- Investors are not Impressed With Ripple’s Expansion
- Bears Takes Over XRP’S Trading Price with About 6%
Ripple News Today – The current XRP’s price movement is a normal occurrence around the Ripple’s Swell Event. During the event, Ripple announced that they currently have over 300 customers with over two dozen using XRP-related products. The CEO in a recent tweet stated that the network is “stronger than ever and continuing to grow.”
He went thus: “Good things come in 3s – at our 3rd annual Swell event we announced @Ripple has more than 300 customers, more than 2 dozen of which are using #XRP through On-Demand Liquidity. The network is stronger than ever, and momentum behind ODL is only beginning.”
XRP (XRP) Price Today – XRP / USD
# Name Price 24H % 3 $0.221
However, it is quite obvious that some investors are not impressed by Ripple’s development in creating utility around XRP. It coins so far this far has been one of the worst-performing altcoins, severally analysts are looking for a long-term outcome of the coin to see if the company’s development will yield positively.
Bears Takes Over XRP’S Trading Price with About 6%
Earlier this week, XRP’s trading price tried to climb above its strong resistance level at $0, 30, unfortunately, the coin was faced with a strong and instant denial, currently, the coin is moving down towards its monthly lows around $0.26.
This bearish price trend comes in the midst of Ripple’s annual Swell Event, during the event, Ripple CEO announced the latest partnerships involving XRP, and in his words, these deals have made the XRP network “stronger than ever.” XRP is trading down close to 6% with a trading price of $0.27, which signifies a major repeat from its daily highs of about $0.30.
XRP’s bulls tried to push past $0.31 trading price earlier this week, which appears to be a momentary move that was closely trailed by an instant bearish move. It is noteworthy that XRP is not the only coin facing this selling pressure, Bitcoin also is facing the same fate.
XRP’s bearish movement came shortly after it had tried to authorize a long-term bottom formation that most analysts had been watching closely. This means that the current price movement canceled this bullish possibility, this may be risky for a short-term price movement. A prominent analyst, Peter Brandt, commented on XRP’s current price trade on his Twitter page, he stated: “This chart interpretation remains valid — $XRP is taking another run at a breakout.”