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Why Is Ripple’s (XRP) Price Down Today Again?

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TL:DR;

  • Although most cryptocurrencies have turned red once again amid another market-wide retracement, XRP’s price has dropped by a bigger percentage than most and is shaky at $2.
  • Analysts are speculating about the asset’s potential during this cycle and have outlined an important support level that needs hold; otherwise, XRP could plummet toward $1.
XRPUSD. Source: TradingView
XRPUSD. Source: TradingView

XRP rode the Trump-induced rally like very few altcoins did, going from $0.6 to a multi-year peak of almost $3 within a month or so. However, its run was halted at the beginning of December, and the asset failed to break above $3 and head toward a new all-time high.

Although the launch of its long-anticipated stablecoin in mid-December led to immediate and impressive gains, its momentum is gone once again now. In fact, XRP is down by 25% since that local peak on December 17.

The past 24 hours have also been painful for Ripple’s cross-border token, which has slumped by 6% and is struggling to remain above $2.

Many industry analysts have now outlined the $1.96 support as a crucial level that needs to be maintained in order for XRP to continue its impressive performance. If it falls, though, the cryptocurrency could drop to as low as $1, according to Andrew Griffiths.

In contrast, XRP will have a chance to resume its rally and aim for a new all-time high during this cycle only if it bounces that support line, predicted another analyst – MAGIC.

This article first appeared at CryptoPotato

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