- XRP Fell Below the $0.2190 Support Yesterday But has Corrected Back to the $0.2300 Level
- Ripple has Significantly Declined Their Sale of The XRP Tokens
- The Discrepancy Between Prices and XRP Sales Show That Ripple Might Not be Responsible for XRP’s Bearish Pressure Over the Last Few Years
XRP Price Prediction 2020 – The XRP token has been bullish since the beginning of trading today but this doesn’t excuse the 20% fall in price the token has experienced in September alone. Just yesterday, the XRP token moved toward the $0.2000 level after breaking the support at $0.2100. The token is falling despite the drop in XRP sales to institutional investors by Ripple. Over the years, Ripple has been under a lot of pressure because of their consistent sale of XRP tokens to fuel the XRP ecosystem. Last year, after significant pressure from the Ripple community, the executives promised to reduce the pace and quantity of XRP sales. They also promised that these sales weren’t responsible for the negative price action of XRP.
XRP Continues to Face Bearish Pressure Despite Ripple’s Reduction of XRP Sales
Since the beginning of the year, Ripple has reduced their XRP sales but the price of the XRP token continues to drop. At the time of writing, the price of the XRP token was $0.231332. It is up by 3.85% against the USD and up by 5.07% against Bitcoin BTC. The trading volume over a 24 hour period was $1,688,466,119 and the market capitalization was $10,432,461,365. As the price of XRP is falling, so is the price of Bitcoin BTC, Ethereum ETH, and almost every other token in the market. Tokens outside the cryptocurrency market are also falling against the USD.
XRP (XRP) Price Today – XRP / USD
Since the intensity of the Coronavirus pandemic in March, the United States economy has been trying to stimulate the economy. They gave out $1,200 stipends to tens of thousands of Americans who have lost their jobs due to the pandemic. There has been a lot of uncertainty in the market. The Fed has printed over $5 trillion that was subsequently distributed to major companies that are drowning in debt. Irrespective of all these efforts, the economy is still suffering. Major assets are recording losses and the only one that is gaining is the USD.
Cryptocurrencies like the XRP and ETH token were attractive to most investors because they are supposed to be safe investments. The government can’t just decide to manufacture cryptocurrencies out of thin air like they print fiat currencies. Still, the market-wide pressure is affecting the XRP token and other tokens as well. It’s not clear when or if things will ever go back to normal but the effects of the Covid-19 pandemic are something the world will keep feeling for decades to come.
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.