The week-long bullish rally that drove the price of cryptocurrencies upward against the USD seems to have come to an end as cryptocurrencies are now being corrected downward against the USD. Even if all top cryptocurrencies are recording losses, XRP appears to be losing ground faster than others. The bad thing about the price drop of XRP is that the trading volume is also falling significantly.
XRP (XRP) Fall Significantly Against The USD
Price volatility in the cryptocurrency industry has always been an issue. The tides can change from bearish waves to bullish waves within a monuments notice. This is one of the things that has discouraged maturity in the market. It’s also part of the reason why regulators aren’t confident about cryptocurrencies. At the beginning of 2019, prices appeared to be recovering against the USD. All cryptocurrencies starting with Bitcoin were recording gains. However, it didn’t take long for the trend to reverse again. The cryptocurrencies were unable to hold the bullish momentum long enough to make any significant changes.
XRP (XRP) Price Today – XRP / USD
For the past few hours, XRP has been losing the gains it accumulated during the brief bullish wave that raised the price of cryptocurrencies. This morning, XRP was down by 2.4% within a 24 hour period. While XRP has had worse price dips, this one was discouraging because it came right after the bulls returned to the market. XRP was unable to hold the support at $0.3202. It also fell by 1.6% against BTC. Right now, the third largest cryptocurrency per market capitalization is trading at $0.319082. This shows that it is down by 2.49% against the USD and down by 1.67% against BTC. The trading volume is $599,131,558 and the market capitalization is down to $13,180,948,661.
XRP Army Remains Optimistic Despite XRP Price Decline
Sudden price declines typically lead to social media whining. However, this isn’t the case for XRP at this time. On Twitter, Graham Bright, the CEO of one of Ripple’s partner banks, Euro Exim Bank, was seen giving a speech about XRP. The video, which was shared by Bank XRP, was recorded during 2018, ‘Ripple Regions’ event. Many members of the Ripple community made reference to this video with confidence that they are on the right team.
Another member of the XRP community, XRPBoy, also noted that the price decline of XRP is not discouraging to him. He said that he believes the vision of Ripple’s CEO, Brad Garlinghouse, will come true in time. XRPBoy is convinced that the launch of the JPMCoin by JPMorgan isn’t a threat to Ripple’s vision stating that both networks will coexist in the future.
While XRPBoy is not worried about the JPM Coin, another cryptocurrency enthusiast made talked about the reluctance of Coinbase towards listing XRP. The user, Cryptoverify, said that there is a high possibility that Coinbase will list the JPM Coin before listing XRP assuming it will ever list XRP.
The positivity in the Ripple community is commendable but the fact remains that the trading volume of XRP is not encouraging at all. Per trading volume, XRP is underperforming when compared to other assets.
What do you think? Is the Ripple community right to remain positive about XRP even with the decline in price and stagnation in trading volume? Share your thoughts in the comment section.