Fri, February 23

XRP Price Continues to Trade in Red as Bears Continue Domination

Ripple (XRP) Faces Bull-Bear Showdown in Bid for December Rally Editors News
  • At the time of writing, XRP is trading at $0.6061, down 0.84% in the last 24 hours.
  • If the price manages to go below $0.60 level, then it will likely test $0.58 support level.

In response to claims that Ripple’s monthly escrow XRP release dampened the cryptocurrency’s price performance over the last five years, legal expert Bill Morgan has cast doubt on that assertion. 

The ongoing discussion about XRP’s dismal performance over the last five years came to a head when a crypto fan shared a comparison of XRP’s pricing in 2018 with other notable competition. According to the statistics, XRP was trading at about $0.5 in November 2018. At the recent price of about $0.6021, XRP has only increased in value by 20% over the last five years. 

The cryptocurrency market has taken notice of XRP due to recent events and an uptick in whale behavior. One whale sent more than 46 million XRP to centralized exchanges, according to on-chain statistics.

The Australian Trade & Logistics Corporation recently hosted a Ripple Payment Roadshow in Melbourne, where Fiona Murray, VP of Sales in APAC for Ripple, revealed some shocking information. In order to facilitate cross-border transactions, Ripple has collaborated with more than 500 firms that use XRP as a bridge currency.

Bears in Control

At the time of writing, XRP is trading at $0.6061, down 0.84% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 1.62%. The price yet again failed to clear above the $0.63 mark on November 26.

Source: CoinMarketCap

If the XRP price manages to go above $0.62 level, then it will likely retest the $0.63 resistance level. On the other hand, if the price manages to go below $0.60 level, then it will likely test $0.58 support level.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.