Ripple has gone all the way down to $ .62 during the recent fall. Even though it has now recovered to around $ .68 but it is still way off from the levels of $ 1.15 which it had on February 14. This indicates a fall of approximately 40% from the peak. Ripple has been underperforming since the fall which happened in most of the cryptocurrencies since January of this year.
The headwinds surrounding cryptocurrencies are not that positive. Recently, SEC also stated that cryptocurrency exchanges need to register with it. Similarly, the ICO companies also need to register with it.
Moreover, in additional negative news, Google recently stated that it will be banning all the cryptocurrency related advertisements. This means that the marketing options of cryptocurrencies as well as exchanges are shrinking fast. The marketing options of cryptocurrency wallets, as well as mining companies, are also shrinking pretty fast. Google clearly stated that by June of this year, they will be banning all such advertisements on all the platforms which are associated with them. They will be bringing about the change in their financial policy which would make these advertisements non-compliant with the guidelines.
Stagnation turning into downfall:
According to an analyst at eToro, Mathew Newton, even though, cryptocurrencies fell after the recent announcement by Google but earlier as well, they were just a stagnating. The news by Google was just a trigger for most of the cryptocurrencies. However, since the cryptocurrencies have not recovered a significant amount from the bottoms, they are back to the bottom levels. In some of the cases, cryptocurrencies have broken their bottoms as well. This is the reason why many of the cryptocurrency investors are worried actually as to where this fall would halt.
The major cryptocurrencies like Bitcoin are falling as well. Many of the other cryptocurrencies like Ethereum, Litecoin as well as Bitcoin Cash have fallen significantly from the highs of last week. This is one of the main reasons why investors are actually worried as to when this fall will end.
Many of the investors think that the bounce which was recorded was just a dead cat bounce. This trigger will make the bearish phase continue once again and the cryptocurrencies will head much lower. It remains to be seen whether it is so or whether this is just an impulsive blip on the downside and cryptocurrencies will begin to rise once again in the coming couple of weeks.
Ripple did not reach our suggested buy level of $0.85, hence, the trade was not initiated. Today, the price is likely to retest the next lower support of $0.695.
If the bulls fail to hold on to this, it can fall to the next support of $0.5627. We expect the bulls to strongly defend these two supports because if they break, the XRP/USD pair can sink to $0.23 levels.
However, if the supports hold, we might see a few days of range bound action. The next few days are critical for Ripple.
Ripple price FALLS: Why is XRP falling today? Is it the end for cryptocurrency?
RIPPLE plunged in price today, falling to $0.64 this morning as it dipped below its support level as all other major cryptocurrencies continue to experience losses. But why is Ripple’s XRP falling today.
Ripple (XRP) plummeted today to a low of $0.72 as cryptocurrencies across the board started the day in the red.
The price is down 6.44 percent from the last 24 hours and the market cap currently stands at $28,298 billion.
XRP is down from $1.15 on February 14, meaning month on month the coin has seen losses of more than $0.50.
Cryptocurrencies across the board have faced a series of knock backs recently, notably the SEC announcement that all crypto exchanges must register with the agency.
The US Securities and Exchange Commission now requires all platforms trading digital assets to register as a “national securities exchange or be exempt from registration.”
And on Wednesday, Google dealt another blow to the currencies as they announced a ban on all cryptocurrency related adverts from its platforms, following on from a similar move by Facebook earlier this year.
Under the new policy, Google said it would ban ads for cryptocurrencies and related content such as initial coin offerings, crypto exchanges and cryptocurrency wallets and advertisements providing trading advice.
Matthew Newton, analyst at eToro, one of the largest cryptocurrency retailers in Europe, said: “The impact of Google’s ad ban is clearly being felt in the market but prices were stagnating before the announcement.
The Google announcement sent all cryptocurrencies falling and Bitcoin, Ethereum and Bitcoin Cash were all in the red again on Thursday.
“Cryptocurrencies have taken a series of hard knocks over the last few weeks, from the SEC’s ruling on crypto exchanges to reports of a bear whale with the Mt Gox case.
“The resulting lack of buying opportunities has left even the more seasoned investors with a sense of frustration.
“But just as we’ve come to expect sharp rises from this market, so too should we expect big falls.
“Fluctuations are an inevitable part of the cycle and investors should not forget the price of BTC is only back to where it was a couple of months ago. The markets have come back from bigger setbacks before, and we remain confident in the long-term outlook.”
Ramesh Upadhyay wrote in CoinTelegraph: “Today, the price is likely to retest the next lower support of $0.695.
“If the bulls fail to hold on to this, it can fall to the next support of $0.5627. We expect the bulls to strongly defend these two supports because if they break, the XRP/USD pair can sink to $0.23 levels.
“However, if the supports hold, we might see a few days of range bound action. The next few days are critical for Ripple.”
Nicholas Cawley, analyst at Daily FX, explained the overall cryptocurrency market is experiencing a sharp downward re-valuation.
“Ripple has fallen below a strong support zone between $0.83 and $0.93 which has now turned to strong resistance and may prove difficult to break back above in the short-to -medium term, he added.