Cryptocurrency Market Update: Here’s The Possible Cause Of XRP’s Recent Price Plunge

XRP has been struggling to keep its head up recently. Many digital asset investors are worried about the poor performance of the digital currency. The parent firm of XRP – Ripple Inc. – has been making some positive announcements recently, which could serve as bullish sentiments for XRP price. However, the announcements have not had any considerable effect on the price of XRP. Some are even attributing the price plunge of XRP to the recent decline in Bitcoin price.

However, there seems to be a potential reason why the price of XRP has failed to break over the 30 cents mark since yesterday. The reason for the sharp plunge of XRP price yesterday is the fraudulent activity in XRP/BTC trading on Beaxy exchange.

XRP USD Price Is Capped at the 30 Cents Mark – XRP Price Prediction – Cryptocurrency News Today – Cryptocurrency Market Update

XRP has been struggling to break out of its range-bound since yesterday. XRP USD has been locked below the 30 cents market for more than twenty-four hours now. The price of XRP broke over the 30 cents level the day before yesterday before it started heading south. The digital currency broke over the $0.3020 resistance level and the 100-hourly simple moving average. XRP USD price also surged over the $0.3050 level but failed to break over the $0.3060 resistance level. XRP USD live price is $0.2954 after a decrease of about two percent over the past twenty-four hours.

XRP (XRP) Price Today – XRP / USD

# Name Price24H %
3
ripple
XRP(XRP)
$0.264
-0.73%

At the press time, chances are the price of XRP could fall below the 29 cents mark in the short-term according to the technical indicators. At the time of writing, the $0.2940 mark is acting as the immediate support for the digital currency. XRP major support is the 29 cents mark. On the upside, XRP is facing several resistance levels. The immediate resistance of the digital currency is the 30 cents mark. If XRP USD price breaks over this level, it is likely to encounter another challenge at the $0.3020 and $0.3060 levels. After these levels, the next major hurdle would be at the 31 cents level.

XRP Price Plunges by More than 60% on Beaxy Cryptocurrency Exchange – Cryptocurrency Market Update – Crypto News Today

On the Beaxy digital currency trading platform, the price of XRP is down by more than 60 percent. A press release by the trading platform revealed that there was an XRP partial exploit on the 13th of August. Other trading platforms were also targeted. However, Beaxy exchange has identified the issue and found a solution to it. The trading platform has also suspended withdrawals and trades on the platform temporarily. It further added that it would be rolling back some trades on the platform. The trading platform vows to take legal action against the perpetrators of the act. In a statement, Beaxy cryptocurrency exchange said:

In addition, KYC has allowed us to identify participants in this incident and pursue action against them. We feel confident we can reclaim misplaced funds. To impacted users, thanks for your support.”

XRP USD price is still down in the red and many digital asset investors and traders hoping it would recover soon. XRP has a very large community and the majority of them are bullish and positive about the project. They believe XRP has a promising future and it is going places.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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