Ripple News Today – Just a few days ago, XRP was underperforming the rest of the cryptocurrency market even if it was up by about 5% against the USD. At the time, the flagship cryptocurrency, Bitcoin, was recording major gains moving above major resistance levels and heading for $14,000. Unfortunately, the bulls were cut short right after the Feds raised concerns about the Facebook cryptocurrency, Libra. Since then, the price of XRP, BTC, ETH and virtually every other cryptocurrency in the market has been in red. What hope is there for XRP?
Ripple News Today – XRP News Today XRP Price Leads The Cryptocurrency Market Slump
Yesterday, the Fed’s Jerome Powell said that he was concerned about the Facebook cryptocurrency, Libra. According to him, Libra’s launch led to privacy, financial stability and some other regulatory concerns. He said that the Feds have set up committee that would deliberate on the safety of the Facebook coin as to how it affects the global economy. He suggested that the project be put on hold until the regulatory concerns are addressed.
XRP (XRP) Price Today – XRP / USD
Shortly after Powell’s statement reached the media, the price of cryptocurrencies starting with Bitcoin started to fall against the USD. XRP led the pullback with more than 15% loss. In fact, the price of XRP is now near the $0.28 – $0.32 range. It lost several support levels and is now at risk of losing the support at $0.33. The price of XRP fell below the key support at $0.3750 paving the way for more loses against the USD. It proved to the entire cryptocurrency community, once again, that it is the weakest token among the top three.
Apart from Powell’s statement, the price of XRP and the rest of the cryptocurrency market was also affected by technical factors. The price correction was bound to happen after the last price surge. The regulatory concerns just made the sell-off more intense than it ought to have been.
Ripple has a strong campaign. The company intends to reinvent the traditional financial system for the better. The XRP token has several use cases and is being backed by good technology. Many people know this but investors keep getting discouraged by the falling price of the XRP token. The truth of the matter is that no short-term investor cares about the technology behind a token if they can’t yield interest. Even if XRP may remain in existence indefinitely, the chances of the price of XRP moving up significantly anytime soon is currently low.
Ripple News Today – XRP News Today – Current Price Of XRP
At the time of writing, the price of XRP was $0.332505. This means that it is down by 15.85% against the USD and down by 4.75% against the price of BTC. The trading volume over a 24 hour period is $2,629,677,177 and the market capitalization is $14,153,599,391. It is performing poorly against the USD and underperforming BTC and ETH even if those two are also falling lower. It is imperative that the price of XRP remains above the $0.3000 level to avoid falling back to the $0.28 level and struggling in the $0.28 – $0.32 range again.
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