According to the recent swing on the crypto trading charts, Ripple’s XRP token is trading in the red and may be heading on to hit April lows. The situation may not improve soon if this trendline continues and the Ripple token may go on to break even lower than the April lows.
Ripple in The Red Zone
Ripple, the digital asset that provides transactions or payments solution via the Blockchain network, is now trading in the red. There is a strong chance that the digital currency will move towards breaking the April lows. The digital token reached a low of 0.4543 USD in April this year which is a mere 13 percent difference from the current price levels recorded by Ripple. When you critically consider the pace at the which the recent sell-off is moving in the cryptocurrency world, it might not take too long for the XRP token to breach that low and go down further.
Ripple’s Price Analysis
The XRP/USD pair is trading just more than 1 percent below in the last 24 hours at 0.5265 USD which is at the low point. On the daily chart of the XRP/USD pair, the digital asset is starting to form a descending pattern and signals that even the lows hit this April wouldn’t be able to hold for long. It is only a matter of time before it breaks even further below. Considering the fact that it Ripple’s XRP token prices have been consistently falling in recent weeks, we must rule out a pullback from these levels.
In other news, India’s RBI is contemplating reversing its cryptocurrency ban. The head of Ripple’s infrastructure innovation, Dilip Rao told the Times of India that his company is staking on Basel norms. He also said that the RBI’s panel report regarding digital tokens for a new framework could result in the commission rescinding its ban on cryptos.