible For the Steady Decline in the Price of XRP
Ripple has more than 60% of the total XRP in circulation. This is no secret. Last year, the blockchain-based firm came under a lot of fire for the constant liquidation of XRP tokens. Towards the end of the year, they promised to curb inflation by releasing only 1 Billion XRP tokens quarterly to fund the XRP ecosystem and pay for other related projects. They’ve kept their word about the frequency and size of liquidation but their efforts still aren’t enough to promote sustainable price growth for XRP. As long as there is a decline in organic demand for XRP, Ripple’s efforts will do little to help the price of the token grow.
At the time of writing, the price of XRP was $0.192797. It is up by 0.10% against the USD and up by 0.50% against Bitcoin BTC. The trading volume over a 24 hour period is $890,719,433 and the market capitalization is $8,532,764,206. Yesterday, the token crashed below the 50-day moving average losing the support at $0.1990 and $0.1950. The token can’t seem to catch a break or move back to the $0.2000 level. Even if the token moves above $0.2000, we can’t confirm an upside rally until it gets to the key resistance at $0.2200. The next few trading sessions will determine if the token can cross the $0.2000 level. All indicators show that a decline is more likely than a surge near-term.