- XRP has Fallen by More Than 20% in September Alone and the Month Isn’t Over Yet
- Analyst Explains the Fall in the Price of the Token
- XRP Might Face Lower Lows or Recover Above the $0.25 Level Soon
XRP Price Prediction 2020 – The XRP token has been struggling against the USD for the last few months but the bearish pressure intensified in September. Week after week, the price of XRP declined with no hope of significant recovery in sight. An analyst from InvestingCube.com has explained why the XRP token is falling and predicted a rise against the USD if it crosses a key resistance level. Within the last three weeks alone, the XRP token has fallen by more than 20%. Yesterday, XRP reached a monthly low of $0.2190 reading dangerously near the $0.2100 support level.
At the time of writing, the price of the XRP token was $0.230622. This means that it is up by 3.23% against the USD and up by 4.44% against Bitcoin BTC. The trading volume over a 24 hour period was $1,747,258,314 and the market capitalization was $10,400,444,814. The XRP token is at risk of falling lower against the USD if it doesn’t find the bullish momentum it requires to move above the $0.2500. According to the analyst, this $0.2500 level is now the most crucial resistance for the XRP token near-term.
The analyst explained that the fall in the price of XRP isn’t an isolated movement. The token is falling because there is an overall bearish momentum in the cryptocurrency market. Bitcoin BTC fell by more than 8% within the same period. Ethereum ETH, which has been doing well since the beginning of the year, fell by more than 20% this month alone. Litecoin LTC is the biggest loser among the top five with a 28% drop in price.
XRP (XRP) Price Today – XRP / USD
The cryptocurrency market has been bearish over the last few weeks but this is in response to the global economic meltdown that is most likely due to the Covid-19 pandemic. Indices and stocks have not been at their best with major products like Nasdaq 100 and S&P 500 declining by more than 8% within the same period as XRP. Gold and silver, which used to be haven investments across the globe fell by more than 20% in September alone. The only asset that has done well amid the overall bearish market is the USD. The USD is up by 2% in the month.
You can see the crash of XRP this month should not be used as a yardstick to determine the strength of the token. However, the fall of cryptocurrencies while the rest of the financial market is falling is discouraging to investors. YhisThis is because they saw cryptocurrencies as haven investments that cannot be influenced by central governments or traditional market trends. The current price action of the cryptocurrency market is the opposite of what proponents of Bitcoin expected.